Measuring the Cyclicality of Real Wages: How Important Is the Firm's Point of View?
指出，检验企业劳动需求曲线技术变动时，应使用企业自身产出价格平减的工资，并控制中间投入和行业周期状态；否则会过度否定古典模型。基于行业数据，发现多数部门的实际产品工资与行业状态呈逆周期。
There is a growing consensus among economists that real wages in the postwar United States have been procyclical, greatly bolstering technology-driven theories of business cycles at the expense of more classical models. This paper makes the point that technological movements in firm's labor demand curves should be tested with a wage that is deflated by the firm's own price of output, with appropriate controls for intermediate inputs, and with respect to the cyclical state of the firm's own industry, as opposed to the state of the aggregate economy. Failure to control for these factors is found to lead to substantial overrejection of the classical model. In detailed industry data, with controls for changes in worker composition, I find that a vast majority of sectors have paid real product wages that vary inversely (that is, countercyclically) with the state of their industry. 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology.