Wages over the Business Cycle: Spot Markets?

Iourii Manovskii and Marcus Hagedorn

No 1072, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: since the expected wage is increasing in the expected number of offers received since the job started. The business-cycle volatility of wages is higher for new hires and for job-to-job switchers than for job stayers since workers can sample from a larger pool of job offers in a boom than in a recession. Using PSID and NLSY data, we find that the existing evidence against a spot market model is rejected once we control for match-specific productivity as implied by our theory.

Date: 2009
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