Wage Growth over the Business Cycle: Contractual versus Spot Markets
between these two models in a panel of 14 European countries. Our findings indicate that workers who are hired during recessions or experienced unfavorable economic conditions since they were hired receive larger wage raises during expansions, and are subject to smaller wage cuts during downswings. The change in the unemployment rate, on the other hand, is not a signi cant determinant of wage growth.
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- Malcomson, J., 1998.
"Individual employment contracts,"
Discussion Paper Series In Economics And Econometrics
9804, Economics Division, School of Social Sciences, University of Southampton.
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IZA Discussion Papers
1497, Institute for the Study of Labor (IZA).
- Paul J. Devereux & Robert A. Hart, 2007. "The Spot Market Matters: Evidence On Implicit Contracts From Britain," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(5), pages 661-683, November.
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