IN SEARCH OF A STYLISED FACT: DO REAL WAGES EXHIBIT A CONSISTENT PATTERN OF CYCLICAL VARIABILITY?
综述了从20世纪20年代以来关于实际工资周期行为的研究，发现简单的新古典和凯恩斯模型预测实际工资呈逆周期，但考虑不完全竞争、不确定性等因素后，实证结果不一致。
Abstract. The paper surveys the studies on the cyclical behaviour of real wages published from the twenties onwards. Both traditional simple neoclassical and keynesian models of the labour market suggest that real wages tend to move countercyclically. However, from a theoretical viewpoint, there are few reasons to expect this behaviour, once the simple model is extended to account for imperfect competition, uncertainty, lagged responses, or contracting between firms and workers. Empirical studies give different answers to the problem. The contributions reviewed in the paper are arranged roughly in chronological order: the interwar period, the postwar pre‐econometric studies, the econometric work using aggregate data, the evidence produced on the basis of longitudinal data, the analyses of the shock‐responsiveness of real wages, and, finally, the most recent papers attempting a reconciliation of the somewhat conflicting evidence derived from aggregate and panel data.