Wage adjustment options (%) | ||||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | |||
base = 0 | base = 0 | base = 1 | base = 1 | Total | Obs. | |
Subsample of firms | flex = 0 | flex = 1 | flex = 1 | flex = 0 | ||
Total | 83.6 | 10.9 | 3.5 | 2.0 | 100 | 19,855 |
Decline in demand | 73.3 | 18.0 | 6.0 | 2.8 | 100 | 8828 |
Decline in demand or in customers’ ability to pay | 77.1 | 15.1 | 5.0 | 2.8 | 100 | 11,814 |
Decline in demand or in customers’ ability to pay and credit restrictions | 76.5 | 15.4 | 5.4 | 2.6 | 100 | 9494 |