3 research outputs found
The extent and consequences of downward nominal wage rigidity
Using the Panel Study of Income Dynamics, we find that true wage changes have many fewer nominal cuts and more nominal freezes than reported nominal wage changes. The data overwhelmingly rejects a model of flexible wage changes and provides some evidence against a model of perfect downward rigidity in favor of a more general model. The more general model incorporates downward rigidity but specifies that nominal wage cuts may occur when large cuts would occur in the absence of wage rigidity. However, the results of the general model imply that nominal wage cuts are rare. We also analyze the personnel files of a large corporation and find cuts in base pay are rare and almost always associated with changes in full time status or a switch between compensation schemes involving incentives. Our evidence on the consequences of nominal wage rigidity is mixed. We find modest support for the hypothesis that workers who are overpaid because of nominal wage rigidity are less likely to quit
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Coronary Artery Calcification (CAC) and PostâTrial Cardiovascular Events and Mortality Within the Women's Health Initiative (WHI) EstrogenâAlone Trial
Background: Among women aged 50 to 59 years at baseline in the Women's Health Initiative (WHI) EstrogenâAlone (EâAlone) trial, randomization to conjugated equine estrogenâalone versus placebo was associated with lower risk of myocardial infarction and mortality, and, in an ancillary study, the WHIâCACS (WHI Coronary Artery Calcification Study) with lower CAC, measured by cardiac computed tomography â8.7 years after baseline randomization. We hypothesized that higher CAC would be related to postâtrial coronary heart disease (CHD), cardiovascular disease (CVD), and total mortality, independent of baseline randomization or risk factors. Methods and Results: WHIâCACS participants (n=1020) were followed â8 years from computed tomography scan in 2005 (mean age=64.4) through 2013 for incident CHD (myocardial infarction and fatal CHD, n=17), CVD (n=69), and total mortality (n=55). Incident CHD and CVD analyses excluded women with CVD before scan (n=89). Women with CAC=0 (n=54%) had very low ageâadjusted rates/1000 personâyears of CHD (0.91), CVD (5.56), and mortality (3.45). In comparison, rates were â2âfold higher for women with any CAC (>0). Associations were not modified by baseline randomization to conjugated equine estrogenâalone versus placebo. Adjusted for baseline randomization and risk factors, the hazard ratio (95% confidence interval) for CAC >100 (19%) was 4.06 (2.11, 7.80) for CVD and 2.70 (1.26, 5.79) for mortality. Conclusions: Among a subset of postmenopausal women aged 50 to 59 years at baseline in the WHI EâAlone Trial, CAC at mean age of 64 years was strongly related to incident CHD, CVD, and to total mortality over â8 years, independent of baseline randomization to conjugated equine estrogenâalone versus placebo or CVD risk factors. Clinical Trial Registration URL: https://www.clinicaltrials.gov. Unique identifier: NCT00000611