The Cyclicality of Real Wages and the Role of Heterogeneous Firm Dynamics

The objective of this Master’s Thesis is to study the cyclical behaviour of real wages, using data from in Portugal, between 1986 and 2018. This study uses a disaggregated data set which allows to control for worker, firm and job title heterogeneity, and an iterative high-dimensional fixed effects p...

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Bibliographic Details
Main Author:	de Andrade, Tomás Maria Braula Reis Rebelo
Format:	Dissertation
Language:	English
Published:	ProQuest Dissertations & Theses 01-01-2021
Subjects:	Accounting Aquatic sciences Behavior Biological oceanography Business cycles Earnings Economic activity Economic conditions Education Employment Fisheries Hospitality industry Industrial engineering Job titles Labor economics Manufacturing New employees Poaching Recessions Skills Sovereign debt Tenure Unemployment Wages & salaries Wildlife Conservation Workforce
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Summary:	The objective of this Master’s Thesis is to study the cyclical behaviour of real wages, using data from in Portugal, between 1986 and 2018. This study uses a disaggregated data set which allows to control for worker, firm and job title heterogeneity, and an iterative high-dimensional fixed effects procedure. A procyclical pattern of real wages throughout the cycle is obtained, with a slightly weaker pattern for workers who move from one job to another in two consecutive years. Further-more, a firm level analysis is performed, by obtaining a different coefficient for each firm in the data set, which allows a further investigation of the heterogeneous behaviour of the different establishments. Almost one quarter of the total firms’ wage policies were found to be counter cyclical, where as the degree of cyclicality varied considerably between sectors.
ISBN:	9798382545868