This paper attempts to analyse, in a theoretical perspective, the effects of economic fluctuations on the personal distribution of incomes. The framework developed here is logically separated into two building blocks. The first is a macrodynammic model determining wages and profits, I.e. the...

The paper surveys the studies on the cyclical behaviour of real wages published from the twenties onwards. The traditional simple neoclassical model of the labour market suggests that real wages tend to move countercyclically. However, from a theoretical viewpoint, there are few reasons to...