{
  "title": "Price and Wage Flexibility in Hong Kong SAR",
  "publication": "IMF Working Papers, January 20, 2017",
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  "summary": "The paper assesses the price and wage flexibility in Hong Kong SAR. At the aggregate level, it compares Hong Kong SAR with the United States, the United Kingdom and Singapore by examining the three commonly used macroeconomic relationships among inflation, unemployment, wage growth, and output fluct",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Assesses price and wage flexibility in Hong Kong SAR.\n- Compares Hong Kong SAR with the United States, the United Kingdom, and Singapore.\n- Analysis conducted at two levels:\n  - Aggregate: examines three commonly used macroeconomic relationships among inflation, unemployment, wage growth, and output fluctuations.\n  - Industry: compares distributions of labor earnings and price growth in Hong Kong SAR and the United States, and estimates a model of wage formation under downward nominal wage rigidity."
    },
    {
      "heading": "Key findings",
      "content": "- Broad conclusion: price and wage adjustments are more flexible in Hong Kong SAR than in the comparator economies (United States, United Kingdom, Singapore).\n- Industry-level evidence: distributional comparison of labor earnings and price growth indicates greater flexibility in Hong Kong SAR relative to the United States.\n- Wage formation model: estimation under downward nominal wage rigidity shows Hong Kong SAR exhibits greater wage flexibility than the United States."
    },
    {
      "heading": "Methodology highlights",
      "content": "- Aggregate comparisons based on three common macroeconomic relationships linking:\n  - Inflation\n  - Unemployment\n  - Wage growth\n  - Output fluctuations\n- Industry analysis compares distributions of labor earnings and price growth.\n- Empirical estimation of a wage formation model incorporating downward nominal wage rigidity for cross-country comparison."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Author: Si Guo\n- Date: January 20, 2017\n- Series: IMF Working Papers\n- Working Paper No.: 2017/009\n- Issue: 009\n- Pages: 19\n- DOI: https://doi.org/10.5089/9781475570397.001\n- ISBN: 9781475570397\n- ISSN: 1018-5941\n- Subjects: Labor, Labor markets, Price adjustments, Prices, Wage adjustments, Wages\n- Keywords: Census and Statistics Department of Hong Kong SAR; earnings growth; earnings statistics; equilibrium wage growth in industry; flexibility; flexibility in Hong Kong SAR; Hong Kong SAR; inflation; labor earnings growth; Labor markets; nominal wage; Price adjustments; wage; Wage adjustments; wage growth; wage rigidity; wage system; Wages; WP\n\nIMF Working Paper: \"Price and Wage Flexibility in Hong Kong SAR\" (Si Guo), IMF Working Papers 2017, 009.\n\n---\n\n Content in this bundle\n\n- Price and Wage Flexibility in Hong Kong SAR\n  - Price and Wage Flexibility in Hong Kong SAR (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Price and Wage Flexibility in Hong Kong SAR (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/01/20/price-and-wage-flexibility-in-hong-kong-sar-44556"
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    "Authors: Si Guo",
    "Published: January 20, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475570397.001",
    "Assesses price and wage flexibility in Hong Kong SAR.",
    "Compares Hong Kong SAR with the United States, the United Kingdom, and Singapore.",
    "Analysis conducted at two levels:",
    "Broad conclusion: price and wage adjustments are more flexible in Hong Kong SAR than in the comparator economies (United States, United Kingdom, Singapore).",
    "Industry-level evidence: distributional comparison of labor earnings and price growth indicates greater flexibility in Hong Kong SAR relative to the United States.",
    "Wage formation model: estimation under downward nominal wage rigidity shows Hong Kong SAR exhibits greater wage flexibility than the United States.",
    "Aggregate comparisons based on three common macroeconomic relationships linking:",
    "Industry analysis compares distributions of labor earnings and price growth.",
    "Empirical estimation of a wage formation model incorporating downward nominal wage rigidity for cross-country comparison.",
    "Author: Si Guo",
    "Date: January 20, 2017",
    "Series: IMF Working Papers",
    "Working Paper No.: 2017/009",
    "Issue: 009",
    "Pages: 19",
    "DOI: https://doi.org/10.5089/9781475570397.001",
    "ISBN: 9781475570397",
    "ISSN: 1018-5941",
    "Subjects: Labor, Labor markets, Price adjustments, Prices, Wage adjustments, Wages",
    "Keywords: Census and Statistics Department of Hong Kong SAR; earnings growth; earnings statistics; equilibrium wage growth in industry; flexibility; flexibility in Hong Kong SAR; Hong Kong SAR; inflation; labor earnings growth; Labor markets; nominal wage; Price adjustments; wage; Wage adjustments; wage growth; wage rigidity; wage system; Wages; WP",
    "**Price and Wage Flexibility in Hong Kong SAR**"
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