Measuring What Employers Do about Entry Wages over the Business Cycle: A New Approach
利用葡萄牙雇主-雇员纵向数据，研究入职工资随失业率变化的周期性弹性，发现失业率每降低1个百分点，实际入职工资约上升1.8%。
Rigidity in real hiring wages plays a crucial role in some recent macroeconomic models. But are hiring wages really so noncyclical? We propose using employer/employee longitudinal data to track the cyclical variation in the wages paid to workers newly hired into specific entry jobs. Illustrating the methodology with 1982–2008 data from the Portuguese census of employers, we find real entry wages were about 1.8 percent higher when the unemployment rate was 1 percentage point lower. Like most recent evidence on other aspects of wage cyclicality, our results suggest that the cyclical elasticity of wages is similar to that of employment.