From: The plant life-cycle of the average wage of employees in U.S. manufacturing
 | (a) Estimates using continuing plants only | ||||||||
---|---|---|---|---|---|---|---|---|---|
 |  | Model with wage | Model with wage and | ||||||
 |  | adjustment only | employment adjustment | ||||||
 | Adjustment |  |  |  |  |  |  |  |  |
 | Cost |  |  |  |  | Upward | Downward | Upward | Downward |
 | Percentile | All | Upward | Downward | All | (Wages) | (Wages) | (Employment) | (Employment) |
Wage Adjustment | 25 | 0.1% | 0.1% | 0.4% | 0.2% | 0.1% | 0.3% | Â | Â |
 | 50 | 0.8% | 0.4% | 2.0% | 1.0% | 0.6% | 1.6% |  |  |
 | 75 | 3.7% | 1.5% | 7.6% | 4.2% | 2.7% | 6.2% |  |  |
Employment Adjustment | 25 | Â | Â | Â | 0.6% | Â | Â | 0.6% | 0.5% |
 | 50 |  |  |  | 3.2% |  |  | 2.9% | 3.8% |
 | 75 |  |  |  | 14.3% |  |  | 12.6% | 16.9% |
 | (b) Estimates using all plants: Continuing plants only | ||||||||
 |  | Model with wage | Model with wage and | ||||||
 |  | adjustment only | employment adjustment | ||||||
 | Adjustment |  |  |  |  |  |  |  |  |
 | Cost |  |  |  |  | Upward | Downward | Upward | Downward |
 | Percentile | All | Upward | Downward | All | (Wages) | (Wages) | (Employment) | (Employment) |
Wage Adjustment | 25 | 0.3% | 0.2% | 0.7% | 0.0% | 0.0% | 0.6% | Â | Â |
 | 50 | 1.6% | 0.8% | 3.5% | 0.4% | 0.1% | 3.2% |  |  |
 | 75 | 7.4% | 3.5% | 13.4% | 3.4% | 3.9% | 2.9% |  |  |
Employment Adjustment | 25 | Â | Â | Â | 1.2% | Â | Â | 1.2% | 1.1% |
 | 50 |  |  |  | 6.7% |  |  | 5.9% | 8.2% |
 | 75 |  |  |  | 29.9% |  |  | 26.0% 35.9% |  |
 | (c) Estimates using all plants: Exiting plants only | ||||||||
 |  | Model with wage | Model with wage and | ||||||
 |  | adjustment only | employment adjustment | ||||||
 | Adjustment |  |  |  |  |  |  |  |  |
 | Cost |  |  |  |  | Upward | Downward | Upward | Downward |
 | Percentile | All | Upward | Downward | All | (Wages) | (Wages) | (Employment) | (Employment) |
Wage Adjustment | 25 | 0.5% | 0.2% | 1.3% | 0.1% | 0.0% | 1.1% | Â | Â |
 | 50 | 3.0% | 1.2% | 6.7% | 0.9% | 0.1% | 6.0% |  |  |
 | 75 | 14.2% | 5.3% | 25.7% | 7.9% | 0.5% | 23.0% |  |  |
Employment Adjustment | 25 | Â | Â | Â | 2.4% | Â | Â | 1.8% | 3.4% |
 | 50 |  |  |  | 14.8% |  |  | 10.0% | 22.4% |
 | 75 |  |  |  | 70.6% |  |  | 48.5% | 94.7% |