Heterogeneity in Real Wage Cyclicality This paper presents evidence that real wage cyclicality can be a particularly heterogeneous parameter, depending on different worker characteristics and also on the specific stage of the business cycle. Using matched employer-employee panel data for Portugal covering the period 1986-2004, real wages are shown to be considerably more procyclical during rece...

Real Wage Cyclicality in Italy This paper analyzes the cyclical behaviour of male real wages in Italy using the European Community Household Panel 1994-2001. We distinguish between job stayers (remaining in the same job), and withinand between-company job movers. Stayers are the large majority. We find stayers in Northern Italy to have high cyclicality of real wages, higher in fact than the US ...

We study the cyclical behavior of fiscal policy to explain why some countries exhibit pro-cyclical fiscal policy stances–being expansionary in good times and contractionary in bad times. We develop a model that links the polarization of preferences over fiscal spending to the pro-cyclicality bias. We then present evidence that social polarization as measured by income inequality and educational...

T his paper examined whether monetary policy is acyclical, procyclical or countercyclical and the implications of the interaction of such cyclicality with industrial output on real economic growth in Nigeria. After determining the time series properties of the variables and based on conventional cyclicality measures, the fully modified ordinary least square method was used to examine...

We study how software architecture relates to quality. Based on a software architecture representation that accounts for not only the hierarchical arrangement of its subsystems and components but also their dependency structure, we formally define the notion of system cyclicality. System cyclicality is an architectural property that captures the fraction of mutually interdependent components in...

This paper examines the impact of architectural decisions on the level of defects in a product. We view products as collections of components linked together to work as an integrated whole. Previous work has established modularity (how decoupled a component is from other product components) as a critical determinant of defects, and we confirm its importance. Yet our study also provides empirica...

Panel analysis of 20 industrial countries shows evidence for pro-cyclicality of capital gains on domestic stock markets in particular over a medium term horizon. Thus, with cross-border ownership of portfolio equity investments, potential for international smoothing of domestic output fluctuations by means of the capital gains channel is found. Individual country analysis reveals substantial he...

We assess the cyclicality of fiscal policy in 19 Euro area countries, notably during recessions, for period 1995–2020. use a time-varying measure to describe developments. The results suggest that recessions discretionary becomes more pro-cyclical, but overall budget balance counter-cyclical. Hence, pursuing Ricardian regime by indebted countries leads higher counter-cyclicality policy. Governm...

This paper uses yearly panel data on OECD countries to analyze the relationship between growth and the cyclicality of government debt. We develop new time-varying estimates of the cyclicality of public debt. Our main findings can be summarized as follows: (i) less procyclical public debt growth can have significantly positive effects on productivity growth, in particular when financial developm...

Using a finance-constrained model, as in Barinci and Cheron (2001), this paper examines the role of procyclical and countercyclical tax rates on labor and capital income in aggregate fluctuations driven by the beliefs of agents. The analysis shows that the cyclicality of labor income tax rate has the monotonically negative impact on the possibility of indeterminacy, while the non-monotonic rela...