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Title:Real wages over the business cycle: OECD evidence from the time and frequency domains PDF Logo
Authors:Messina, Julián
Strozzi, Chiara
Turunen, Jarkko
Issue Date:2008
Series/Report no.:IZA discussion papers 3884
Abstract:We study differences in the adjustment of aggregate real wages in the manufacturing sector over the business cycle across OECD countries, combining results from different data and dynamic methods. Summary measures of cyclicality show genuine cross-country heterogeneity even after controlling for the impact of data and methods. We find that more open economies and countries with stronger unions tend to have less pro-cyclical (or more counter-cyclical) wages. We also find a positive correlation between the cyclicality of real wages and employment, suggesting that policy complementarities may influence the adjustment of both quantities and prices in the labour market.
Subjects:Real wages
business cycle
dynamic correlation
labour market institutions
JEL:E32
Persistent Identifier of the first edition:urn:nbn:de:101:1-20081217257
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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