NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data

John Grigsby, Erik Hurst, Ahu Yildirmaz

NBER Working Paper No. 25628
Issued in March 2019

---- Acknowledgments ----

We thank Mark Aguiar, Susanto Basu, Steve Davis, Fatih Guvenen, John Haltiwanger, Jonathon Hazell, Pete Klenow, Alan Krueger, Marianna Kudlyak, Andre Kurmann, Alex Mas, Ben Schoefer, John Shea, Rob Shimer, Gary Solon and Joe Vavra as well as seminar participants at the 2018 American Economic Association meetings, Chicago, the European Central Bank, Maryland, Michigan, Minnesota, Princeton, the San Francisco Federal Reserve, Stanford, USC, and Wharton for helpful comments. Per our use agreement, ADP approved the paper topic ex-ante. Additionally, ADP reviewed the paper prior to distribution with the sole focus of making sure that the paper did not release information that would compromise the privacy of their clients or would reveal proprietary information about the ADP business model. Authors' contact information: jgrigsby@uchicago.edu, erik.hurst@chicagobooth.edu. and Ahu.Yildirmaz@ADP.com. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Erik Hurst ----

I have nothing else to disclose. My access to the ADP data is for research purposes only.

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