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Workers' Flows and Real Wage Cyclicality

Pedro Portugal and Anabela Carneiro

Working Papers from Banco de Portugal, Economics and Research Department

Abstract: This study investigates real wage cyclicality in Portugal for the years of 1986-98, addressing the heterogeneity in wages responses to aggregate labor market conditions for workers' hirings and separations. The results exhibit a moderate procyclical behavior of real wages for continuously employed workers, in particular, for job stayers. For workers' accessions a strongly procyclical behavior in wages was observed, which is consistent with the idea that entry wages are much more procyclical than current wages. This empirical evidence suggests that even micro-data estimates of real wage cyclicality may conceal a strong procyclical wage behavior, when heterogeneity on wages responses to aggregate conditions between employed workers and hirings and separations is not taken into account.

JEL-codes: D21 J30 J31 (search for similar items in EconPapers)
Date: 2004
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Related works:
Working Paper: Workers’ Flows and Real Wage Cyclicality (2007) Downloads
Working Paper: Workers' Flows and Real Wage Cyclicality (2004) Downloads
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