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Blundell, Richard,
Howard Reed, and
Thomas M. Stoker. 2003. "Interpreting Aggregate Wage Growth: The Role of Labor Market Participation."
,
93(4): 1114-1131.
Show Article Details
DOI: 10.1257/000282803769206223
Abstract:A new and easily implementable framework for the empirical analysis of the relationship between aggregate and individual wages is developed. Aggregate real wages are shown to contain three important bias terms: one associated with the dispersion of individual wages, a second deriving from compositional changes in the (selected) sample of workers, and a third reflecting the distribution of working hours. Their importance for interpreting the path of aggregate wages and of the returns to education for recent experience in Britain is highlighted. A close correspondence between the estimated biases and the patterns of differences shown by aggregate wages is established. (JEL C34, E24, J31)
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Authors:
Blundell, Richard
Reed, Howard
Stoker, Thomas M.
JEL Classifications:
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None
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