Some Evidence on the Importance of Sticky Wages

• 成果类型: Article
• 署名作者: Barattieri, Alessandro; Basu, Susanto; Gottschalk, Peter
• 署名单位: University of Quebec; University of Quebec Montreal; Boston College
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.6.1.70
• 发表日期: 2014
• 页码: 70-101
• 关键词: structural-change; monetary-policy; micro-evidence; price; real; fluctuations; unemployment; flexibility; CONTRACTS; mobility

摘要

We present evidence on the frequency of nominal wage adjustment using SIPP data adjusted for measurement error. The SIPP is a representative sample of the US population. Our main results are: (i) The average quarterly probability of a nominal wage change is between 21.1 and 26.6 percent, depending on the assumptions used. (ii) Wage changes are much more likely when workers change jobs. (iii) The frequency of wage adjustment does not display significant seasonal patterns. (iv) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months.