In Search of a Stylised Fact: Do Real Wages Exhibit a Consistent Pattern of Cyclical Variability?
The paper surveys the studies on the cyclical behavior of real wages published from the twenties onwards. Both traditional simple neoclassical and Keynesian models of the labour market suggest that real wages tend to move countercyclically. However, from a theoretical viewpoint, there are few reasons to expect this behavior, once the simple model is extended to account for imperfect competition, uncertainty, lagged responses, or contracting between firms and workers. Empirical studies give different answers to the problem. The contributions reviewed in the paper are arranged roughly in chronological order: the interwar period, the postwar pre-econometric studies, the econometric work using aggregate data, the evidence produced on the basis of longitudinal data, the analyses of the shock-responsiveness of real wages, and, finally, the most recent papers attempting a reconciliation of the somewhat conflicting evidence derived from aggregate and panel data. Copyright 1995 by Blackwell Publishers Ltd
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 9 (1995)
Issue (Month): 2 (June)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804|
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=0950-0804|
When requesting a correction, please mention this item's handle: RePEc:bla:jecsur:v:9:y:1995:i:2:p:103-63. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.