Because labor quality changes over the business cycle,the cyclicality of aggregate wages cannot reflect the true … pricing method to examine the cyclicality of real wages and implement it using the U.S. Current Population Survey (CPS) data. …

of job search with aggregate productivity shocks, where i) workers face incomplete markets, and ii) wages are determined …

this type of model results in more employment variability and less-procyclical wages than do models without fixed hiring …