This paper documents that, at the aggregate level, (i) real wages are positively correlated with output and, on average …, lag output by about one quarter in emerging markets, while there are no systematic patterns in developed economies, (ii …) real wage volatility (relative to output volatility) is about twice as high in emerging markets compared with developed …

output and employment in various sectors using the 1989 and 1997 conversions matrices. The sectoral output and employment are … demand, other components remaining unchanged, on output and employment. A comparison of the aggregate output and employment … multipliers in 1989 to 1997 indicates that while the output multipliers have increased, the employment multipliers have declined …