Search Results
Working Paper
Macro- and microeconomic consequences of wage rigidity
An exploration of the micro- and macroeconomic theories, implications, and evidence of wage rigidity from the perspective of human resource managers and economic researchers, showing that human resource policies can subtly alter the rigidity of wages.
Journal Article
Economic restructuring in New York State
When economic activity slows down, labor markets may undergo extensive structural change-the permanent reallocation of workers across industries. Job losses can be heavy, and creating new jobs and retraining displaced workers to fill them can take time. A high degree of restructuring may help to explain why New York State's most recent downturn persisted for well over two years. Subseries: Second District Highlights.
Working Paper
How wages change: micro evidence from the International Wage Flexibility Project
How do the complex institutions involved in wage setting affect wage changes? The International Wage Flexibility Project provides new microeconomic evidence on how wages change for continuing workers. We analyze individuals? earnings in 31 different data sets from sixteen countries, from which we obtain a total of 360 wage change distributions. We find a remarkable amount of variation in wage changes across workers. Wage changes have a notably non-normal distribution; they are tightly clustered around the median and also have many extreme values. Furthermore, nearly all countries show ...
Report
The effects of inflation on wage adjustments in firm-level data: grease or sand?
This paper studies the effects of inflation on wage changes made by firms in a unique thirty-seven-year panel of occupations and employers drawn from the Federal Reserve Bank of Cleveland Community Salary Survey (CSS). Our analysis first identifies two relative prices embedded in wage changes and, second, draws inferences about the costs and benefits of inflation from the adjustments in these relative prices. Typically, firms manage employer-wide wage adjustments (controlling for occupational wage changes) separately from their interoccupational wage changes (controlling for employer wage ...
Working Paper
The effects of inflation on wage adjustments in firm-level data: grease or sand?
An analysis of whether inflation facilitates adjustments to shocks or distorts relative prices, examining the wage-setting process across a panel of occupations and employers and finding that the costs of inflation may rise more rapidly than its benefits beyond quite modest rates of increase in the price level.
Journal Article
Is this really a \\"white-collar recession\\"?
An analysis of whether the economic downturn that began in mid-1990 hit white-collar workers disproportionately hard. The authors examine the issue from several perspectives and find overwhelming evidence to the contrary.
Journal Article
Can services be a source of export-led growth? Evidence from the fourth district
A discussion of the role played by service exports in sustaining a regional economy, with the contention that its growth reflects a natural and inevitable response to rising wealth.
Journal Article
How are wages determined?
An analysis of the role of employers in wage-setting across three Fourth Federal Reserve District labor markets--Cleveland, Cincinnati, and Pittsburgh--during the years 1955-1988.
Journal Article
What's happening to labor compensation?
A discussion of how wages have remained stable in the current expansion, resulting from changes in the industrial composition of employment and a more flexible process of labor.