Reallocation and the Role of Firm Composition Effects on Aggregate Wage Dynamics

Q3 Business, Management and Accounting

IZA Journal of Labor Economics Pub Date : 2019-06-01 DOI:10.2478/izajole-2019-0003

Effrosyni Adamopoulou, E. Bobbio, Marta de Philippis, Federico Giorgi

引用次数: 0

Abstract

Abstract Aggregate wages display little cyclicality compared to what a standard model would predict. Wage rigidities are an obvious candidate, but the existing literature has emphasized the need to take into account the growing importance of worker composition effects, especially during downturns. This paper seeks to understand the role of firm heterogeneity for aggregate wage dynamics with reference to the Italian case. Using a newly available dataset based on social security records covering the universe of Italian employers between 1990 and 2015, we document that firm composition effects increasingly matter in explaining aggregate wage growth and largely reflect shifts of labor from low-paying to high-paying firms, especially in the most recent years. We find that changes in reallocation of workers across firms accounted for approximately one-fourth of aggregate wage growth during the crisis.

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企业结构效应在工资总量动态中的作用及再分配

摘要与标准模型预测的相比，总工资几乎没有周期性。工资刚性是一个明显的候选因素，但现有文献强调，需要考虑到工人组成效应日益重要，尤其是在经济衰退期间。本文试图通过意大利的案例来理解企业异质性对总工资动态的作用。使用一个基于1990年至2015年间意大利雇主社会保障记录的最新数据集，我们记录了公司构成效应在解释总工资增长方面越来越重要，并在很大程度上反映了劳动力从低薪公司向高薪公司的转移，尤其是在最近几年。我们发现，在危机期间，企业间工人重新分配的变化约占总工资增长的四分之一。

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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来源期刊

IZA Journal of Labor Economics Business, Management and Accounting-Industrial Relations

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

13 weeks

期刊介绍： As of March 31, 2019, the IZA Open Access Journal Series will transfer to Sciendo. Please use the Springer Editorial Manager system for all submissions until February 28. During the transfer period in March 2019 you may direct your submissions to journals@iza.org. The IZA Journal of Labor Economics publishes scientific articles in all areas of labor economics. This refers to original high-quality theoretical and applied contributions on both microeconomic and macroeconomic labor-related topics. In particular, the IZA Journal of Labor Economics encourages submissions in subject areas that are closely linked to the various IZA Program Areas, ranging from education, family and environment to mobility, behavioral and personnel economics, and labor market institutions, among others. The IZA Journal of Labor Economics is part of IZA’s mission of contributing to social and economic discourse, enabling political decision-making to be based on the best available scientific knowledge. We want to stimulate research to close knowledge gaps. Hence, the IZA Journal of Labor Economics particularly welcomes contributions that provide scientifically sound answers to open and relevant questions of modern labor economics.