Paper by Ana Figueiredo published in the American Economic Review: Insights
The abstract reads: This paper uses a measure of skill mismatch to separate wage flexibility from confounding variation in wages driven by differences in job quality over the business cycle. I first show that the high cyclicality of job switchers' wages goes beyond cyclical movements in skill mismatch. Then I uncover large differences in wage cyclicality across the skill mismatch distribution. Among incumbent workers, wages are acyclical in good matches but procyclical in poor matches, in particular for overqualified workers.
Ana Figueiredo, “Wage Cyclicality and Labor Market Sorting", American Economic Review: Insights, Volume 4, Number 4, December 2022, pp. 425–42, doi/10.1257/aeri.20210161.