期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2002
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：In the time domain, the observed cyclical behavior of the real wage
hides a range of economic inuences that give rise to cycles of di
ering
lengths and strengths. This may serve to produce a distorted picture of
wage cyclicality. Here, we employ and develop frequency domain meth-
ods that allow us to assess the relative contribution of cyclical frequency
bands on real wage earnings. Earnings are decomposed into standard
and overtime components. We also distinguish between consumption
and production wages. Frequency domain analysis is carried out in re-
lation to wages alone (the univariate case) and to wages in relation to
a selected range of cyclical economic indicators (multivariate). We es-
tablish that all key components of real wages are strongly pro-cyclical
but display signi cant co-variations with more than one frequency band.
Moreover, components are by no means uniformly associated with each
of the chosen proxies for the cycle.
