downturns. A large part of the long-term earnings losses and their cyclicality is driven by declines in wages. Key to these long …

construct a general equilibrium model where workers' reservation wages and the maximum punishment acceptable before workers quit … an adverse signal, and establishing conditions under which equilibrium entails lowering wages (performance contracting …-strategy equilibrium. The economy is, in general, not efficient either in the selection of the form of equilibrium or the wages paid within …

for a dramatically lower percentage of total variation in benefits than in wages. We also document sharply higher between …-firm variation in nonwage benefits than in wages. We argue that this pattern can be a consequence of nondiscrimination regulations … labor markets positively predicts their colleagues' benefits, controlling for occupation, wages, state, and industry. We …

comparisons and caused employers to bargain more aggressively, lowering average wages. Other pay transparency policies, without …