So this chart happened.
It looks like the Fistful of Euros model of the labour market has a serious problem, in that I can’t replicate JW Mason’s original results. The compositionally weighted ECI measure of earnings is more strongly correlated with the output gap, i.e. more cyclical, than the constant-weighted ECEC, at least for 2002-2014.
So I’ll have to change my mind. Hey, economics is a science, right?