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Cited by 629

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The Wage Policy of a Firm

Baker, G., Gibbs, M., Holmstrom, B.·1994·The Quarterly Journal of Economics
DOI 10.2307/2118352
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Abstract

Salary data from a single firm are analyzed in an effort to identify the firm's wage policy. We 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.

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Metadata

Authors
Baker, G., Gibbs, M., & Holmstrom, B.
Venue
The Quarterly Journal of Economics
Publisher
Oxford University Press (OUP)
Published
1994-11-01
Volume
109
Issue
4
Pages
921-955
ISSN
  • 0033-5533 (ISSN-L)
  • 1531-4650
DOI
10.2307/2118352
OpenAlex
W2088885840
Cited by
629
References
0
FWCI
13.75
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Wage Policy of a Firm. https://app.cochat.ai/papers/10.2307/2118352
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Baker, G., Gibbs, M., & Holmstrom, B. (1994). The Wage Policy of a Firm. The Quarterly Journal of Economics. https://doi.org/10.2307/2118352

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Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.