Wage Growth over the Business Cycle: Contractual versus Spot Markets
Abstractbetween these two models in a panel of 14 European countries. Our findings indicate that workers who are hired during recessions or experienced unfavorable economic conditions since they were hired receive larger wage raises during expansions, and are subject to smaller wage cuts during downswings. The change in the unemployment rate, on the other hand, is not a signi cant determinant of wage growth.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 1289.
Date of creation: 2010
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- Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
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