The Austrian school is gaining increasing prominence in the discipline, and if this trend is to continue (something I sincerely hope for) there is no excuse for MacKenzie (2010) to present an article on wage cyclicality
that so conspicuously neglects three decades of research on the subject.
ABSTRACT We document a large increase in the cyclicality
of the incomes of high-income households, coinciding with the rise in their share of aggregate income.
Emphasizing the importance of the future wages to be paid in the long-term employment relationships, Kudlyak (2007) estimates the cyclicality
of the user cost of labor, which is the difference between the expected present discounted value of wages paid to a worker hired in the current period and the value paid to a worker hired the following period.
Evidence shows that men's employment is more procyclical than women's and that men's overrepresentation in highly volatile industries more than accounts for the gender gap in employment cyclicality
(JEL J16, J69)
Describing his firm's strategy with respect to the institutional investor market, Carey said "The goal with all of our funds, whether for institutional or individual investors, is dependable, rising cash flow, protection from real estate cyclicality
and increasing investment value through a portfolio of high quality properties diversified across tenant, location and industry.
Also, the cement industry can experience significant variability of operating cash flows resulting from its cyclicality
and high fixed costs, although historically, Mexico's favorable demographic trends have minimized cyclicality
and led to consistent growth in volume.
Rating concerns include weak controls over financial reporting, a number of potential litigation liabilities, further rationalization required in the company's management information systems, and cyclicality
in many of Flowserve's end-markets.
The results suggest that Hoover's wage conferences had no discernable impact on the wage policies of attendees, a finding that is consistent with the literature on real wage cyclicality
Such risks, uncertainties, and factors include, but are not limited to, foreign business risks, industry cyclicality
, fluctuations in customer demand and order pattern, changes in pricing and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
While GHCs are exposed to cyclicality
on the revenue side, margins of certain companies in the industry have proven remarkably resilient through economic downturns.
While a sale of Option One would reduce revenue diversification at HRB, thus placing greater importance on the performance of the tax and accounting businesses, it would remove the cyclicality
risk inherent in the mortgage business.
Rating concerns include the potential for higher leverage and integration risk related to acquisitions as well as cyclicality
inherent in IDEX's end-markets.