Turbulent firms, turbulent wages?

• 成果类型: Article
• 署名作者: Comin, Diego; Groshen, Erica L.; Rabin, Bess
• 署名单位: Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.10.002
• 发表日期: 2009
• 页码: 109-133
• 关键词: Transitory wage volatility; Firm volatility; PSID; turbulence; COMPUSTAT

摘要

Has greater turbulence among firms fueled rising wage instability in the U.S.? We find strong Support for the hypothesis that rising turbulence in the sales of large publicly-traded U.S. firms over the past three decades has raised their workers' high-frequency wage volatility. Through controls and instrumental variable probes, we rule out straightforward compositional churning as an explanation for the link between firm sales and wage volatility. We also observe that the relationship between sales and wage volatility at the firm level is stronger since 1980, is present only in large companies and is stronger in services than in manufacturing companies. (C) 2008 Published by Elsevier B.V.