The Importance of the Part‐Time and Participation Margins for Real Wage Adjustment
将全职员工实际周薪中位数增长分解为在职者工资增长（集约边际）和就业结构变化（广延边际），发现集约边际在经济扩张期主导，广延边际在经济衰退期（尤其是大衰退和新冠衰退）重要，且主要由兼职和退出劳动力市场驱动。
Abstract We introduce a decomposition of the growth in real median usual weekly earnings of full‐time wage and salary earners into parts due to earnings increases of those who remain employed, the intensive margin, and due to changes in those who are employed, the extensive margin. The intensive margin is procyclical and dominates during expansions. The extensive margin is countercyclical and important during downturns, especially during the Great and COVID Recessions. The extensive margin is mainly driven by entries from and exits to part‐time employment and nonparticipation, not unemployment.