Replication data for: Resurrecting the Role of the Product Market Wedge in Recessions
Principal Investigator(s): View help for Principal Investigator(s) Mark Bils; Peter J. Klenow; Benjamin A. Malin
Version: View help for Version V1
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Replication-Files | 10/12/2019 05:07:AM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 01:07:AM |
Project Citation:
Bils, Mark, Klenow, Peter J., and Malin, Benjamin A. Replication data for: Resurrecting the Role of the Product Market Wedge in Recessions. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113092V1
Project Description
Summary:
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Employment and hours are more cyclical than dictated by productivity and consumption. This intratemporal labor wedge can arise from product or labor market distortions. Based on employee wages, the literature has attributed the intratemporal wedge almost entirely to labor market distortions. Because wages may be smoothed versions of labor's true cyclical price, we instead examine the self-employed and intermediate inputs, respectively. For recent decades in the United States, we find price markup movements are at least as cyclical as wage markup movements. Thus, countercyclical price markups deserve a central place in business-cycle research, alongside sticky wages and matching frictions.
Scope of Project
JEL Classification:
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E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
J31 Wage Level and Structure; Wage Differentials
J41 Labor Contracts
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
J31 Wage Level and Structure; Wage Differentials
J41 Labor Contracts
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