Messina, Julián; Strozzi, Chiara; Turunen, Jarkko - 2009
We study differences in the adjustment of aggregate real wages in the manufacturing sector over the business cycle … economies and countries with stronger unions tend to have less pro-cyclical (or more counter-cyclical) wages. We also find a … positive correlation between the cyclicality of real wages and employment, suggesting that policy complementarities may …