Sticky Wages: Evidence from Quarterly Microeconomic Data

• 成果类型: Article
• 署名作者: Le Bihan, Herve; Montornes, Jeremi; Heckel, Thomas
• 署名单位: BNP Paribas
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.4.3.1
• 发表日期: 2012
• 页码: 1-32
• 关键词: price adjustment; monetary-policy; real wages; panel-data; rigidities; flexibility; stickiness; inflation; CONTRACTS; cycle

摘要

Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selection model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-dependent, there is evidence of predetermination in wage changes, and both backward and forward-looking behavior is relevant in wage setting.