Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity

• 成果类型: Article
• 署名作者: Carneiro, Anabela; Guimaraes, Paulo; Portugal, Pedro
• 署名单位: Universidade do Porto; Universidade do Porto; University of South Carolina System; University of South Carolina Columbia; Banco de Portugal; Universidade Nova de Lisboa
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.4.2.133
• 发表日期: 2012
• 页码: 133-152
• 关键词: cyclicality; fluctuations; unemployment; mobility; cushion; outs; ins

摘要

Using a longitudinal matched employer-employee dataset for Portugal over the 1986-2007 period, this study analyzes the wage responses to aggregate labor market conditions for newly hired workers and existing workers within the same firm. Accounting for worker, firm, and job title heterogeneity, the data support the hypothesis that entry wages are more procyclical than wages of stayers. A one point increase in the unemployment rate decreases wages of newly hired workers within a given firm-job title by around 2.7 percent and by 2.2 percent for stayers within the same firm-job title. Finally, the results reveal a one-for-one wage response to changes in labor productivity. (JEL: E24, E32, J64)