期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2001
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 amplitudes. This
may serve to produce a distorted picture of wage cyclicality. Here, we employ frequency
domain methods that allow us decompose wages into cyclical components and to assess
the relative contribution of each component. These are discussed in relation to wages
alone (the univariate case) and to wages in relation to production or employment-based
measures of the cycle (multivariate). In the multivariate dimension, we derive methods for
determining whether (i) wage and business cycles cohere (ii) lead-lag or contemporaneous
relationships exist and (iii) the degree of coherency between wage and business cycles is
time dependent. We establish that real wages are strongly procyclical and that the
business cycle is the dominant associated inuence.
