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Evolving wage cyclicality in Latin America, Volume 1
 
Author:Messina, Julian; Gambetti, Luca; Country:Brazil; Latin America; Colombia; Mexico; Chile;
Date Stored:2014/07/23Document Date:2014/07/01
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; Labor Policies; Labor Markets; Youth and Governance
Language:EnglishRegion:Latin America & Caribbean
Report Number:WPS6978Collection Title:Policy Research working paper ; no. WPS 6978
Volume No:1  

Summary: 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.

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