Title: Real wage cyclicality in the PSID
Description: Previous studies of real wage cyclicality have made only sparing use of the  micro-data detail that is available in the Panel Study of Income Dynamics  (PSID). The present paper brings to bear this additional detail to investigate  the robustness of previous results and to examine whether there are  important cross-sectional and demographic differences in wage cyclicality.  Although real wages were procyclical across the entire distribution of workers  from 1967 to 1991, the wages of lower-income, younger, and less-educated  workers exhibited greater procyclicality. However, workers' straight-time  hourly pay rates have been acyclical, suggesting that more variable pay margins  such as bonuses, overtime, late shift premia, and commissions have  played a substantial if not primary role in generating procyclicality.