| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25628 |
| 来源ID | Working Paper 25628 |
| Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data | |
| John Grigsby; Erik Hurst; Ahu Yildirmaz | |
| 发表日期 | 2019-03-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Using administrative payroll data from the largest U.S. payroll processing company, we document a series of new facts about nominal wage adjustments in the United States. The data allow us to define a worker's per-period base contract wage separately from other forms of compensation such as bonuses. We provide evidence that the extent to which base wages adjust is likely the appropriate concept of wage stickiness in many macro models. Nominal base wage declines are much rarer than previously thought with only 2% of job-stayers receiving a nominal base wage cut during a given year. However, accounting for shifts in nominal base wages of job-changers implies that aggregate nominal wages are more flexible than the nominal wages of job-stayers. In addition, we provide evidence that the flexibility of new hire base wages is similar to that of existing workers. Finally, nominal base wage adjustments are state-dependent: downward aggregate nominal wage adjustments were much more common during the Great Recession than in the subsequent recovery period. Throughout, we highlight differences in the adjustment patterns of base wages and of broader wage measures that include bonuses. Collectively, our results can be used to discipline models of nominal wage rigidity. |
| 主题 | Macroeconomics ; Consumption and Investment ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w25628 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583301 |
| 推荐引用方式 GB/T 7714 | John Grigsby,Erik Hurst,Ahu Yildirmaz. Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25628.pdf（620KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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