Solon, Gary; Barsky, Robert; Parker, Jonathan A. - 2021
In the period since the 1960's, as in other periods, aggregate time series on real wages have displayed only modest … cyclicality. Macroeconomists therefore have described weak cyclicality of real wages as a salient feature of the business cycle …. Contrary to this conventional wisdom, our analysis of longitudinal microdata indicates that real wages have been substantially …