Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/300956 
Autor:innen: 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 17060
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
Two extraordinary U.S. labor market developments facilitated the sharp disinflation in 2022-23 without raising the unemployment rate. First, pandemic-driven infection worries and social distancing intentions caused a sizable drag on labor force participation that began to reverse in the first quarter of 2022, and perhaps earlier. As the reversal unfolded, it raised labor supply and reduced wage growth. Second, the pandemic-instigated shift to work from home (WFH) raised the amenity value of employment in many jobs and for many workers. This development lowered wage-growth pressures along the transition path to a new equilibrium with pay packages that recognized higher remote work levels and their benefits to workers. Surveys of business executives imply that the shift to WFH lowered average wage growth by two percentage points from spring 2021 to spring 2023. A direct inspection finds that average real wage growth from 2021 Q1 to 2024 Q1 in the U.S. economy was at least 3.5 to 4.4 ppts below the path suggested by pre-pandemic experience. This large shortfall in real wage growth aligns well with the interpretation of the 2022-23 disinflation offered here.
Schlagwörter: 
social distancing
labor force recovery
work from home
job amenities
wage pressures
real wage shortfall
inflation
monetary policy
2022-23 disinflation
JEL: 
E31
E50
J31
Dokumentart: 
Working Paper

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