Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; … - 2022
-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage …-setting behavior of U.S. employers, and we develop novel survey data to quantify its force. Our data imply a cumulative wage …-growth moderation of 2.0 percentage points over two years. This moderation offsets more than half the real-wage catchup effect that …