Composition and Aggregate Real Wage Growth
利用35年当前人口调查数据，研究发现总体实际工资的弱顺周期性主要源于就业构成随商业周期的变化，尤其是进入和退出就业者的数量及相对工资水平的变化。
Aggregate real wages exhibit less procyclicality than most macroeconomic models predict. We use 35 years of Current Population Survey data to confirm that the puzzling behavior of wages largely owes to changes in the composition of the employed over the business cycle. This composition effect relates to changes in both the number and the relative wage levels of those entering and exiting. The changing gap in wages of entrants and exiters is especially important for the unemployed. A large part of this wage gap is due to differences in average Mincer residuals between entrants and exiters.