Arbeitspapier
Some Evidence on the Importance of Sticky Wages
Nominal wage stickiness is an important component of recent medium-scale macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using data from the Survey of Income and Program Participation (SIPP) for the period 1996-1999. The SIPP provides high-frequency information on wages, employment, and demographic characteristics for a large and representative sample of the U.S. population. The main results of the analysis are as follows: (1) After correcting for measurement error, wages appear to be very sticky. In the average quarter, the probability that an individual will experience a nominal wage change is between 5 and 18 percent, depending on the samples and assumptions used. (2) The frequency of wage adjustment does not display significant seasonal patterns. (3) There is little heterogeneity in the frequency of wage adjustment across industries and occupations. (4) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months. (5) The probability of a wage change is positively correlated with the unemployment rate and with the consumer price inflation rate.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Papers ; No. 10-11
- Klassifikation
-
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Wages, Compensation, and Labor Costs: General
- Thema
-
Lohnrigidität
Messung
Befragung
Arbeitslosigkeit
Lebenshaltungsindex
Inflation
Schätzung
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Barattieri, Alessandro
Basu, Susanto
Gottschalk, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Boston
- (wo)
-
Boston, MA
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Barattieri, Alessandro
- Basu, Susanto
- Gottschalk, Peter
- Federal Reserve Bank of Boston
Entstanden
- 2010
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