In “Ups and Downs: How Wages Change Over the Business Cycle,” Kevin Huang discusses the shift in the cyclicality of real wages — from countercyclical before World War II to procyclical postwar. He outlines the standard explanation for this change but offers evidence of an alternative explanation: the increased role that intermediate goods play in the production process in the postwar era.Wages ; Business cycles

Kevin X.D. Huang

English

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Ups and downs: how wages change over the business cycle

http://www.philadelphiafed.org/research-and-data/publications/business-review/2006/q2/br_q2-2006-1_ups-and-downs.pdf

Ups and downs: how wages change over the business cycle

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