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Wage Growth over the Business Cycle: Contractual versus Spot Markets

Author

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  • Baris Kaymak

    (Universite de Montreal)

  • Andriana Bellou

    (Universite de Montreal)

Abstract

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.

Suggested Citation

  • Baris Kaymak & Andriana Bellou, 2010. "Wage Growth over the Business Cycle: Contractual versus Spot Markets," 2010 Meeting Papers 1289, Society for Economic Dynamics.
  • Handle: RePEc:red:sed010:1289
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    File URL: https://economicdynamics.org/meetpapers/2010/paper_1289.pdf
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    References listed on IDEAS

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    1. 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.
    2. Malcomson, James M., 1999. "Individual employment contracts," Handbook of Labor Economics,in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 35, pages 2291-2372 Elsevier.
    3. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
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    Cited by:

    1. Mark Bils & Peter J. Klenow & Benjamin A. Malin, 2014. "Resurrecting the Role of the Product Market Wedge in Recessions," NBER Working Papers 20555, National Bureau of Economic Research, Inc.
    2. Joao Alfredo Galindo da Fonseca & Giovanni Gallipoli & Yaniv Yedid-Levi, 2016. "Revisiting the Relationship Between Unemployment and Wages," Working Papers 2016-001, Human Capital and Economic Opportunity Working Group.

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