Using the National Compensation Survey between 2004 and 2017, we document four stylized facts and quantify cyclical heterogeneity among performance pay (PP) and fixed wage (FW) jobs. First, there is substantial dispersion in the incidence of PP, even within the same occupation; hourly compensation growth in PP jobs has been nearly three-times as large as that in FW jobs; the share of PP is increasing in employer size; the provision of PP is largely a firm-level decision. Second, we find that hourly compensation growth among PP (FW) jobs increases (decreases) in response to state employment growth. Furthermore, FW jobs respond primarily by adjusting the extensive margin of employment. Our estimates are identified off of comparisons of similar jobs within the same establishment over time. These business cycle dynamics are consistent with models that feature heterogeneity in organizational practices, allowing firms to adjust to uncertainty over the business cycle under flexibility in compensation contracts. (JEL J21, J22, J31, E32, M55).

中文翻译：

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论实际工资和就业的周期性：绩效工资和固定工资工作的新证据和典型事实

使用 2004 年至 2017 年的全国薪酬调查，我们记录了四个程式化的事实，并量化了绩效工资 (PP) 和固定工资 (FW) 工作之间的周期性异质性。首先，即使在同一职业中，PP 的发病率也存在很大差异；PP 职位的每小时薪酬增长几乎是 FW 职位的三倍；PP 在雇主规模中的份额正在增加；提供 PP 在很大程度上是公司层面的决定。其次，我们发现 PP (FW) 工作中的小时薪酬增长随着州就业增长而增加（减少）。此外，FW 工作的反应主要是通过调整广泛的就业边际。我们的估计是通过对同一机构内类似工作随时间进行的比较而确定的。这些商业周期动态与具有组织实践异质性的模型一致，允许公司在薪酬合同的灵活性下适应商业周期的不确定性。（JEL J21、J22、J31、E32、M55）。