Economists Mary Daly, Bart Hobijn, and Timothy Ni of the Federal Reserve Bank of San Francisco argue

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Economists Mary Daly, Bart Hobijn, and Timothy Ni of the Federal Reserve Bank of San Francisco argue that "employers hesitate to reduce wages and workers are reluctant to accept wage cuts, even during recessions." If a firm faces declining sales during a recession, why might the firm's managers decide to lay off some workers and freeze the wages of other workers rather than cut workers' nominal wages?
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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