Worker flows and wage dynamics: estimating wage growth without composition effects

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dc.contributor.author Carrasco, Raquel
dc.contributor.author García Pérez, J. Ignacio
dc.contributor.author Jimeno, Juan F.
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned 2020-12-10T12:20:48Z
dc.date.available 2020-12-10T12:20:48Z
dc.date.issued 2020-12-10
dc.identifier.issn 2340-5031
dc.identifier.uri http://hdl.handle.net/10016/31567
dc.description.abstract Wage dynamics is closely intertwined with job flows. However, composition effects associated to the different sizes and characteristics of workers entering/exiting into/from employment that may blur the "true" underlying wage growth, are not typically accounted for. In this paper, we take these composition effects into consideration and compute wage growth in Spain during the2006-2018 period after netting out the consequences of employment dynamics.Our results show that the "true" underlying wage growth in the Spanish economy during recessions (expansions) was, on average, significantly lower (higher) that the observed with raw data. This may help to explain some macro puzzles,such as the "vanishing" Phillips curve.
dc.description.sponsorship We gratefully acknowledge the support from MINECO/-FEDER (ECO2015-65408-R and RTI2018-095231-B-I00) and the access to the MCVL data offered by the Dirección General de Ordenación de la Seguridad Social
dc.language.iso eng
dc.relation.ispartofseries Working paper. Economics
dc.relation.ispartofseries 20-16
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Wage Growth
dc.subject.other Composition Effects
dc.subject.other Selection Bias
dc.title Worker flows and wage dynamics: estimating wage growth without composition effects
dc.type workingPaper
dc.subject.jel J30
dc.subject.jel J31
dc.subject.jel J21
dc.relation.projectID Gobierno de España. RTI2018-095231-B-I00
dc.relation.projectID Gobierno de España. ECO2015-65408-R
dc.identifier.uxxi DT/0000001858
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