01698cas a2200241 a 4500 AALejournalIMF008008 230101c9999 xx r poo 0 0eng d 15.00 USD 9781451930856 1020-7635 BD-DhAAL BD-DhAAL International Monetary Fund. Research Dept. IMF Staff papers : Volume 40 No. 4. Washington, D.C. : International Monetary Fund, 1993. 1 online resource (196 pages) IMF Staff Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper uses microeconomic panel data to examine differences in the cyclical variability of employment, hours, and real wages for skilled and unskilled workers. Contrary to conventional wisdom, it finds that, at the aggregate level, skilled and unskilled workers are subject to the same degree of cyclical variation in wages. However, the quality of labor input is found to rise in recessions, inducing a countercyclical bias in aggregate measures of the real wage. The paper also finds substantial differences across industries in the cyclical variation of employment, hours, and wage differentials, indicating important interindustry differences in labor contracting. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 1993/003 Full text available on IMF http://elibrary.imf.org/view/journals/024/1993/003/024.1993.issue-003-en.xml IMF e-Library