Wage Cyclicality and Labor Market Institutions
利用葡萄牙2002-2020年数据，研究集体谈判和临时合同两种劳动力市场制度如何影响工资对商业周期的反应程度，发现未受集体协议覆盖的工人工资周期性更强。
ABSTRACT Do labor institutions influence how wages respond to the business cycle? Such responsiveness can then shape several economic outcomes, including unemployment. In this paper, we examine the role of two key labor market institutions—collective bargaining and temporary contracts—upon wage cyclicality. Our evidence is drawn from rich, 2002–2020 matched data from Portugal. We find that workers not covered by collective agreements exhibit much higher wage cyclicality, especially new hires, compared to covered workers. In contrast, workers under temporary contracts do not exhibit sizable differences in cyclicality compared to counterparts under permanent (open‐ended) contracts. Our findings highlight a novel angle through which labor institutions influence the labor market and the economy.