Does downward nominal wage rigidity dampen wage increases?

Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only prevents nominal wage cuts but also induces firms to compress wage increases. We analyze whether a compression of wage increases occurs when DNWR is binding by applying Unconditional Quantile Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a compression of wage increases and only very small effects of DNWR on average real wage growth. The results indicate that DNWR does not provide a strong argument against low inflation targets. --Downward Nominal Wage Rigidity,Wage Stickiness,Wage Compression,Unconditional Quantile Regression

Does Downward Nominal Wage Rigidity Dampen Wage Increases?

Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only prevents nominal wage cuts but also induces firms to compress wage increases. We analyze whether a compression of wage increases occurs when DNWR is binding by applying Unconditional Quantile Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a compression of wage increases and only very small effects of DNWR on average real wage growth. The results indicate that DNWR does not provide a strong argument against low inflation targets.downward nominal wage rigidity, wage stickiness, wage compression, unconditional quantile regression

Does downward nominal wage rigidity dampen wage increases?

Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only prevents nominal wage cuts but also induces firms to compress wage increases. We analyze whether a compression of wage increases occurs when DNWR is binding by applying Unconditional Quantile Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a compression of wage increases and only very small effects of DNWR on average real wage growth. The results indicate that DNWR does not provide a strong argument against low inflation targets

Does downward nominal wage rigidity dampen wage increases?

Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only prevents nominal wage cuts but also induces firms to compress wage increases. We analyze whether a compression of wage increases occurs when DNWR is binding by applying Unconditional Quantile Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a compression of wage increases and only very small effects of DNWR on average real wage growth. The results indicate that DNWR does not provide a strong argument against low inflation targets

Does downward nominal wage rigidity dampen wage increases?

"Viele empirische Studien, die die Komprimierung von Lohnkürzungen betrachteten, finden einen hohen Grad an Abwärtsnominallohnstarrheit (ANLS). Die resultierenden makroökonomischen Effekte scheinen jedoch überraschend gering zu sein. Dieser Widerspruch kann in einem intertemporalen Rahmen erklärt werden, in dem ANLS nicht nur Nominallohnkürzungen verhindert, sondern auch dazu führt, dass Firmen Lohnerhöhungen komprimieren. Wir analysieren mit Hilfe von Unconditional Quantile Regression und Seemingly Unrelated Regression, ob eine Komprimierung von Lohnerhöhungen stattfindet wenn ANLS vorliegt. Der hierfür genutzt Datensatz umfasst mehr als 169 Millionen Lohnänderungen. Wir finden Evidenz für eine Komprimierung von Lohnerhöhungen und nur sehr geringe Effekte von ALNS auf das durchschnittliche Reallohnwachstum. Die Ergebnisse deuten daraufhin, dass ANLS kein starkes Argument gegen die Zielsetzung niedriger Inflationsraten liefert." (Autorenreferat)"Focusing on the compression of wage cuts, many empirical studies find a high degree of downward nominal wage rigidity (DNWR). However, the resulting macroeconomic effects seem to be surprisingly weak. This contradiction can be explained within an intertemporal framework in which DNWR not only prevents nominal wage cuts but also induces firms to compress wage increases. We analyze whether a compression of wage increases occurs when DNWR is binding by applying Unconditional Quantile Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a compression of wage increases and only very small effects of DNWR on average real wage growth. The results indicate that DNWR does not provide a strong argument against low inflation targets." (author´s abstract

A Survey of Scheduling in Time-Sensitive Networking (TSN)

TSN is an enhancement of Ethernet which provides various mechanisms for real-time communication. Time-triggered (TT) traffic represents periodic data streams with strict real-time requirements. Amongst others, TSN supports scheduled transmission of TT streams, i.e., the transmission of their packets by edge nodes is coordinated in such a way that none or very little queuing delay occurs in intermediate nodes. TSN supports multiple priority queues per egress port. The TAS uses so-called gates to explicitly allow and block these queues for transmission on a short periodic timescale. The TAS is utilized to protect scheduled traffic from other traffic to minimize its queuing delay. In this work, we consider scheduling in TSN which comprises the computation of periodic transmission instants at edge nodes and the periodic opening and closing of queue gates. In this paper, we first give a brief overview of TSN features and standards. We state the TSN scheduling problem and explain common extensions which also include optimization problems. We review scheduling and optimization methods that have been used in this context. Then, the contribution of currently available research work is surveyed. We extract and compile optimization objectives, solved problem instances, and evaluation results. Research domains are identified, and specific contributions are analyzed. Finally, we discuss potential research directions and open problems.Comment: 34 pages, 19 figures, 9 tables 110 reference

Bias in Returns to Tenure When Firm Wages and Employment Comove: A Quantitative Assessment and Solution

It is well known that unless worker-firm match quality is controlled for, reduced-form estimates of returns to firm tenure will be biased. In this paper, we show that there is a further pervasive source of bias, namely, the comovement of firm employment and firm wages. We argue that firm-year fixed effects must be used to eliminate this bias. Estimates from two large-panel data sets from Germany and Portugal show that the bias is empirically important. Finally, we show that the results extend to tenure correlates used in macroeconomics, such as the minimum unemployment rate since joining the firm

Which Anesthesia Regimen Is Best to Reduce Morbidity and Mortality in Lung Surgery? A Multicenter Randomized Controlled Trial.

BACKGROUND One-lung ventilation during thoracic surgery is associated with hypoxia-reoxygenation injury in the deflated and subsequently reventilated lung. Numerous studies have reported volatile anesthesia-induced attenuation of inflammatory responses in such scenarios. If the effect also extends to clinical outcome is yet undetermined. We hypothesized that volatile anesthesia is superior to intravenous anesthesia regarding postoperative complications. METHODS Five centers in Switzerland participated in the randomized controlled trial. Patients scheduled for lung surgery with one-lung ventilation were randomly assigned to one of two parallel arms to receive either propofol or desflurane as general anesthetic. Patients and surgeons were blinded to group allocation. Time to occurrence of the first major complication according to the Clavien-Dindo score was defined as primary (during hospitalization) or secondary (6-month follow-up) endpoint. Cox regression models were used with adjustment for prestratification variables and age. RESULTS Of 767 screened patients, 460 were randomized and analyzed (n = 230 for each arm). Demographics, disease and intraoperative characteristics were comparable in both groups. Incidence of major complications during hospitalization was 16.5% in the propofol and 13.0% in the desflurane groups (hazard ratio for desflurane vs. propofol, 0.75; 95% CI, 0.46 to 1.22; P = 0.24). Incidence of major complications within 6 months from surgery was 40.4% in the propofol and 39.6% in the desflurane groups (hazard ratio for desflurane vs. propofol, 0.95; 95% CI, 0.71 to 1.28; P = 0.71). CONCLUSIONS This is the first multicenter randomized controlled trial addressing the effect of volatile versus intravenous anesthetics on major complications after lung surgery. No difference between the two anesthesia regimens was evident