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dc.contributor.authorMarczak, Martynaen
dc.contributor.authorGómez, Víctoren
dc.date.accessioned2012-06-19-
dc.date.accessioned2012-06-28T12:54:20Z-
dc.date.available2012-06-28T12:54:20Z-
dc.date.issued2012-
dc.identifier.piurn:nbn:de:bsz:100-opus-7267en
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
dc.language.isoengen
dc.publisher|aUniversität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID) |cStuttgarten
dc.relation.ispartofseries|aFZID Discussion Paper |x50-2012en
dc.subject.jelE32en
dc.subject.jelC22en
dc.subject.jelC32en
dc.subject.jelJ30en
dc.subject.ddc330en
dc.subject.keywordreal wagesen
dc.subject.keywordbusiness cycleen
dc.subject.keywordwavelet analysisen
dc.subject.keywordwavelet phase angleen
dc.subject.keywordtrend-cycle decompositionen
dc.subject.keywordstructural time series modelen
dc.subject.keywordARIMA-model-based approachen
dc.subject.keywordband-pass filteren
dc.subject.stwReallohnen
dc.subject.stwKonjunkturen
dc.subject.stwZustandsraummodellen
dc.subject.stwZeitreihenanalyseen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.subject.stwUSAen
dc.titleCyclicality of real wages in the USA and Germany: New insights from wavelet analysis-
dc.typeWorking Paperen
dc.identifier.ppn717875792en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:fziddp:502012en

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