We show that U.S. manufacturing wages during the Great Depression were importantly determined by forces on firms …

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

How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and … and explore their effect on wages. First, the financial labor wedge reduces wages. Second, financial constraints may … interact with aggregate labor market conditions in various ways putting upward or downward pressure on wages. We test partial …

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 … recession affects user cost: It lowers the new-hire wage; it lowers wages going forward in the match; but it also results in …

to maintain their real wages by reducing labor demand still further. Furthermore, we argue inflationary pressures have …