Real Wage Responsiveness to Unemployment in Spain : Asymmetries along the Business Cycle

  title={Real Wage Responsiveness to Unemployment in Spain : Asymmetries along the Business Cycle},
  author={Paulino Font and Mario Izquierdo and S. M. G{\'o}mez Puente},
We estimate real wage cyclicality in the period between 1987 and 2013 using a large administrative dataset of workers in Spain. Real wages are weakly procyclical in Spain and, focusing on different phases of the business cycle, we find significant differences between expansions and recessions, with even lower real wage cyclicality in recessions. Furthermore, higher levels of unemployment do not translate into additional real wage adjustments when the economy is contracting, while lower levels… CONTINUE READING

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