한국노동시장에서의 실질임금의 유연성 : Flexibility of Real Wages in the Korean Labor Market
- 주제(KDC) 320.000
- 발행기관 서강대학교 경제학연구원
- 발행년도 2002
- 총서유형 Journal
- 본문언어 한국어
초록/요약
This paper investigates how real wages adjust to regional and cyclical shocks in the Korean labor market. Major findings are as follows. First, like most longitudinal studies in this literature, we find that (1) real wages are strongly procyclical: a one percentage point reduction of the unemployment rate leads to a fall in real wages by over 3 percent and (2) more procyclical for men than for women. Second, consistent with the theory prediction of efficiency wages, both permanent and transitory components of real wages are negatively correlated with the local unemployment rate. Third, when overall and local unemployment rates compete in a wage equation (our preferred specification), current wages are dominantly affected by the overall rate, and the effect of the local rate is rather small. This rejects the Blanchflower and Oswald's hypothesis (1994) that wages are primarily determined by local labor market conditions. Finally, no lagged effects are detected in the overall or local unemployment rate.
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