Wages are only mildly cyclical, implying that shocks to labour demand have a larger short-run impact on unemployment … occasionally renegotiated. We argue that one source of the wage flexibility puzzles is plausibly the model for the determination of … reservation wages, and consider an alternative reservation wage model based on reference dependence in job search. This extension …

the empirical relevance of search-matching theory to efficiency wage and bargaining theories, where employment is …

have high rates of unemployment relative to wage employment, and that self-employment is particularly high where the … unemployment-wage employment ratio is high. I interpret high unemployment-employment ratios as evidence of labor market frictions … labor market frictions can explain almost the entire variation in not only unemployment, but also wage employment and self …

stagnant for some time. We show that unemployment is not key to understanding wage formation in the USA and hasn t been since …Most economists maintain that the labor market in the United States (and elsewhere) is tight because unemployment rates … are low and the Beveridge Curve (the vacancies-to-unemployment ratio) is high. They infer from this that there is …

The aggregate average wage is often used as an indicator of economic performance and welfare, and as such often serves … as a benchmark for changes in the generosity of public transfers and for wage negotiations. Yet if economies experience a … and the end of 2002. We show that about a quarter of the growth in the average wage during this period could be attributed …

The U.S. economy has experienced a significant drop in the fraction of the population employed in middle wage, "routine …-participants in the labor force or working at occupations that tend to occupy the bottom of the wage distribution. We then develop a …

High- and low-wage occupations are expanding rapidly relative to middle-wage occupations in both the U.S. and the E …

use it to (i) calculate three dimensions of public-sector compensation: wage, pension, and job-security premia, and (ii … private sector would lower the unemployment rate and reduce government costs …

their wage relative to well-matched workers …

Aggregate wages display little cyclicality compared to what a standard model would predict. Wage rigidities are an … effects increasingly matter in explaining the aggregate wage dynamics, i.e. aggregate wage growth has been lifted up by the … increase in the employment weight of high wage firms. To the extent that this reallocation occurs towards more productive firms …