Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity
利用葡萄牙1986-2007年雇主-雇员匹配数据，研究发现新入职员工工资对失业率的反应比在职员工更敏感，且工资与劳动生产率同步变化。
Using a longitudinal matched employer-employee dataset for Portugal over the 1986–2007 period, this study analyzes the wage responses to aggregate labor market conditions for newly hired workers and existing workers within the same firm. Accounting for worker, firm, and job title heterogeneity, the data support the hypothesis that entry wages are more procyclical than wages of stayers. A one point increase in the unemployment rate decreases wages of newly hired workers within a given firm-job title by around 2.7 percent and by 2.2 percent for stayers within the same firm-job title. Finally, the results reveal a one-for-one wage response to changes in labor productivity.