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Wage And Employment Cyclicalities At The Establishment Level
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Book Synopsis Wage and Employment Cyclicalities at the Establishment Level by : Christian Merkl
Download or read book Wage and Employment Cyclicalities at the Establishment Level written by Christian Merkl and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the quantitative relationship between employment cyclicality and wage cyclicality is central for the dynamics of macroeconomic models, there is little empirical evidence on this topic. We use the German AWFP dataset to document that wage cyclicalities are very heterogeneous across establishments. Based on this heterogeneity, we estimate the relationship between employment cyclicality and wage cyclicality at the establishment level. We use this micro-estimate as a calibration target for a macro labor market flow model with heterogeneous wage dynamics that nests the standard search and matching model. Based on this micro-macro linkage, we provide a new quantitative benchmark for the role of wage rigidity in search and matching models. Furthermore, we show that acyclical and countercyclical wage establishments are key drivers for stronger labor market reactions in recessions than in booms.
Book Synopsis Wage Cyclicalities and Labor Market Dynamics at the Establishment Level by : Christian Merkl
Download or read book Wage Cyclicalities and Labor Market Dynamics at the Establishment Level written by Christian Merkl and published by . This book was released on 2017 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the new AWFP dataset that covers all German establishments, we document a substantial cross-sectional heterogeneity of establishments' average real wages over the business cycle. While the median establishments' real wages are procyclical, there is a large fraction of establishments with countercyclical real wages. We are the first to show that establishments with more procyclical wages have a less procyclical hires rate and employment behavior. We propose a labor market flow model that is able to replicate these facts and thereby allows us to run counterfactual exercises. When we set the wage cyclicalities of all establishments to the one of the most procyclical establishments, labor market volatilities drop by more than 50 percent.
Book Synopsis Employment Time and the Cyclicality of Earnings Growth by : Eran B. Hoffmann
Download or read book Employment Time and the Cyclicality of Earnings Growth written by Eran B. Hoffmann and published by International Monetary Fund. This book was released on 2018-05-16 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how the distribution of earnings growth evolves over the business cycle in Italy. We distinguish between two sources of annual earnings growth: changes in employment time (number of weeks of employment within a year) and changes in weekly earnings. Changes in employment time generate the tails of the earnings growth distribution, and account for the increased dispersion and negative skewness in the distribution of earnings growth in recessions. In contrast, the cross-sectional distribution of weekly earnings growth is symmetric and stable over the cycle. Thus, models that rely on cyclical idiosyncratic risk, should separately account for the employment margin in their earnings process to avoid erroneous conclusions. We propose such a process, based on the combination of simple employment and wage processes with few parameters, and show that it captures the procyclical skewness in changes in earnings growth and other important features of its distribution.
Book Synopsis Cyclical Patterns of Real Wages and Employment by : Donggyun Shin
Download or read book Cyclical Patterns of Real Wages and Employment written by Donggyun Shin and published by . This book was released on 1995 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Evidence on Real Wage Cyclicality Within Employer-employee Matches by : Donggyun Shin
Download or read book New Evidence on Real Wage Cyclicality Within Employer-employee Matches written by Donggyun Shin and published by . This book was released on 2006 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the most thorough study to date on wage cyclicality among job stayers, Devereux's (2001) analysis of men in the Panel Study of Income Dynamics produced two puzzling findings: (1) the real wages of salaried workers are noncyclical, and (2) wage cyclicality among hourly workers differs between two alternative wage measures. We examine these puzzles with additional evidence from other sources. Devereux's finding of noncyclical real wages among salaried job stayers is not replicated in the National Longitudinal Survey of Youth data. The NLSY data, however, do corroborate his finding of a discrepancy for hourly workers between the cyclicality of the two alternative wage measures. Evidence from the PSID Validation Study contradicts Devereux's conjecture that the discrepancy might be due to a procyclical bias from measurement error in average hourly earnings. Evidence from the Bureau of Labor Statistics establishment survey supports his hypothesis that overtime work accounts for part (but not all) of the discrepancy. We conclude that job stayers' real average hourly earnings are substantially procyclical and that an important portion of that procyclicality probably is due to compensation beyond base wages.
Book Synopsis The Relation Between Skill Levels and the Cyclical Variability of Employment, Hours and Wages by : Michael Keane
Download or read book The Relation Between Skill Levels and the Cyclical Variability of Employment, Hours and Wages written by Michael Keane and published by . This book was released on 1993 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wages in the Business Cycle by : Jonathan Michie
Download or read book Wages in the Business Cycle written by Jonathan Michie and published by Bloomsbury Publishing. This book was released on 2013-11-07 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the 'cyclical behaviour of wages' has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle. Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the 'labour demand function', representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.
Book Synopsis Employment Cost Index and Employee Benefits Survey by :
Download or read book Employment Cost Index and Employee Benefits Survey written by and published by . This book was released on 1995 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis History Dependence in Wages and Cyclical Selection by : Anja Bauer
Download or read book History Dependence in Wages and Cyclical Selection written by Anja Bauer and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using administrative employer-employee data from Germany, we investigate the relationship between wages and past and present labor market conditions. Furthermore, we revisit recent findings of greater wage cyclicality of new hires. Overall, we find strong evidence for history dependent wages, manifested in both hiring and retention premiums - which is consistent with a variety of contract models. Taking into account composition effects as well as cyclical variation in unobserved match quality, we find that wages of new hires from unemployment are no more cyclical, but those of job changers are more cyclical than those of existing workers. We argue that much of the excess wage cyclicality of new hires discussed by the literature can be explained by cyclical job ladder movements in match quality of new hires from employment. In a novel empirical approach, where we further take into account occupational selection, we show that if job ladder movements accompany a simultaneous change of employers and occupations, the resulting wages are particularly cyclical sensitive.
Book Synopsis The Relation Between Skill Levels and the Cyclical Variability of Employment, Hours and Wages by : Michael P. Keane
Download or read book The Relation Between Skill Levels and the Cyclical Variability of Employment, Hours and Wages written by Michael P. Keane and published by . This book was released on 1991 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Nominal Wage Rigidity and Real Wage Cyclicality by : Marcello M. Estevao
Download or read book Nominal Wage Rigidity and Real Wage Cyclicality written by Marcello M. Estevao and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Cyclicality of Effective Wages Within Employer-employee Matches in a Rigid Labor Market by : Silke Anger
Download or read book The Cyclicality of Effective Wages Within Employer-employee Matches in a Rigid Labor Market written by Silke Anger and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mobility, Relative Wages and Wage Growth by : Monica Galizzi
Download or read book Mobility, Relative Wages and Wage Growth written by Monica Galizzi and published by FrancoAngeli. This book was released on 2005 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Heterogeneous Wage Cyclicality and Unemployment Fluctuations by : Andrei Zaloilo
Download or read book Heterogeneous Wage Cyclicality and Unemployment Fluctuations written by Andrei Zaloilo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms hire workers from different pools. Some firms hire more unemployed workers than others, making their demand for labor more important for unemployment. I differentiate jobs based on their hiring pool and estimate their wage cyclicality. The key finding is that wages in jobs hiring from unemployment are half as cyclical as wages in other jobs, for both incumbent workers and new hires. To measure the effects of this on unemployment volatility, I develop a labor search model with separation of search and heterogeneous wage rigidity and show that accounting for this heterogeneity increases the volatility of unemployment by 14%-34%.
Book Synopsis The Cyclicality of Real Wages Within Employer-Employee Matches by : Paul J. Devereux
Download or read book The Cyclicality of Real Wages Within Employer-Employee Matches written by Paul J. Devereux and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from the Panel Study of Income Dynamics, the author examines the cyclicality of wages within employer-employee matches for the years 1970-91. Recent research on wage cyclicality has suggested that wages are very procyclical (tending to rise and fall with economic upturns and downturns), even for workers who remain with the same employer. The author finds, however, that the evidence for wage procyclicality within the matches he examines is rather weak except for the small group of workers who were paid by piece rate or commissions. Despite having acyclical wage rates, men who were paid hourly had earnings movements that were very procyclical. Salaries exhibited little cyclicality, but salaried workers who had income sources from bonuses, commissions, or overtime had procyclical earnings. The results suggest that the increasing prevalence of incentive-based pay will increase the procyclicality of wages within matches.
Book Synopsis Beware the U.S. Model by : Lawrence R. Mishel
Download or read book Beware the U.S. Model written by Lawrence R. Mishel and published by . This book was released on 1995 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Cyclicality of Effective Wages Within Emplyer-employee Matchas by : Silke Anger
Download or read book The Cyclicality of Effective Wages Within Emplyer-employee Matchas written by Silke Anger and published by . This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using individual based micro-data from the German Socio-Economic Panel Study (SOEP), I analyze the cyclicality of real wages for male workers within employer-employee matches over the period 1984-2004, and compare different wage measures : the standard hourly wagerate, hourly wage earnings including overtime and bonus payments, and the effective wage, which takes into account not only paid overtime, but also unpaid working hours. None of the hourly wage measures is shown to exhibit cyclicality except for the group of salaried workers with unpaid overtime. Their effective wages react strongly to changes in unemployment in a procyclical way. Despite a cyclical wage rates, salaried workers without unpaid hours but with income from extra payments, such as bonuses, experienced procyclical earnings movements. Monthly earnings were also procyclical for hourly paid workers who received over time payments. The procyclicality of earnings revealed for Germany is of comparable size with the one in the U.S.
