search query: @indexterm BUSINESS CYCLES / total: 529
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| Author: | Brandolini, A. |
| Title: | In search of a stylised fact: do real wages exhibit a consistent pattern of cyclical variability? |
| Journal: | Journal of Economic Surveys
1995 : JUN, VOL. 9:2, p. 103-164 |
| Index terms: | ECONOMICS PAY BUSINESS CYCLES |
| Language: | eng |
| Abstract: | The paper surveys the studies on the cyclical behavior of real wages published from the twenties onwards. Both traditional simple neoclassical and keynesian models of the labour market suggest that real wages tend to move countercyclically. However, from a theoretical viewpoint, there are few reasons to expect this behavior, once the simple model is extended to account for imperfect competition, uncertainty, lagged responses, or contracting between firms and workers. |
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