Chilean paper analyses ‘labour wedge’ cycles

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Central Bank of Chile

The so-called ‘labour wedge' in Chile is counter-cyclical, as it is in many other countries, according to a working paper published by the Central Bank of Chile on April 29.

In The labour wedge and business cycle in Chile, David Coble and Sebastián Faúndez study the importance of the labour wedge – the gap between the marginal rate of substitution (MRS) and the marginal productivity of labour (MPL) – in accounting for the level of business-cycle fluctuations in Chile.

The researchers find the

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