Various phases of economic cycle are characterized by changes in the dynamics of the economy. In particular, expansion phases are periods when economic activity tends to trend up such as recovery and growth period, whereas recession phases are periods when economic activity tends to trend down...

Using the National Compensation Survey between 2004-2017, we document three stylized facts and quantify cyclical heterogeneity among performance pay and fixed wage jobs. First, there is substantial dispersion in the incidence of performance pay, even within the same occupation; hourly...