Wage Growth and Compensating DIfferentials: Evidence from the SCE

Laura Pilossoph

No 1295, 2018 Meeting Papers from Society for Economic Dynamics

Abstract: This paper uses new panel data from the NY Fed's Survey of Consumer Expectations (SCE) to study the determinants of wage dynamics and labor market transitions. In particular, our data allow us to quantify the extent to which individual wage growth is a result of (i) promotions and counteroffers in response to outside wage offers from competing employers, (ii) movements into employment, (iii) movements to new employers, and (iv) regularly scheduled/cost of living increases. We study how these sources of wage growth correlate with observable worker characteristics as well as subjective measures of job satisfaction to explore how wage growth and labor market transitions interact with non-wage job amenities. We then embed the empirical evidence that we document into a model of search on-the-job and off-the-job, where a job is described by a pecuniary and non-pecuniary component.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed018:1295

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