Evolving Wage Cyclicality in Latin America
研究了1980-2010年巴西、智利、哥伦比亚和墨西哥四国实际工资和就业的周期性变化，发现高通胀时期工资高度顺周期，通胀下降后工资顺周期减弱，符合低通胀环境下工资下行刚性出现的特征。
This paper examines the evolution of the cyclicality of real wages and employment in four Latin American economies, Brazil, Chile, Colombia, and Mexico, during the period 1980–2010. Wages were highly procyclical during the 1980s and early 1990s, a period characterized by high inflation. As inflation declined wages became less procyclical, a feature that is consistent with emerging downward wage rigidities in a low inflation environment. Compositional effects associated with changes in labor participation along the business cycle appear to matter less for estimates of wage cyclicality than in developed economies.