wages, which does not impose any structure between real wages and observed cyclical indicators. In particular, we employ a … Bayesian dynamic factor model and longitudinal microdata to estimate common latent factors driving real wages. We find that the … comovement of real wages is related to a common factor that exhibits a mild correlation with the national unemployment rate. Our …

Nash-bargained wages rather than actual wages, then the cyclical volatility of unemployment would decrease to less than one … seventh of what it is in the data. We compare our results to various models of rigid and flexible wages in the literature. …

wages, which does not impose any structure between real wages and observed cyclical indicators. In particular, we employ a … Bayesian dynamic factor model and longitudinal microdata to estimate common latent factors driving real wages. We find that the … comovement of real wages is related to a common factor that exhibits a mild correlation with the national unemployment rate. Our …

In this paper we investigate the cyclicality of real wages. The approach we take is to search for the largest possible … that the comovement of real wages can be related to a common factor that exhibits a significant but far from perfect … in the sample and (iii) roughly half of the wages move procyclically while half move countercyclically. These facts are …

In this paper we investigate the cyclicality of real wages. The approach we take is to search for the largest possible … that the comovement of real wages can be related to a common factor that exhibits a significant but far from perfect … in the sample and (iii) roughly half of the wages move procyclically while half move countercyclically. These facts are …

Theoretical models of downward real wage rigidity generate asymmetric wage cyclicality with real wages being rigid in … establish that such asymmetries are very salient in Germany. We find that the semi elasticity of real wages with respect to … data. Equal treatment is a central driver of downwardly rigid wages in many contracting models (e.g., Hall, 2005; Gertler …

price themselves into jobs by undercutting incumbents – imply that real wages are relatively rigid in "bad" times but … of West German labor markets. We find that the elasticity of real wages with respect to output is very close to zero in … effects the cyclicality of new hire wages is approximately the same as that for incumbent wages regardless of whether or not …

vacancy longevity for modeling and calibration, in particular regarding match cyclicality and wages. When calibrated to the …