The FT article presents some of the latest research on how wages vary over the business cycle, including a paper written by Pedro Martins, professor of applied economics at the School of Business and Management.
21 May 2010
His research finds evidence of considerable sensitivity of the entry wages paid by firms to business cycle conditions. This result does not support much of the received wisdom in macroeconomics, starting with the seminal contributions of Lord Keynes in the 1930s.
The FT article, “Why recessions aren’t all about job losses”, was written by FT columnist and author Tim Harford, and focused on a paper by Professor Pedro Martins (with Professors Gary Solon and Jonathan Thomas, from Michigan State University and the University of Edinburgh, respectively) presented at the Royal Economic Society conference earlier this year.
Contact: Professor Pedro Martins
Tel: +44 (0)20 7882 7472