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IMF Staff papers: Volume 40 No. 4
Author:
International Monetary Fund. Research Dept.
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Series:
IMF Staff Papers
Volume/Issue:
Volume 1993: Issue 003
Language:
English
Publication Date:
01 Jan 1993
DOI:
https://doi.org/10.5089/9781451930856.024
ISBN:
9781451930856
ISSN:
1020-7635
Pages:
196
Keywords:
SP; priority mail delivery; Maria García; policy; Policy feasibility; policy mix; traded goods; time series properties; IMF paper; Public sector; Tax evasion; Employment; Real exchange rates; Wages; Eastern Europe; Central and Eastern Europe; Sub-Saharan Africa; Central Asia; Africa
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This paper uses microeconomic panel data to examine differences in the cyclical variability of employment, hours, and real wages for skilled and unskilled workers. Contrary to conventional wisdom, it finds that, at the aggregate level, skilled and unskilled workers are subject to the same degree of cyclical variation in wages. However, the quality of labor input is found to rise in recessions, inducing a countercyclical bias in aggregate measures of the real wage. The paper also finds substantial differences across industries in the cyclical variation of employment, hours, and wage differentials, indicating important interindustry differences in labor contracting.
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Cover IMF Staff Papers
IMF Staff Papers
ISSN:
1020-7635
Publisher:
International Monetary Fund