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The Wage Policy of a Firm

  • Baker, George
  • Gibbs, Michael
  • Holmstrom, Bengt

Salary data from a single firm are analyzed in an effort to identify the firm's wage policy. The authors find that employees are partly shielded against changes in external market conditions; that wage variation within a job level is large both cross-sectionally and for individuals over time, often leading to substantial real wage declines; that wage increases are serially correlated even controlling for observable characteristics; and that promotions and wage growth are strongly related, even though promotion premiums are small relative to the large wage differences between job levels. None of the major theories of wage determination can alone explain the evidence. Copyright 1994, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 109 (1994)
Issue (Month): 4 (November)
Pages: 921-55

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Handle: RePEc:tpr:qjecon:v:109:y:1994:i:4:p:921-55
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