REAL WAGES AND THE BUSINESS-CYCLE

We have benefited from the detailed comments of a number of individual s including Mark Bils, Robert Chirinko, Michael Keane, John Kennan, Ma rilyn Manser, Robert Moffitt, Ed Prescott, Gary Solon, Scott Sumner, a nd two anonymous referees. Nathalie Simon, Lucia Foster, and Catherine Buffington provided excellent research assistance. The views expresse d are those of the authors alone, and do not necessarily reflect the o fficial position of the U.S. Bureau of Labor Statistics.