NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Stepping Off the Wage Escalator: The Effects of Wage Growth on Equilibrium Employment

Michael W. L. Elsby, Matthew D. Shapiro

NBER Working Paper No. 15117
Issued in June 2009

---- Acknowledgments ----

We would like to thank John Bound, Charlie Brown, Damon Clark, Robert Hall, Chris House, Miles Kimball, David Romer, and Gary Solon for helpful comments, Chinhui Juhn and Lance Lochner for sharing their data at the early stages of this project, and David Ratner for excellent research assistance. We also thank participants in seminars at the Einaudi Institute for Economics and Finance, Stanford, Berkeley, the New York Fed, the Hebrew University, Tel Aviv, Michigan State, Edinburgh, Ohio State, Toronto, Michigan, Warwick, and Florida. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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