Identifying business cycle stylised facts is essential as these often form the basis for the construction and validation of theoretical business cycle models. Furthermore, understanding the cyclical patterns in economic activity, and their causes, is important to the decisions of both...

This paper summarizes evidence for the existence of a wage curve - a downward-sloping relationship between the level of pay and the local unemployment rate - in modern micro data. At the time of writing, the curve has been found in 40 nations. Its elasticity is approximately -0.1

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...