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The heterogeneous cyclicality of income and wages among the distribution in the UK

Author

Listed:
  • Antonia Lopez Villavicencio

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Maria Cervini
  • Jose Ignasio Silva

Abstract

We investigate the cyclicality of real wages and income using individual data for the UK over the 1991-2008 period. By paying special attention to the heterogeneity among different earnings and income groups, we document that individuals at the top of the distribution are more cyclical than lower ones. Moreover, the estimated cyclicality is considerably higher in recessions than in expansions for top-incomes. We also show that real wages and income are roughly acyclical for low wage and income workers. Instead, their adjustment to the cycle takes place through transitions to and from unemployment.
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Suggested Citation

  • Antonia Lopez Villavicencio & Maria Cervini & Jose Ignasio Silva, 2018. "The heterogeneous cyclicality of income and wages among the distribution in the UK," Post-Print hal-04304167, HAL.
    • Handle: RePEc:hal:journl:hal-04304167
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    Cited by:

    1. Faryna, Oleksandr & Pham, Tho & Talavera, Oleksandr & Tsapin, Andriy, 2020. "Wage Setting and Unemployment: Evidence from Online Job Vacancy Data," GLO Discussion Paper Series 503, Global Labor Organization (GLO).
    2. Caglayan, Mustafa & Talavera, Oleksandr & Xiong, Lin, 2022. "Female small business owners in China: Discouraged, not discriminated," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).

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    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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