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How Much Did the Minimum Wage Drive Real Wage Growth During the Late 2010s?

Author

Listed:
  • Daniel Aaronson
  • Luojia Hu
  • Aastha Rajan

Abstract

For much of the recent expansion, real wage growth was surprisingly sluggish, by some measures never reaching its pace prior to the 2008 financial crisis, despite tight labor markets that drove the unemployment rate to 3.5%. However, on average, the lowest-earning workers fared substantially better, consistently experiencing real wage growth of 6% or more for much of the late 2010s, a pace well above the previous two decades.

Suggested Citation

  • Daniel Aaronson & Luojia Hu & Aastha Rajan, 2020. "How Much Did the Minimum Wage Drive Real Wage Growth During the Late 2010s?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 435.
    • Handle: RePEc:fip:fedhle:87995
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    File URL: https://www.chicagofed.org/~/media/publications/chicago-fed-letter/2020/cfl435-pdf.pdf
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    Cited by:

    1. Orley Ashenfelter & Stepan Jurajda Jurajda, 2021. "Wages, Minimum Wages, and Price Pass-Through: The Case of McDonald's Restaurants," Working Papers 646, Princeton University, Department of Economics, Industrial Relations Section..

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