How sticky were wages during the Great Depression? Although classic accounts emphasise the importance of nominal rigidity in amplifying deflationary shocks, the evidence is limited. In this paper, I calculate the degree of nominal wage rigidity in the United Kingdom between the wars using new granular data covering millions of wages. I find that nominal wages changed infrequently but that wage cuts were more common than wage rises on average. Nominal wage adjustment fluctuated over time and by state, so that in 1931 amid falling output and prices more than one-third of workers received wage cuts.

中文翻译：

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粘性工资和大萧条：来自英国的证据

大萧条时期的工资有多粘？尽管经典账户强调名义刚性在放大通货紧缩冲击中的重要性，但证据有限。在本文中，我使用涵盖数百万工资的新粒度数据计算了英国在两次战争之间的名义工资刚性程度。我发现名义工资很少变化，但平均而言，减薪比加薪更常见。名义工资调整随时间和州而波动，因此在 1931 年，在产出和价格下降的情况下，超过三分之一的工人获得了减薪。