Wage Rigidity and Employment Outcomes: Evidence from Administrative Data
利用雇主-雇员关联数据，研究发现名义工资刚性阻止了27.1%的工资削减，且工资刚性越强的企业裁员率越高、离职率和雇佣率越低。
This paper examines the relationship between downward nominal wage rigidity and employment outcomes using linked employer-employee data. Wage rigidity prevents 27.1 percent of counterfactual wage cuts, with a standard deviation of 19.2 percent across establishments. An establishment with the sample-average level of wage rigidity is predicted to have a 3.3 percentage point higher layoff rate, a 7.4 percentage point lower quit rate, and a 2.0 percentage point lower hire rate. Estimating a structural model by indirect inference implies that the cost of a nominal wage cut is 33 percent of an average worker’s annual compensation.