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Real-wage cuts are much more common than nominal wage cuts. Why? By definition, real cuts must be more common if inflation is positive. Yet there might be more to it. Perhaps workers suffer from money illusion. Maybe managers cannot cut pay in nominal terms, but they can cut real wages. As a result, a low-inflation economy might be a high unemployment economy. And moderate inflation might “grease the wheels” of the labor market. These issues are being addressed in a burgeoning body of literature on wage changes in panel data (McLaughlin 1994; Lebow, Stockton, and Wascher 1995; Craig 1995; Akerlof, Dickens, and Perry 1996; Card and Hyslop 1997; Kahn 1997; Altonji and Devereux 1997; Crawford and Harrison 1997; and Christofides and Stengos 1998). To detect the existence of downward rigidity of nominal wages, this literature identifies properties of the distribution of wage changes:

Are Nominal Wage Changes Skewed Away From Wage Cuts?