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dc.contributor.authorMarczak, Martynaen_US
dc.contributor.authorGómez, Víctoren_US
dc.date.accessioned2012-06-19en_US
dc.date.accessioned2012-06-28T12:54:20Z-
dc.date.available2012-06-28T12:54:20Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:bsz:100-opus-7267en_US
dc.identifier.urihttp://hdl.handle.net/10419/59518-
dc.description.abstractThis article provides new insights into the cyclical behavior of consumer and producer real wages in the USA and Germany. We apply two methods for the estimation of the cyclical components from the data: the approach based on the structural time series models and the ARIMA-model-based approach combined with the canonical decomposition and a band-pass filter. We examine the extracted cycles drawing on two wavelet concepts: wavelet coherence and wavelet phase angle. In contrast to the analysis in the time or frequency domains, wavelet analysis allows for the identification of possible changes in cyclical patterns over time. From the findings of our study, we can infer that the USA and Germany differ with respect to the lead-lag relationship of real wages and the business cycle. In the USA, both real wages are leading the business cycle in the entire time interval. The German consumer real wage is, on the other hand, lagging the business cycle. For the German producer real wage, the lead-lag pattern changes over time. We also find that real wages in the USA as well in Germany are procyclical or acyclical until 1980 and countercyclical thereafter.en_US
dc.language.isoengen_US
dc.publisherUniv. Hohenheim, Forschungszentrum Innovation und Dienstleistung Stuttgarten_US
dc.relation.ispartofseriesFZID Discussion Papers 50-2012en_US
dc.subject.jelE32en_US
dc.subject.jelC22en_US
dc.subject.jelC32en_US
dc.subject.jelJ30en_US
dc.subject.ddc330en_US
dc.subject.keywordreal wagesen_US
dc.subject.keywordbusiness cycleen_US
dc.subject.keywordwavelet analysisen_US
dc.subject.keywordwavelet phase angleen_US
dc.subject.keywordtrend-cycle decompositionen_US
dc.subject.keywordstructural time series modelen_US
dc.subject.keywordARIMA-model-based approachen_US
dc.subject.keywordband-pass filteren_US
dc.subject.stwReallohnen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwZustandsraummodellen_US
dc.subject.stwZeitreihenanalyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwUSAen_US
dc.titleCyclicality of real wages in the USA and Germany: New insights from wavelet analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn717875792en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:fziddp:502012-
Appears in Collections:FZID Discussion Papers, Universität Hohenheim

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