wages, which does not impose any structure between real wages and observed cyclical indicators. In particular, we employ a … Bayesian dynamic factor model and longitudinal microdata to estimate common latent factors driving real wages. We find that the … comovement of real wages is related to a common factor that exhibits a mild correlation with the national unemployment rate. Our …

We introduce "fair" wages in a general-equilibrium model where worker's effort is unobservable and investigate whether … internalize the effect that past wages have on current effort level. We calibrate the model to Bulgarian data (1999-2016), and … quantify the effect of technological shocks on hours and wages in the theoretical setup. Overall, the calibrated model with …

We introduce "fair" wages in a general-equilibrium model where worker's effort is unobservable and investigate whether … internalize the effect that past wages have on the current effort level. We calibrate the model to Bulgarian data (1999-2016), and … quantify the effect of technological shocks on hours and wages in the theoretical setup. Overall, the calibrated model with …