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American Economic Journal: Macroeconomics: Vol. 4 No. 3 (July 2012)

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Sticky Wages: Evidence from Quarterly Microeconomic Data

Article Citation

Le Bihan, Hervé, Jérémi Montornès, and Thomas Heckel. 2012. "Sticky Wages: Evidence from Quarterly Microeconomic Data." American Economic Journal: Macroeconomics, 4(3): 1-32.

DOI: 10.1257/mac.4.3.1

Abstract

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. (JEL E24, E52, J31)

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Authors

Le Bihan, Hervé (Bank of France)
Montornès, Jérémi (Bank of France)
Heckel, Thomas (BNP Paribas Asset Management, London)

JEL Classifications

E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E52: Monetary Policy
J31: Wage Level and Structure; Wage Differentials

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