Arbeitspapier
A measure of core wage inflation
We recover the persistent ("core") component of nominal wage growth over the past twenty-five years in the United States. Our approach combines worker-level data with time-series smoothing methods and can disentangle the common persistence of wage inflation from the persistence specific to some subgroup of workers, such as workers in a specific industry. We find that most of the business cycle fluctuations in wage inflation are persistent and driven by a common factor. This common persistent factor is particularly important during inflationary periods, and it explains 80 to 90 percent of the post-pandemic surge in wage inflation. Contrary to standard measures of wage inflation, the persistent component of wage inflation contemporaneously co-moves with labor market tightness.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 1067
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- Thema
-
wage inflation
persistence
factor models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Almuzara, Martin
Audoly, Richard
Melcangi, Davide
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2024
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Almuzara, Martin
- Audoly, Richard
- Melcangi, Davide
- Federal Reserve Bank of New York
Entstanden
- 2024
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