Bias in Returns to Tenure When Firm Wages and Employment Comove: A Quantitative Assessment and Solution
研究发现，企业工资与就业的共同变动会导致任期回报估计产生额外偏差，必须使用企业-年份固定效应来消除。基于德国和葡萄牙的大型面板数据，证实该偏差在实证中很重要，并扩展到宏观经济学中使用的任期相关指标。
It is well known that unless worker-firm match quality is controlled for, reduced-form estimates of returns to firm tenure will be biased. In this paper, we show that there is a further pervasive source of bias, namely, the comovement of firm employment and firm wages. We argue that firm-year fixed effects must be used to eliminate this bias. Estimates from two large-panel data sets from Germany and Portugal show that the bias is empirically important. Finally, we show that the results extend to tenure correlates used in macroeconomics, such as the minimum unemployment rate since joining the firm.