Anmerkungen:
In: FRB of New York Staff Report No. 1067
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2023 erstellt
Beschreibung:
We recover the persistent (“core”) component of nominal wage growth over the past twenty-five years in the United States. Our approach combines worker-level data with time-series smoothing methods and can disentangle the common persistence of wage inflation from the persistence specific to some subgroup of workers, such as workers in a particular industry. We find that most of the business cycle fluctuations in wage inflation are persistent and driven by a common factor. This common persistent factor is particularly important during inflationary periods, and it explains 75 to 90 percent of the post-pandemic surge in wage inflation