A New Indicator of Common Wage Inflation
从行业层面名义工资数据中提取共同成分，构建共同工资通胀指标，发现其比传统指标更能反映后大衰退时期失业率缺口，且显示经济比普遍引用的工资指标更紧张。
Abstract We develop a new indicator of common wage inflation (CWI) by extracting and aggregating the common components from detailed industry‐level nominal wage data. We show that the CWI is better aligned with the unemployment rate gap for the post‐Great Recession period than are other indicators of wage inflation. The CWI indicates a tighter economy than popularly cited wage measures during the expansion after the Great Recession, and the industry‐specific factors largely account for the subdued wage growth despite the continued tightening in the labor market.