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We study a longitudinal sample of over one million French workers and over 500,000 employing firms. Real total annual compensation per worker is decomposed into components related to observable characteristics, worker heterogeneity, firm heterogeneity and residual variation. Except for the residual, all components may be correlated in an arbitrary fashion. At the level of the individual, we find that person-effects, especially those not related to observables like education, are the most important source of wage variation in France. Firm-effects, while important, are not as important as person-effects. At the level of firms, we find that enterprises that hire high-wage workers are more productive but not more profitable. They are also more capital and high-skilled employee intensive. Enterprises that pay higher wages, controlling for person-effects, are more productive and more profitable. They are also more capital intensive but are not more high-skilled labor intensive. We also find that person-effects explain 92% of inter-industry wage differentials.
Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
Part of "The Research in Labor Economics" series, this volume is a collection of papers dedicated to the memory of the late Tikva Lecker. Professor Lecker's many interests included topics in labor economics, women and the economy, the economics of Judaism, the economics of migration and the economic experience of immigrants and their descendants.
The distribution of income, the rate of pay raises, and the mobility of employees is crucial to understanding labor economics. Although research abounds on the distribution of wages across individuals in the economy, wage differentials within firms remain a mystery to economists. The first effort to examine linked employer-employee data across countries, The Structure of Wages:An International Comparison analyzes labor trends and their institutional background in the United States and eight European countries. A distinguished team of contributors reveal how a rising wage variance rewards star employees at a higher rate than ever before, how talent becomes concentrated in a few firms over time, and how outside market conditions affect wages in the twenty-first century. From a comparative perspective that examines wage and income differences within and between countries such as Denmark, Italy, and the Netherlands, this volume will be required reading for economists and those working in industrial organization.
A collection of papers which analyzes and measures unemployment as a search activity, discusses efficiency wage models and which considers the impact of government and unions on employment and unemployment.
A theoretical and empirical examination of wage differentials findsthat traditional theories of competition do not explain why workers with identical skills are paid differently.
Many studies document that women with children tend to earn lower wages than women without children (a shortfall known as the 'child penalty' or 'family gap'). Despite the existence of several hypotheses about the causes of the child penalty, much about the gap in wages remains unexplained. This study explores the premise that mothers might substitute income for advantageous, non-pecuniary job characteristics. More specifically, the hypothesis to be investigated is that if the labour market rewards working arrangements that involve disamenities, to some extent the child penalty might be a compensating wage differential for the disamenities avoided by mothers. In order to assess the impact of motherhood on the choice between pecuniary and non-pecuniary job features in Germany, data from the German Socio-Economic Panel (GSOEP) is used. The longitudinal nature of the data allows a comparison of working women before and after the birth of their first child. Furthermore, the GSOEP provides detailed information on personal attributes, job characteristics and job satisfaction, which enables the application of the following three steps to test the hypothesis. First, an event study is used to analyse the changes in the characteristics of a woman's job around the birth of her first child. The features of interest are time, workload and flexibility. Second, job characteristics are included by their utility (proxied by job satisfaction) for a mother. Third, following the approach of hedonic wage regressions, these (dis)amenities are included in the wage regression in order to see whether a trade-off exists between pecuniary and non-pecuniary job characteristics. The results suggest that to some degree the child penalty can be interpreted as a compensating wage differential.
In this book Daniel Hamermesh provides the first comprehensive picture of the disparate field of labor demand. The author reviews both the static and dynamic theories of labor demand, and provides evaluative summaries of the available empirical research in these two subject areas. Moreover, he uses both theory and evidence to establish a generalized framework for analyzing the impact of policies such as minimum wages, payroll taxes, job- security measures, unemployment insurance, and others. Covering every aspect of labor demand, this book uses material from a wide range of countries.
In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.
What caused the decline in wage inequality of the 2000s in Latin America? Looking to the future, will the current economic slowdown be regressive? Wage Inequality in Latin America: Understanding the Past to Prepare for the Future addresses these two questions by reviewing relevant literature and providing new evidence on what we know from the conceptual, empirical, and policy perspectives. The answer to the fi rst question can be broken down into several parts, although the bottom line is that the changes in wage inequality resulted from a combination of three forces: (a) education expansion and its eff ect on falling returns to skill (the supply-side story); (b) shifts in aggregate domestic demand; and (c) exchange rate appreciation from the commodity boom and the associated shift to the nontradable sector that changed interfi rm wage diff erences. Other forces had a non-negligible but secondary role in some countries, while they were not present in others. These include the rapid increase of the minimum wage and a rapid trend toward formalization of employment, which played a supporting role but only during the boom. Understanding the forces behind recent trends also helps to shed light on the second question. The analysis in this volume suggests that the economic slowdown is putting the brakes on the reduction of inequality in Latin America and will likely continue to do so—but it might not actually reverse the region’s movement toward less wage inequality.