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Friday, January 18, 2008

Are Real Wages Countercyclical, Procyclical, or Acyclical?

Eric Swanson of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 San Francisco Fed provides an interesting, nuanced answer to this question using data from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Panel Study of Income Dynamics. From his abstract:

Although real wages were procyclical across cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 entire distribution of workers from 1967 to 1991, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 wages of lower-income, younger, and less-educated workers exhibited greater procyclicality. However, workers’ straight-time hourly pay rates have been acyclical, suggesting that more variable pay margins such as bonuses, overtime, late shift premia, and commissions have played a substantial if not primary role in generating procyclicality.

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