The Changes in the Cyclical Variability of Wages: Reexamining the Role of Social Wages
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 6 No.1
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1993.0365 - 79 (14 pages)
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This paper critically reexamines a hypothesis that the increase in social wages was in part responsible for the decline in the cyclical variability of wages. In terms of both theoretical rationale and empirical evidence, we find that the hypothesis is fragile. We propose an alternative hypothesis that if social wages move in a strongly counter-cyclical fashion, then the cyclical variability of wages appears to decline without an overall increase in social wages. We find that some empirical results are consistent with our hypothesis.
Abstract
Ⅰ. Introduction
Ⅱ. Trend in the Cyclical Variability of Wages
Ⅲ. Theoretical Considerations
Ⅳ. Reexamination of Empirical Evidence
Ⅴ. Hypothesis of Counter-cyclical Social Wages
Ⅵ. Concluding Remarks
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