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Zonder onderwerpscode: economie

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Job creation --- Labor demand --- Manpower policy --- Unskilled labor --- #SBIB:316.334.2A344 --- #SBIB:316.334.2A471 --- #SBIB:HIVA --- 332.224 --- 332.25 --- 332.630 --- 332.632.0 --- 332.70 --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.5 --- 331.5 Arbeidsmarkt. Werkgelegenheid --(algemeen) --- Arbeidsmarkt. Werkgelegenheid --(algemeen) --- Laborers --- Low-skilled labor --- Low-skilled workers --- Labor --- Demand, Labor --- Demand for labor --- Labor market --- Supply and demand --- Arbeidssociologie: ongelijkheden op de arbeidsmarkt: positie van ongeschoolden op de arbeidsmarkt --- Arbeidssociologie: de overheid en het tewerkstellingsbeleid --- Minimumlonen --- Verminderd loon --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid --- Ondersteuning door het werk (algemeenheden) --- Geschoolde en ongeschoolde arbeid: algemeen --- Labour market --- United States --- United States of America

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We estimate the trend in the transitory variance of male earnings in the U.S. using the Michigan Panel Study of Income Dynamics from 1970 to 2004. Using both an error components model as well as simpler but only approximate methods, we find that the transitory variance started to increase in the early 1970s, continued to increase through the mid-1980s, and then remained at this new higher level through the 1990s and beyond. Thus the increase mostly occurred about thirty years ago. Its increase accounts for between 31 and 49 percent of the total rise in cross-sectional variance, depending on the time period.

Zonder onderwerpscode: economie

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Nominal wage stickiness is an important component of recent medium-scale structural macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using data from the Survey of Income and Program Participation (SIPP) for the period 1996-1999. The SIPP provides high-frequency information on wages, employment and demographic characteristics for a large and representative sample of the US population. The main results of the analysis are as follows. 1) After correcting for measurement error, wages appear to be very sticky. In the average quarter, the probability that an individual will experience a nominal wage change is between 5 and 18 percent, depending on the samples and assumptions used. 2) The frequency of wage adjustment does not display significant seasonal patterns. 3) There is little heterogeneity in the frequency of wage adjustment across industries and occupations. 4) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months. 5) The probability of a wage change is positively correlated with the unemployment rate and with the consumer price inflation rate.

Zonder onderwerpscode: economie

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Nominal wage stickiness is an important component of recent medium-scale structural macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using data from the Survey of Income and Program Participation (SIPP) for the period 1996-1999. The SIPP provides high-frequency information on wages, employment and demographic characteristics for a large and representative sample of the US population. The main results of the analysis are as follows. 1) After correcting for measurement error, wages appear to be very sticky. In the average quarter, the probability that an individual will experience a nominal wage change is between 5 and 18 percent, depending on the samples and assumptions used. 2) The frequency of wage adjustment does not display significant seasonal patterns. 3) There is little heterogeneity in the frequency of wage adjustment across industries and occupations. 4) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months. 5) The probability of a wage change is positively correlated with the unemployment rate and with the consumer price inflation rate.