Tuesday, June 17, 2014

Two Summaries of Bewley’s Why Don’t Wages Fall During a Recession?

Truman Bewley’s Why Wages Don’t Fall During a Recession (1999) is an excellent empirical study of the causes of downwards nominal wage rigidity and how and why wages are set in modern capitalist economies.

Two concise summaries of that book are here:
Robert Nielsen, “Why Wages Don’t Fall During A Recession,” December 23, 2013.

Bryan Caplan, “Why Don’t Wages Fall During a Recession?: Q&A with me channeling Truman Bewley,” http://econlog.econlib.org/archives/2013/09/why_dont_wages.html
Bewley, T. F. 1999. Why Wages Don’t Fall During a Recession. Harvard University Press, Cambridge, MA.

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