This paper addresses the determinants of job and wage satisfaction: is there a trade-off between wages and non-monetary job characteristics focusing in particular on the impact of wages. Our estimates, based on a representative sample obtained from the First Survey on Job Quality in the City of Seville (2006), confirm the following two results: firstly, wages are exogenous in the equation for job satisfaction, exerting a positively significant effect; and, secondly, there is a trade-off between wa - ges and positive or negative non-financial job characteristics.

Key words: Job satisfaction, wages, job quality.
JEL classification: J28 y J81.