Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data
利用美国最大工资处理公司的行政数据，研究发现名义基础工资下降比以往认为的更罕见，每年仅2%的留任员工遭遇降薪，约35%员工工资不变，且新员工工资灵活性与老员工相似。
Using administrative payroll data from the largest US payroll processing company, we measure the extent of nominal wage rigidity 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 overtime premiums and bonuses. We provide evidence that firms use base wages to cyclically adjust the marginal cost of their workers. Nominal base wage declines are much rarer than previously thought with only 2 percent of job-stayers receiving a nominal base wage cut during a given year. Approximately 35 percent of workers receive no base wage change year over year. We document strong evidence of both time and state dependence in nominal base wage adjustments. In addition, we provide evidence that the flexibility of new hire base wages is similar to that of existing workers. Collectively, our results can be used to discipline models of nominal wage rigidity.