occupation switchers are highly cyclical. We uncover higher wage cyclicality also among workers who switch occupations within the … same firm. Moreover, wage cyclicality increases, the more different current and previous occupations' required skills. Our … quality in worker's occupation, rather than wage flexibility. …

In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a … firm. The price of labor that impacts firm's hiring decisions, instead, reflects the hiring wage as well as the impact of … substantially more pro-cyclical than the new-hire wage or the average wage. The strong procyclicality of the price of labor calls …

employment matches. To address both concerns, we estimate cyclicality in labor's user cost exploiting the long-run wage in a … recession affects user cost: It lowers the new-hire wage; it lowers wages going forward in the match; but it also results in …

, linked to a survey of managers, we find support for the main predictions of a stylised theoretical framework of wage … describe how contract incompleteness and wage cuts vary across different jobs. These findings provide the first observational … quantitative evidence that managerial beliefs about contractual incompleteness can account for their hesitancy over nominal wage …

can commit to wage contracts but cannot commit not to replace incumbent workers. Workers are risk averse, so that there …

dynamics of wages and unemployment under conditions of downward wage rigidity, where forward looking firms take into account …

wage has risen. We propose an explanation for all three changes that is based on a common source: a decline in labor market … frictions. We develop a simple model with labor market frictions, variable effort, and endogenous wage rigidities to illustrate … observed decline in output volatility. -- labor hoarding ; labor market frictions ; wage rigidities ; effort choice …

Recent dynamic contracting models of downward real wage rigidity with "equal treatment" - newly hired workers cannot …