Is Downward Wage Flexibility the Primary Factor of Japan's Prolonged Deflation?

Sachiko Kuroda, Isamu Yamamoto

研究成果: Review article査読

9 被引用数 (Scopus)

抄録

By using both macro- and micro-level data, this paper investigates how wages and prices evolved during Japan's lost two decades. We find that downward nominal wage rigidity was present in Japan until the late 1990s, but disappeared after 1998 as annual wages became downwardly flexible. Moreover, nominal wage flexibility may have contributed to Japan's relatively low unemployment rates. Although macro-level movements in nominal wages and prices seemed to be synchronized, such synchronicity is not observed at the industry level. Therefore, wage deflation does not seem to be a primary factor of Japan's prolonged deflation.

本文言語English
ページ(範囲)143-158
ページ数16
ジャーナルAsian Economic Policy Review
9
1
DOI
出版ステータスPublished - 2014 1

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Political Science and International Relations
  • Management, Monitoring, Policy and Law

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