liu_03

Emory University
Department of Economics
Working Papers

Title: Why Does the Cyclical Behavior of Real Wages Change Over Time?

Number: 03-09

Author: Kevin X.D. Huang, Zheng Liu and Louis Phaneuf

Issue Date: May 2003

Abstract: This paper seeks to understand the evolution of the cyclical behavior of U.S. real wage rates from the interwar period to the post World War II period using a dynamic general equilibrium model that emphasizes demand-driven business cycle fluctuations. In the model, changes in the cyclical behavior of real wages arise endogenously from the interactions between nominal wage and price rigidities and an evolving input-output structure.

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Title:	Why Does the Cyclical Behavior of Real Wages Change Over Time?
Number:	03-09
Author:	Kevin X.D. Huang, Zheng Liu and Louis Phaneuf
Issue Date:	May 2003
Abstract:	This paper seeks to understand the evolution of the cyclical behavior of U.S. real wage rates from the interwar period to the post World War II period using a dynamic general equilibrium model that emphasizes demand-driven business cycle fluctuations. In the model, changes in the cyclical behavior of real wages arise endogenously from the interactions between nominal wage and price rigidities and an evolving input-output structure.