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Wage Growth over the Business Cycle: Contractual versus Spot Markets

  • Baris Kaymak

    (Universite de Montreal)

  • Andriana Bellou

    (Universite de Montreal)

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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Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 1289.

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Date of creation: 2010
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Handle: RePEc:red:sed010:1289
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  1. Malcomson, J., 1998. "Individual employment contracts," Discussion Paper Series In Economics And Econometrics 9804, Economics Division, School of Social Sciences, University of Southampton.
  2. Devereux, Paul J. & Hart, Robert A., 2005. "The Spot Market Matters: Evidence on Implicit Contracts from Britain," IZA Discussion Papers 1497, Institute for the Study of Labor (IZA).
  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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