Swanson, Eric T. - Federal Reserve Bank of San Francisco - 2007
Board of Governors of the Federal Reserve System.
Working Paper 2007-15
http://www.frbsf.org/publications/economics … between real
wages and employment is predicted by technology-driven models of business cycles (e.g.,
Kydland and Prescott …’s aggregate wage to be countercyclical even
if every individual’s wage were completely fixed over the business cycle (Stockman …