Structural Growth in Labor Costs: Evidence from the Employment Cost Index

Gary R. Albrecht, K. Krueger
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引用次数: 2

Abstract

Wage growth forecasting is a necessary part of forensic economics. In this paper, we present a time series methodology to test whether wage and compensation growth in the United States varies by industry and occupation. If growth varies, then the common use of “all-worker” net discount or wage growth rates would not be accurate for every forensic economic case. Using the Employment Cost Index, we find that total compensation, wage, and benefit growth in some, but not all, industries and occupations has been significantly different from that of the wage growth of all workers. That finding may concern the forensic economist who needs to construct a variety of net discount or wage growth rates. As an alternative to constructing multiple forecasts, this paper provides estimated industry and occupational specific differentials from the growth in all workers' wages.
劳动力成本的结构性增长:来自就业成本指数的证据
工资增长预测是司法经济学的必要组成部分。在本文中,我们提出了一种时间序列方法来检验美国的工资和薪酬增长是否因行业和职业而异。如果经济增长发生变化,那么通常使用的“所有工人”净折扣率或工资增长率就不可能适用于所有实证经济案例。利用雇佣成本指数,我们发现在某些行业和职业中,但不是所有行业和职业的总薪酬、工资和福利增长与所有工人的工资增长显著不同。这一发现可能会让需要构建各种净折扣率或工资增长率的司法经济学家感到担忧。作为构建多重预测的替代方案,本文从所有工人的工资增长中提供了估计的行业和职业特定差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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