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Wage Policies of a Russian Firm and the Financial Crisis of 1998: Evidence from Personnel Data, 1997 to 2002

  • Thomas Dohmen
  • Hartmut F. Lehmann
  • Mark E. Schaffer

The authors use a rich personnel data set from a Russian firm for the years 1997 to 2002 to analyze how the firm adjusts wages and employment during this period in which local labor market conditions changed in the aftermath of the financial crisis in 1998. They relate the development of turnover and wages for various employment categories to alternative models of wage and employment determination. The authors argue that the firmís behavior is consistent with the predictions of efficiency wage models of the shirking and turnover type.

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Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

Volume (Year): 67 (2014)
Issue (Month): 2 (April)
Pages: 504-531

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Handle: RePEc:ilr:articl:v:67:y:2014:i:2:p:504-531
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  1. Paul J. Devereux & Joseph G. Altonji, 2000. "The extent and consequences of downward nominal wage rigidity," Open Access publications 10197/311, School of Economics, University College Dublin.
  2. Hartmut Lehmann & Jonathan Wadsworth & Alessandro Acquisti, 1999. "Grime and Punishment: Job Insecurity and Wage Arrears in the Russian Federation," CERT Discussion Papers 9907, Centre for Economic Reform and Transformation, Heriot Watt University.
  3. Alejandro Lopez-Feldman, 2005. "DESCOGINI: Stata module to perform Gini decomposition by income source," Statistical Software Components S456001, Boston College Department of Economics, revised 22 Sep 2008.
  4. Dohmen, Thomas & Pfann, Gerard A., 2000. "Worker Separations in a Nonstationary Corporate Environment," IZA Discussion Papers 201, Institute for the Study of Labor (IZA).
  5. Baker, George & Gibbs, Michael & Holmstrom, Bengt, 1994. "The Wage Policy of a Firm," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 921-55, November.
  6. Dohmen, Thomas J., 2004. "Performance, seniority, and wages: formal salary systems and individual earnings profiles," Labour Economics, Elsevier, vol. 11(6), pages 741-763, December.
  7. Tito Boeri & Katherine Terrell, 2001. "Institutional Determinants of Labor Reallocation in Transition," William Davidson Institute Working Papers Series 384, William Davidson Institute at the University of Michigan.
  8. Peter R. Fallon & Robert E. B. Lucas, 2000. "The Impact of Financial Crises on Labor Markets, Household Incomes and Poverty: A Review of Evidence," Boston University - Institute for Economic Development 103, Boston University, Institute for Economic Development.
  9. Lazear, Edward P. & Oyer, Paul, 2004. "Internal and external labor markets: a personnel economics approach," Labour Economics, Elsevier, vol. 11(5), pages 527-554, October.
  10. Abbigail J. Chiodo & Michael T. Owyang, 2002. "A case study of a currency crisis: the Russian default of 1998," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 7-18.
  11. Bauer, Thomas K. & Bonin, Holger & Sunde, Uwe, 2004. "Real and Nominal Wage Rigidities and the Rate of Inflation: Evidence from West German Micro Data," RWI Discussion Papers 12, Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI).
  12. John S. Earle & Klara Sabirianova Peter, . "How Late to Pay? Understanding Wage Arrears in Russia," Upjohn Working Papers and Journal Articles jse20023, W.E. Upjohn Institute for Employment Research.
  13. Ernst Fehr & Lorenz Goette, 2004. "Robustness And Real Consequences Of Nominal Wage Rigidity," Macroeconomics 0409025, EconWPA.
  14. Lazear, Edward P, 1999. "Personnel Economics: Past Lessons and Future Directions: Presidential Address to the Society of Labor Economists, San Francisco, May 1, 1998," Journal of Labor Economics, University of Chicago Press, vol. 17(2), pages 199-236, April.
  15. Daniel S. Hamermesh & Gerard A. Pfann, 1996. "Adjustment Costs in Factor Demand," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1264-1292, September.
  16. Lehmann, Hartmut & Wadsworth, Jonathan & Acquisti, Alessandro, 1999. "Grime and Punishment: Insecurity and Wage Arrears in the Russian Federation," IZA Discussion Papers 65, Institute for the Study of Labor (IZA).
  17. Lerman, Robert I & Yitzhaki, Shlomo, 1985. "Income Inequality Effects by Income," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 151-56, February.
  18. David Card & Dean Hyslop, 1995. "Does Inflation 'Grease the Wheels of the Labor Market'?," Working Papers 735, Princeton University, Department of Economics, Industrial Relations Section..
  19. Gibbons, Robert & Waldman, Michael, 1999. "Careers in organizations: Theory and evidence," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 36, pages 2373-2437 Elsevier.
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