Because labor quality changes over the business cycle,the cyclicality of aggregate wages cannot reflect the true cyclical behavior of the price of labor inputs. To control for changes in labor quality, many researchers have examined the cyclical behavior of the price of labor inputs using microdata sets with mixed results. In this paper, I develop a hedonic pricing method to examine the cyclicality of real wages and implement it using the U.S. Current Population Survey (CPS) data.
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Length: 41 pages Date of creation: 1997 Date of revision: Handle: RePEc:uwo:uwowop:9712
Contact details of provider: Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2 Phone: 519-661-2111 Ext.85228 Web page: http://economics.uwo.ca/econref/WorkingPapers/
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Find related papers by JEL classification: E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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