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How do wages react to the business cycle? A microeconometric approach
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Resumo(s)
This study investigates the impact of the business cycle on real wages using a rich data
set that matches each employee to an employer. The major innovation that this study
brings to academic research is the use of two disaggregated variables as cyclical
components: Job Finding Probability (JFP) and Job Separation Probability (JSP). Real
wages react positively with the business cycle showing a procyclical behaviour. When
JFP, JSP and the unemployment rate increase by 1 p.p., controlling for worker and firm
heterogeneity, the real wage of a male worker that has an ongoing job, changes by
0.53%, -3.49% and -1.24% respectively. On the other hand, the real wage of a female
worker changes by 0.42%, -0.43% and -0.85% with the same cyclical variables.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics
Palavras-chave
Real wages Business cycle Fixed effects