Why does the cyclical behavior of real wages change over time?

• 成果类型: Article
• 署名作者: Huang, KXD; Liu, Z; Phaneuf, L
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Wuhan University; Emory University; University of Quebec; University of Quebec Montreal
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/0002828042002552
• 发表日期: 2004
• 页码: 836-856
• 关键词: STICKY PRICE MODELS; business-cycle; demand; output; rates; LABOR

摘要

The cyclical behavior of real wages has evolved from mildly countercyclical during the interwar period to modestly procyclical in the postwar era. This paper presents a general-equilibrium business-cycle model that helps explain the evolution. In the model, changes in the real wage cyclicality arise from interactions between nominal wage and price rigidities and an evolving input-output structure.