The Effect of Implicit Contracts on the Movement of Wages Over the Business Cycle: Evidence from Micro Data

1991 ◽  
Vol 99 (4) ◽  
pp. 665-688 ◽  
Author(s):  
Paul Beaudry ◽  
John DiNardo
Keyword(s):  
Business Cycle ◽  
Micro Data ◽  
Implicit Contracts ◽  
The Business Cycle

Vacancy chains and the business cycle. Stringing together job-to-job transitions in micro data

2014 ◽  
Vol 35 (8) ◽  
pp. 1212-1235 ◽  
Author(s):  
Carlo Gianelle ◽  
Giuseppe Tattara
Keyword(s):  
Women Workers ◽  
Business Cycle ◽  
Labour Market ◽  
Bargaining Power ◽  
Chain Model ◽  
Micro Data ◽  
Content Type ◽  
Job Transitions ◽  
The Business Cycle ◽  
Vacancy Chains

Purpose – The purpose of this paper is to examine the dynamics of labour market flows over the business cycle through a vacancy chain model. It provides a direct computation of vacancy chains using micro data, empirically investigates the relationship between chain length and the characteristics of jobs and workers initiating the chain, and finally assesses the wage progression of workers moving along the chain. Design/methodology/approach – The paper draws on a longitudinal matched employer-employee database covering all employees in manufacturing in a large region of Italy. A transparent algorithm for vacancy chain computation is developed and standard econometric techniques are employed to analyze job-to-job transitions within identified chains. Findings – Vacancy chains account on average for more than one-third of total hires, and both the number and the length of chains are clearly pro-cyclical. Chains set in motion by women workers, young, old, blue collars, or employed by small firms tend to be shorter. There is a well-defined wage progression from the tail to the head of the chain, revealing that workers are sorted along chains according to skill and/or bargaining power. Research limitations/implications – There is a limited possibility of identifying separately individual ability and bargaining power. Practical implications – The vacancy chain methodology can increase the ability of policy makers to produce detailed maps of the labour market and identify worker profiles associated with poor outcomes and hence deserving special attention. Originality/value – For the first time, this paper operationalizes the vacancy chain approach on a large scale, at a very high level of detail, and over a long-time span.

Real Wages over the Business Cycle: Estimating the Impact of Heterogeneity with Micro Data

1988 ◽  
Vol 96 (6) ◽  
pp. 1232-1266 ◽  
Author(s):  
Michael Keane ◽  
Robert Moffitt ◽  
David Runkle
Keyword(s):  
Business Cycle ◽  
Micro Data ◽  
Real Wages ◽  
The Business Cycle ◽  
The Impact

Stock Returns and the Business Cycle

CFA Digest ◽  
2005 ◽  
Vol 35 (2) ◽  
pp. 42-43
Author(s):  
Daniel B. Cashion
Keyword(s):  
Business Cycle ◽  
Stock Returns ◽  
The Business Cycle

EXPANSIONS AND RECESSIONS IN THE MEXICAN STATES: A CLASSICAL BUSINESS CYCLES APPROACH

2017 ◽  
Vol 3 (5) ◽  
pp. 32
Author(s):  
Pablo Mejía-Reyes
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Monthly Basis ◽  
Production Index ◽  
Clear Cut ◽  
Output Measure ◽  
Central Regions ◽  
The Business Cycle ◽  
National Business ◽  
Cycle Indicator

This paper aims to document expansions and recessions characteristics for 17 states of Mexico over the period 1993-2006 by using a classical business cycle approach. We use the manufacturing production index for each state as the business cycle indicator since it is the only output measure available on a monthly basis. According to this approach, we analyse asymmetries in mean, volatility and duration as well as synchronisation over the business cycle regimes (expansions and recessions) for each case. Our results indicate that recessions are less persistent and more volatile (in general) than expansions in most Mexican states; yet, there is no clear cut evidence on mean asymmetries. In turn, there seems to be strong links between the business cycle regimes within the Northern and Central regions of the country and between states with similar industrialisation patterns, although it is difficult to claim that a national business cycle exists.

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