On the Cyclicality of Real Wages and Employment: New Evidence and Stylized Facts from Performance Pay and Fixed Wage Jobs
利用2004-2017年美国全国薪酬调查数据，发现绩效薪酬岗位的时薪增长是固定工资岗位的近三倍，且前者随州就业增长而上升、后者下降，固定工资岗位主要通过调整就业人数来应对周期波动。
Abstract Using the National Compensation Survey between 2004 and 2017, we document four stylized facts and quantify cyclical heterogeneity among performance pay (PP) and fixed wage (FW) jobs. First, there is substantial dispersion in the incidence of PP, even within the same occupation; hourly compensation growth in PP jobs has been nearly three-times as large as that in FW jobs; the share of PP is increasing in employer size; the provision of PP is largely a firm-level decision. Second, we find that hourly compensation growth among PP (FW) jobs increases (decreases) in response to state employment growth. Furthermore, FW jobs respond primarily by adjusting the extensive margin of employment. Our estimates are identified off of comparisons of similar jobs within the same establishment over time. These business cycle dynamics are consistent with models that feature heterogeneity in organizational practices, allowing firms to adjust to uncertainty over the business cycle under flexibility in compensation contracts..