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How Real are Wage Rigidities in Europe? An Analysis of European Micro Data from the ECHP 1994 - 2001 *

The earnings-function approach to the analysis of downward nominal wage rigidity in micro data is applied to the European Community Household Panel which offers comparability of data across countries. Maximum likelihood estimates of national and European degrees of downward nominal wage rigidity are rather high, ranging from 30 to 100 percent. European degrees of rigidity for the European Union and for the Euro area are close to 80 percent, i.e. 80 percent of notional wage cuts were not implemented. The notion that estimates from the histogram-location approach are lower bounds of true degrees of rigidity is supported by these findings.