-sectional heterogeneity of establishments' average real wages over the business cycle. While the median establishments' real wages are … procyclical, there is a large fraction of establishments with countercyclical real wages. We are the first to show that … establishments with more procyclical wages have a less procyclical hires rate and employment behavior. We propose a labor market flow …

stock prices even though TFP does not change significantly for more than 2 years. A labor search model in which wages are …‐finding rates. The proposed wage rule is consistent with empirical responses of wages to both anticipated and unanticipated …

This paper studies the employment and wage effects of contract staggering, i.e., the staggered nature in which wages …, we estimate the causal effect of increases in base wages mandated by collective agreements signed right before the shock … rigidity much higher than that assumed in macroeconomic models including staggered wages. Instead, we show that firms were able …