published in: Perspektiven der Wirtschaftspolitik, 2005, 6 (2), 171-188
Bei Vorliegen nach unten starrer Nominallöhne erschwert niedrige Inflation
Reallohnanpassungen und führt so möglicherweise zu erhöhter gleichgewichtiger
Arbeitslosigkeit. Dieser Aufsatz analysiert die wachsende Evidenz zu nach unten starren
Nominallöhnen. Es werden nicht nur die Einschätzungen der Existenz und des Ausmaßes
der Nominallohnrigidität diskutiert, sondern auch die möglichen Erklärungen für derartige
Rigidität sowie ihre makroökonomischen Auswirkungen. Wir kommen zu dem Schluss, dass
Abwärtsnominallohnstarrheit existiert, von erheblichem Ausmaß ist und dass aller
Wahrscheinlichkeit nach ihre realen Auswirkungen bei sehr niedriger Inflation nicht zu
vernachlässigen sind. Die Ergebnisse dieser Literatur sollten daher bei der Formulierung von
Inflationszielen Berücksichtigung finden.
Are Nominal Wages Rigid? Recent Evidence and Policy Implications
In the presence of downwardly rigid nominal wages, low inflation may lead to higher
equilibrium unemployment by hindering real wage adjustments. This paper surveys and
analyses the growing evidence on downwardly rigid nominal wages. We deal not only with
assessments of existence and extent of downward nominal wage rigidity, but also discuss its
possible explanations and macroeconomic consequences. We conclude that downward
nominal wage rigidity does exist, that its extent is substantial and that very likely the real
consequences at low, close-to-zero inflation are non-negligible. The results of this strand of
research should therefore be taken into account in the formulation of optimal inflation targets.
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