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American Economic Journal: Macroeconomics: Vol. 4 No. 2 (April 2012)
AEJ: Macro Volume. 4, Issue 2 | 
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AEJ: Macro Forthcoming Articles
Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity
Article Citation
Carneiro, Anabela,
Paulo Guimarães, and
Pedro Portugal. 2012. "Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity."
American Economic Journal: Macroeconomics,
4(2): 133-52.
DOI: 10.1257/mac.4.2.133
DOI: 10.1257/mac.4.2.133
Abstract
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)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (131.52 KB) | Online Appendix (54.66 KB)
Authors
Carneiro, Anabela (Centre for Economic and Finance, U Porto)
Guimarães, Paulo (Centre for Economic and Finance, U Porto and U SC)
Portugal, Pedro (Bank of Portugal)
Guimarães, Paulo (Centre for Economic and Finance, U Porto and U SC)
Portugal, Pedro (Bank of Portugal)
JEL Classifications
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
J64: Unemployment: Models, Duration, Incidence, and Job Search
E32: Business Fluctuations; Cycles
J64: Unemployment: Models, Duration, Incidence, and Job Search
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