A vector autoregression model with
time-varying coefficients is used to examine the evolution
of wage cyclicality in four Latin American economies:
Brazil, Chile, Colombia and Mexico, during the period
1980-2010. Wages are highly pro-cyclical in all countries up
to the mid-1990s except in Chile. Wage cyclicality declines
thereafter, especially in Brazil and Colombia. This decline
in wage cyclicality is in accordance with declining
real-wage flexibility in a low-inflation environment.
Controlling for compositional effects caused by changes in
labor force participation along the business cycle does not
alter these results.
Bibliographic Details
| Main Authors: |
Messina, Julian,
Gambetti, Luca |
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| Format: | Policy Research Working Paper
biblioteca
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| Language: | English
en_US |
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| Published: |
World Bank Group, Washington, DC
2014-07
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| Subjects: | ACCOUNTING,
AUTOREGRESSION,
BUSINESS CYCLE,
BUSINESS CYCLES,
CENTRAL BANK,
CENTRAL BANKS,
COMPARATIVE ANALYSIS,
CONSUMER PRICE INDEX,
CPI,
DEBT,
DEBT CRISIS,
DEVELOPED COUNTRIES,
DEVELOPMENT ECONOMICS,
DEVELOPMENT POLICY,
DOWNWARD BIAS,
ECONOMIC DYNAMICS,
ECONOMICS,
ELASTICITY,
EMPLOYEE,
EMPLOYMENT MEASURE,
EMPLOYMENT RATES,
EMPLOYMENT RELATIONSHIP,
ENVIRONMENTS,
ESTIMATED PROBABILITY,
GDP,
GROWTH RATE,
HUMAN CAPITAL,
INCOME,
INDEXATION,
INFORMAL EMPLOYMENT,
INNOVATION,
INNOVATIONS,
INTEREST RATES,
LABOR CONTRACTS,
LABOR COSTS,
LABOR FORCE,
LABOR FORCE PARTICIPATION,
LABOR MARKET,
LABOR MARKET ADJUSTMENT,
LABOR MARKETS,
LABOR REALLOCATION,
LABOUR,
MACROECONOMIC STABILIZATION,
MACROECONOMICS,
MANUFACTURING WAGES,
MONETARY POLICY,
NOMINAL WAGES,
POLITICAL ECONOMY,
PRIVATE SECTOR,
PUBLIC SECTOR WORKERS,
REAL WAGE,
REAL WAGES,
RECESSION,
TROUGH,
UNEMPLOYMENT,
VEC,
WAGE ADJUSTMENT,
WAGE DATA,
WAGE FLEXIBILITY,
WAGE GAINS,
WAGE RIGIDITIES,
WAGE RIGIDITY,
WAGES,
WORK FORCE,
WORKER,
WORKERS, |
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| Online Access: | http://documents.worldbank.org/curated/en/2014/07/19881767/evolving-wage-cyclicality-latin-america
http://hdl.handle.net/10986/19346
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