Совместный семинар лабораторий факультета экономических наук

В четверг 25 сентября состоялся совместный научный семинар Международной лаборатории макроэкономического анализа,  Научно-учебной лаборатории макроструктурного моделирования экономики России и Научно-учебной лаборатории пространственно-эконометрического моделирования социально-экономических процессов в России.

В рамках семинара Канал Исаков (University of Maryland, College Park) представил доклад «Wage Adjustment: A Network Approach».

Аннотация доклада:

We study the role of strategic interactions between firms in wage setting and their implications for aggregate wage adjustment. Building on recent developments in the estimation of peer effects and utilizing granular administrative employee-employer data from Colombia, we identify the strategic interactions through a network-based approach. Our findings reveal that external shocks significantly influence firms’ wage adjustments, even when firms are not directly exposed to these shocks. First, firms adjust their wages by approximately 2% in response to a 10% change in the wages of their competitors, controlling for external shocks. Second, firms respond to external shocks faced by their competitors if the shocks are differential - exposure to more export-exposed firms leads to the upward pressure on wages, while exposure to more import-oriented firms leads to wage depression. The strategic interactions contribute to sluggish aggregate wage adjustment following negative external shocks and slow it down by 10 p.p. over a two-year horizon. Our Firm-to-firm network analysis demonstrates the crucial role of import-oriented and high-paying firms in the transmission of shocks to the economy. External shocks first hit the above firms and propagate to the rest of the economy. To rationalize our empirical findings and conduct counterfactual analysis, we develop a general equilibrium model with rich firm and worker heterogeneity featuring strategic interactions between firms in wage setting.