... Bargained Wage, Wage Cushion and the Business CycleHere we examine the extent to which contractual wages, on the one hand, and firm-specificwage arrangements, in the form of the wage cushion, on the ... approach is in the same spirit as the two-stage procedure used in this literature, where, in the first stage, the regression model includes the year dummies and, in the second stage, the estimatedcoefficients ... interested in comparing the behavior of real wages over the cycle between stayers, accessions, and separations, the model also includes dummy variables for hirings and separations and an interaction...