effect of changes in the composition of workers on wages and wage cyclicality. We find that compositional effects are highly …During the Great Recession, unemployment increased substantially across several euro area countries, with wages … results partially explain the muted response of the observed wages to the business cycle, as wages decreased more than what …

economic conditions at the time of hiring on future wages. Measured by the labor's user cost, the price of labor is …

Typical measures of wages, such as average hourly earnings, fail to capture cyclicality in the effective cost of labor … in the presence of (i) cyclical fluctuations in the quality of worker-firm matches, or (ii) wages being smoothed within … employment matches. To address both concerns, we estimate cyclicality in labor's user cost exploiting the long-run wage in a …