纽约联储-高薪的回报：劳动力供给和生产率对自愿企业最低工资的反应.pdfVIP

ThePayoffsofHigherPay:

LaborSupplyandProductivity

NO.1182

FEBRUARY2026ResponsestoaVoluntaryFirm

MinimumWage

NataliaEmanuel|EmmaHarrington

ThePayoffsofHigherPay:LaborSupplyandProductivityResponsestoaVoluntaryFirm

MinimumWage

NataliaEmanuelandEmmaHarrington

FederalReserveBankofNewYorkStaffReports,no.1182

February2026

/10.59576/sr.1182

Abstract

Whatarethereturnstofirmsofpayingmore?WestudyaFortune500firm’svoluntaryfirm-wide

$15/hourminimumwage,whichaffectedsomewarehousesmorethanothers.Usingacontinuous

difference-in-differencesdesign,wefindthata$1/hourpayincrease(5.5percent)halvesworker

departures,reducesabsenteeismby18.6percent,andincreasesproductivity(boxesmovedperhour)by

5.7percent.Theseproductivitygainsfullydefrayedincreasedlaborcosts,offsettingthefirm’sincentive

tomarkdownwages.Wedevelopasimplemodelthatconnectsefficiency-wageincentivesand

monopsonypower,showinghowtheseforcescancounterbalanceeachothertokeepwagescloserto

workers’marginalrevenues.

JELclassification:M52,J31,J42

Keywords:voluntaryfirmminimumwage,efficiencywages,monopsony,labormarketfrictions

_________________

Emanuel:FederalReserveBankofNewYork(email:natalia@).Harrington:

UniversityofVirginia(email:emma.k.harrington4@).TheauthorsthankClaudiaGoldin,

LawrenceKatz,NathanHendren,EdwardGlaeser,JeffreyLiebman,AmandaPallais,andLawrence

Summersforinvaluableadvice.TheyappreciateinputfromIsaiahAndrews,DavidCard,Gabriel

Chodorow-Reich,ZoeCullen,DavidCutler,JerryGreen,DavidHarrington,KevinLang,JeffreyMiron,

MatthewRabin,AndreiShleifer,ElieTamer,andparticipantsatnumerousseminars.Theircolleagues

Jenna