We discuss the ability of standard estimates of the correlation of wages and employment to measure the relative … and demand shocks, nor give an indication of the response of wages to aggregate demand shocks. Following this, we test the … predictions of a neo-Keynesian model for the correlation of employment and wages using restrictions generated by the model to …

single week per year. One common explanation for this trend, declining real wages, ignores the fact that the value of working … 1967 and 1977. Changes in wages do not explain any of this trend. …

macroaggregates and real wages during the downturn phase of the Depression, i.e., from 1929:3 through mid-1933. Our analysis provides …