Publication: The Financial Channel of Wage Rigidity
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2015-05-21
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Schoefer, Benjamin. 2015. The Financial Channel of Wage Rigidity. Doctoral dissertation, Harvard University, Graduate School of Arts & Sciences.
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Abstract
Why do firms cut hiring so sharply in recessions? This dissertation explores two answers. Chapters 1 and 2 propose a financial channel of wage rigidity, whereby wage rigidity among incumbent workers forces firms to reduce hiring by squeezing their internal funds. Chapter 3 examines how the procyclicality of quits, through the replacement vacancies they entail, amplifies the cyclical fluctuations of total job openings.
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Economics, General
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