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Wages over the Business Cycle: Spot Markets?


  • Iourii Manovskii

    (University of Pennsylvania)

  • Marcus Hagedorn

    (University of Zurich)


since the expected wage is increasing in the expected number of offers received since the job started. The business-cycle volatility of wages is higher for new hires and for job-to-job switchers than for job stayers since workers can sample from a larger pool of job offers in a boom than in a recession. Using PSID and NLSY data, we find that the existing evidence against a spot market model is rejected once we control for match-specific productivity as implied by our theory.

Suggested Citation

  • Iourii Manovskii & Marcus Hagedorn, 2009. "Wages over the Business Cycle: Spot Markets?," 2009 Meeting Papers 1072, Society for Economic Dynamics.
  • Handle: RePEc:red:sed009:1072

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