New article for Alessandro Barattieri

The article by Alessandro Barattieri “Some Evidence on the Importance of Sticky Wages ” was published in the American Economic Journal : Macroeconomics . Written in collaboration with Susanto Basu and Peter Gottschalk (Boston College), the article provides an estimate of the average probability of a change in nominal wages in the U.S. labor market. This is the first time that this statistic, which is very important for the properties of macroeconomic models that guide decisions in the central banks of several countries of the world, is estimated using micro data for the United States. The authors also show that, unlike in some European countries, the probability of a wage change in the United States shows no particular seasonal pattern. Finally, the authors also show the presence of a strong downward wage rigidity, which may help explaining the increase in unemployment across the world during the recent crisis. Here is the link to the article:

American Economic Journal: Macroeconomics 2014, 6(1): 70–101
http://dx.doi.org/10.1257/mac.6.1.70

http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/mac.6.1.70&etoc=1

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