Downward wage rigidity makes it hard for firms to cut pay during recessions.
工资向下刚性使企业在经济衰退时很难降薪。
Even when productivity falls, downward wage rigidity can keep nominal wages unchanged, leading firms to reduce hiring instead.
即使生产率下降,工资向下刚性也可能让名义工资维持不变,企业转而减少招聘。