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:	2002
Authors:	Huang, Kevin X.D. ; Liu, Zheng ; Phaneuf, Louis
Institutions:	Federal Reserve Bank of Kansas City
Subject:	Wages

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Extent:	application/pdf
Series:	Research Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number RWP 02-09
Source:	RePEc - Research Papers in Economics

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