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Wages, Implicit Contracts, and the Business Cycle: Evidence from Canadian Micro Data

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  • James Ted McDonald
  • Christopher Worswick

Abstract

Evidence of macroeconomic conditions impacting the earnings of men in Canada in a manner consistent with an implicit contracting framework is found using data from eleven cross-sectional surveys spanning the years 1981-1992. The estimates are similar to those found by Beaudry and DiNardo (1991) using U.S. data. Their analysis is extended to incestigate whether the effects of macroeconomic conditions differ by age. Evidence is found that the wages of young men and men near retirement are most sensitive to changes in the macroeconomic conditions over their job tenure.
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Suggested Citation

  • James Ted McDonald & Christopher Worswick, 1999. "Wages, Implicit Contracts, and the Business Cycle: Evidence from Canadian Micro Data," Journal of Political Economy, University of Chicago Press, vol. 107(4), pages 884-913, August.
  • Handle: RePEc:ucp:jpolec:v:107:y:1999:i:4:p:884-913
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    References listed on IDEAS

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    1. Topel, Robert H, 1991. "Specific Capital, Mobility, and Wages: Wages Rise with Job Seniority," Journal of Political Economy, University of Chicago Press, vol. 99(1), pages 145-176, February.
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    JEL classification:

    • J19 - Labor and Demographic Economics - - Demographic Economics - - - Other
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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