NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Evaluating the Economic Significance of Downward Nominal Wage Rigidity

Michael W. Elsby

NBER Working Paper No. 12611
Issued in October 2006

---- Acknowledgements -----

I am particularly grateful to my advisor, Alan Manning, for his perceptive comments and continued patience and encouragement. In addition I would like to thank Andrew Abel, Joseph Altonji, David Autor, Marianne Bertrand, Stephen Bond, Juan Dolado, Lorenz Goette, Maarten Goos, Steinar Holden, Francis Kramarz, Richard Layard, Stephen Machin, Jim Malcomson, Sendhil Mullainathan, Steve Pischke, Matthew Rabin, and Jennifer Smith for valuable comments. I would also like to thank seminar participants at the University of Michigan, Birkbeck, the Boston Fed, Chicago GSB, the CEPR ESSLE 2004, European Winter Meetings of the Econometric Society 2004, Federal Reserve Board, Oslo, Oxford, Stockholm IIES, Warwick, and Zurich, for helpful suggestions. Any errors are my own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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