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American Economic Review: Vol. 94 No. 4 (September 2004)

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Why Does the Cyclical Behavior of Real Wages Change Over Time?

Article Citation

Huang, Kevin X.D., Zheng Liu, and Louis Phaneuf. 2004. "Why Does the Cyclical Behavior of Real Wages Change Over Time?." The American Economic Review, 94(4): 836-856.

DOI: 10.1257/0002828042002552

Abstract

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.

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Authors

Huang, Kevin X.D.
Liu, Zheng
Phaneuf, Louis


American Economic Review



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