賃金上昇と労働市場のタイトネス

2024年10月公表のNY連銀スタッフレポート。原題は「Wage Growth and Labor Market Tightness」で、著者はSebastian Heise, Jeremy Pearce, and Jacob P. Weber。以下はその要旨。Good measures of labor market tightness are essential to predict wage inflation and to calibrate monetary policy. This paper highlights the importance of two measures of labor market tightness in determining wage growth: the quits rate, and vacancies per effective searcher (V/ES)—where searchers include both employed and non-employed job seekers. Amongst a broad set of indicators of labor market tightness, we find that these two measures are independently the most

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