Author: Robert B. BarskyPublisher:
ISBN:
Category :
Languages : es
Pages : 46
Book Description
Real wages over the business cycle
Author: Robert B. BarskyReal Wages Over the Business Cycle
Author: Real Wages and the Cycle
Author: Robert A. HartPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 44
Book Description
Real wages over the business cycle
Author: Mark BilsReal Wages Over the Business Cycle
Author: Michael P. KeanePublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 50
Book Description
Real Wages & Business Cycle Asymmetries
Author: The Effects of the Business Cycle on Real Wages and Employment Shares
Author: Mark Lindell MitchellPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 138
Book Description
Real Wages and Business Cycle Asymmetries
Author: Ulrich WoitekPublisher:
ISBN:
Category : Reallohn / Konjunktur / VAR-Modell / Schätzung / Vergleich / USA / Deutschland
Languages : en
Pages : 23
Book Description
The cyclicality of real wages has important implications for the validity of competing business cycle theories. However, the empirical evidence on the aggregate level is inconclusive. Using a threshold vector autoregressive model for the US and Germany to condition the relationship between real wages and business fluctuations on the phase of the cycle, it is demonstrated that the inconclusive evidence is not only caused by measurement problems, estimation method and composition bias as discussed in the literature. In addition, one should also consider whether the economy is in an upswing or a downswing. In general, the evidence for countercyclical wages is stronger in Germany than for the US, but taken together there is no clear systematic pattern.
Labor Quality and the Cyclicality of Real Wages
Author: Haoming LiuPublisher: London : Department of Economics, University of Western Ontario
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
Book Description
Measuring the Cyclicality of Real Wages
Author: Gary SolonPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 60
Book Description
In the period since the 1960's, as in other periods, aggregate time series on real wages have displayed only modest cyclicality. Macroeconomists therefore have described weak cyclicality of real wages as a salient feature of the business cycle. Contrary to this conventional wisdom, our analysis of longitudinal microdata indicates that real wages have been substantially procyclical since the 1960's. We also find that the substantial procyclicality of men's real wages pertains even to workers that stay with the same employer and that women's real wages are less procyclical than men's. Numerous longitudinal studies besides ours have documented the substantial procyclicality of real wages, but none has adequately explained the discrepancy with the aggregate time series evidence. In accordance with a conjecture by Stockman (I983), we show that the true procyclicality of real wages is obscured in aggregate time series because of a composition bias: the aggregate statistics are constructed in a way that gives more weight to low-skill workers during expansions than during recessions. We conclude that, because real wages actually are much more procyclical than they appear in aggregate statistics, theories designed to explain the supposed weakness of real wage cyclicality may be unnecessary. and theories that predict substantially procyclical real wages become more credible.