From: Why do wages become more rigid during a recession than during a boom?
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Dependent variable: | Regular pay | Bonus pay | |||||
OLS | FE | OLS | FE | ||||
Proxy of p: | CPI | Output | CPI | Output | |||
p/100 | -0.792 | 0.503 | 1.806 | 0.560 | -2.349 | 0.515 | 1.593 |
(0.303) | (0.115) | (0.207) | (0.253) | (0.494) | (0.244) | (0.581) | |
Non-union | -0.573 | 0.507 | 2.023 | 0.305 | -2.878 | -0.879 | -0.392 |
(0.499) | (0.241) | (0.357) | (0.172) | (0.991) | (0.182) | (0.704) | |
(p/100)×Non-union | 0.553 | -0.547 | -2.043 | -0.348 | 2.755 | 0.826 | 0.339 |
(0.497) | (0.226) | (0.341) | (0.154) | (0.969) | (0.155) | (0.700) | |
Male | 0.620 | – | – | – | 1.003 | – | – |
(0.030) | – | – | – | (0.063) | – | – | |
High School | 0.056 | – | – | – | 0.230 | – | – |
(0.047) | – | – | – | (0.068) | – | – | |
Junior College | 0.111 | – | – | – | 0.258 | – | – |
(0.069) | – | – | – | (0.068) | – | – | |
University | 0.126 | – | – | – | 0.297 | – | – |
(0.056) | – | – | – | (0.026) | – | – | |
Graduate School | 0.262 | – | – | – | 0.479 | – | – |
(0.059) | – | – | – | (0.325) | – | – | |
Experience | 0.021 | 0.097 | 0.099 | 0.089 | 0.020 | 0.169 | 0.144 |
(0.006) | (0.020) | (0.049) | (0.023) | (0.029) | (0.017) | (0.027) | |
Experience 2/100 | -0.051 | -0.168 | -0.113 | -0.164 | -0.081 | -0.269 | -0.267 |
(0.009) | (0.038) | (0.095) | (0.038) | (0.046) | (0.040) | (0.036) | |
Tenure | 0.045 | 0.040 | 0.000 | 0.046 | 0.072 | 0.024 | 0.032 |
(0.008) | (0.042) | (0.094) | (0.044) | (0.028) | (0.101) | (0.101) | |
Tenure 2/100 | -0.058 | -0.040 | -0.082 | -0.052 | -0.067 | 0.062 | 0.058 |
(0.011) | (0.069) | (0.186) | (0.067) | (0.045) | (0.213) | (0.205) | |
Married | 0.055 | -0.001 | -0.044 | -0.001 | 0.042 | 0.234 | 0.221 |
(0.049) | (0.033) | (0.075) | (0.031) | (0.105) | (0.282) | (0.282) | |
Number of Children | 0.014 | -0.013 | 0.048 | -0.014 | 0.011 | -0.018 | -0.014 |
(0.023) | (0.024) | (0.026) | (0.024) | (0.037) | (0.059) | (0.059) | |
ln(Firm Size) | 0.021 | -0.004 | -0.020 | -0.004 | 0.131 | 0.060 | 0.057 |
(0.008) | (0.010) | (0.017) | (0.010) | (0.029) | (0.022) | (0.023) | |
Test for Downward Rigidity | No | No | Yes ∗ | No | No | No | No |
Industry Dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Regional Dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Occupation Dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
R-squared | 0.558 | 0.081 | 0.120 | 0.081 | 0.498 | 0.042 | 0.043 |
Observations | 1832 | 1832 | 963 | 1832 | 1832 | 1832 | 1832 |