Why Does the Cyclical Behavior of Real Wages Change Over Time?

This paper seeks to understand the evolution of the cyclical behavior of U.S. real wage rates from the interwar period to the post World War II period using a dynamic general equilibrium model that emphasizes demand-driven business cycle fluctuations. In the model, changes in the cyclical behavior of real wages arise endogenously from the interactions between nominal wage and price rigidities and an evolving input-output structure.

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Year of publication:	2003-05
Authors:	Huang, Kevin X. D. ; Liu, Zheng ; Phaneuf, Louis
Institutions:	Department of Economics, Emory University

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Extent:	application/pdf
Series:	Emory Economics.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005155195