-sectional heterogeneity of establishments' average real wages over the business cycle. While the median establishments' real wages are … procyclical, there is a large fraction of establishments with countercyclical real wages. We are the first to show that … establishments with more procyclical wages have a less procyclical hires rate and employment behavior. We propose a labor market flow …

We study the long-run effects of initial labor market conditions on wages for a large sample of male individuals … starting wages. This initial effect turns out to be quite persistent and even though wages do catch up later on, large effects … aggregate level are key to explain wages' adjustment process in the longer run. …

heterogeneous impact of subsequent demand shifts on wages and employment in Germany. We validate the estimated elasticities with …

stock prices even though TFP does not change significantly for more than 2 years. A labor search model in which wages are …‐finding rates. The proposed wage rule is consistent with empirical responses of wages to both anticipated and unanticipated …