The Wage Policy of a Firm
分析一家企业的工资数据，发现员工工资部分免受市场波动影响，同一职位内工资差异大且随时间变化，工资增长存在序列相关，晋升与工资增长强相关但晋升溢价小，现有工资理论无法单独解释这些现象。
Salary data from a single firm are analyzed in an effort to identify the firm's wage policy. We find that employees are partly shielded against changes in external market conditions; that wage variation within a job level is large both cross-sectionally and for individuals over time, often leading to substantial real wage declines; that wage increases are serially correlated even controlling for observable characteristics; and that promotions and wage growth are strongly related, even though promotion premiums are small relative to the large wage differences between job levels. None of the major theories of wage determination can alone explain the evidence.