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Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 10657
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
Examines the evolution of the cyclicality of real wages and employment in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical during the 1980s and early 1990s, a period characterized by high inflation. As inflation declined wages became less pro-cyclical, a feature that is consistent with emerging downward wage rigidities in a low inflation environment. Compositional effects associated with changes in labor participation along the business cycle appear to matter less for estimates of wage cyclicality than in developed economies.
Schlagwörter: 
downward wage rigidity
indexation
real wage cyclicality
vector autoregression
time varying coefficients
Bayesian estimation
JEL: 
E24
Dokumentart: 
Working Paper

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