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Journal of Economic Literature: Vol. 40 No. 1 (March 2002)
JEL Volume. 40, Issue 1 | 
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JEL Indexes (Members Only)Looking Inside the Labor Market: A Review Article
Article Citation
Howitt, Peter. 2002. "Looking Inside the Labor Market: A Review Article."
The Journal of Economic Literature,
40(1): 125-138.
DOI: 10.1257/0022051026994
DOI: 10.1257/0022051026994
Abstract
When unemployed workers are available, why don't firms cut wages until the excess supply is eliminated? In his book, Why Wages Don't Fall During a Recession, Truman F. Bewley concludes, based on interviews with managers and labor leaders, that the most important factor inhibiting wage cuts is the psychological factor of morale. Bewley's field research has made an outstanding contribution to our knowledge of labor markets, by providing a close-up view of exactly what happens from the vantage point of the participants.
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Authors
Howitt, Peter (Brown University)
