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Author : Orietta Dessy (economista)
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Wage Rigidity in the European Countries written by Orietta Dessy (economista) and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Orietta Dessy
Publisher :
ISBN 13 :
Total Pages : 247 pages
Book Rating : 4.:/5 (111 download)
Download or read book Wage rigidity at the micro-level in the European Union's countries written by Orietta Dessy and published by . This book was released on 2004 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steinar Holden
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe written by Steinar Holden and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. I show that this feature implies that workers have a strategic advantage in the wage negotiations when they try to prevent a cut in nominal wages. If inflation is so low that some nominal wages have to be cut, the strategic advantage of the workers' induces higher unemployment in equilibrium. The upshot is a long run tradeoff between inflation and unemployment for low levels of inflation. The prediction that low inflation involves higher unemployment in Europe but not in the US, is consistent with previous empirical findings.
Author :
Publisher :
ISBN 13 : 9789289932646
Total Pages : 46 pages
Book Rating : 4.9/5 (326 download)
Download or read book Nominal Wage Rigidity in the EU Countries Before and After the Great Recession written by and published by . This book was released on 2018 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the recent trends in nominal wage rigidity in a large group of EU countries, using survey data. We analyse two forms of nominal wage rigidity: downward nominal wage rigidity (DNWR) and the lagged response of wages to shocks. The frequency of wage changes, which is an indicator of lagged wage setting, slowed down in the aftermath of the Great Recession. We assess the possible reasons for this and show that it was at least partially caused by a combination of a decline in average wage growth and persistent DNWR. In countries where wage growth slowed down more after the Great Recession, the frequency of wage changes declined more steeply as well. Our data allows evaluating the prevalence of DNWR in diverse economic circumstances. Like earlier research on this topic, we find that DNWR tends to be strongly prevalent, even in periods of slow economic growth and low wage inflation. DNWR declines during severe recessions but even then wage setting does not become completely flexible as the proportion of observed wage cuts is still below the level that would correspond to a flexible regime.
Author : Michelle Baddeley
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Regional Wage Rigidity written by Michelle Baddeley and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years it has been pointed out that regional unemployment disparities are much more entrenched across member states of the European Union (E.U.) than they are in the U.S. A "conventional wisdom" has emerged to the effect that this difference is due in part to the greater degree of wage rigidity in E.U. regions. In this paper we explore this issue by estimating short run and long run real wage (in)flexibility for the regions in five core E.U. countries (Germany, France, Italy, the United Kingdom, and the Netherlands) and for the U.S. states for the period 1976 - 1994. We find that real wage (in)flexibility varies across regions both in the E.U. and the U.S., but that, on average, regional wages are no less flexible in E.U. core regions than in U.S. states. The paper also examines (in)flexibility.
Author : Markus Knell
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (75 download)
Download or read book Nominal and Real Wage Rigidities written by Markus Knell and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however, considerably influenced by the modelling assumption about the structure of wage contracts (Calvo vs. Taylor) and about other institutional characteristics of wage-setting (clustering of contracts, heterogeneous contract length, indexation). I use survey evidence on price- and wage-setting for 15 European countries to calculate the degrees of RWR implied by the theoretical model. The average levels of RWR are broadly in line with empirical estimates based on macroeconomic data. In order to be able to also match the observed cross-country variation in RWR it is, however, essential to move beyond the country-specific durations of price and wages and to take more institutional details into account"--Abstract.
Author : Gustav A. Horn
Publisher : Springer Science & Business Media
ISBN 13 : 3642470378
Total Pages : 154 pages
Book Rating : 4.6/5 (424 download)
Download or read book Wages and the Euro written by Gustav A. Horn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the abolition of exchange rates the role of wage formation in the European Monetary Union changes fundamentally and national economic policy in particular fiscal policy faces new restrictions. These are analysed in the first two chapters. A major impact is expected for wage formation. To achieve a convergence of economic developments wage finding has to follow in all EMU member countries basically the same rules. An empirical investigation using econometric methods show that this is presently not yet the case. In particular in the southern European countries wage finding is different from that in the rest of the EMU. Frequently the introduction of Euro is perceived as a signal to lower wages all over Europe to overcome the dismal employment situation. The book addresses the question whether such a race for lower wages is appropriate in terms of employment creation.
Author : Vizhdan Boranova
Publisher : International Monetary Fund
ISBN 13 : 1513521276
Total Pages : 40 pages
Book Rating : 4.5/5 (135 download)
Download or read book Wage Growth and Inflation in Europe: A Puzzle? written by Vizhdan Boranova and published by International Monetary Fund. This book was released on 2019-12-20 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wages have been rising faster than productivity in many European countries for the past few years, yet signs of underlying consumer price pressures remain limited. To shed light on this puzzle, this paper examines the historical link between wage growth and inflation in Europe and factors that influence the strength of the passthrough from labor costs to prices. Historically, wage growth has led to higher inflation, but the impact has weakened since 2009. Empirical analysis suggests that the passthrough from wage growth to inflation is significantly lower in periods of subdued inflation and inflation expectations, greater competitive pressures, and robust corporate profitability. Thus the recent pickup in wage growth is likely to have a more muted impact on inflation than in the past.
Author : Steinar Holden
Publisher :
ISBN 13 : 9788275532327
Total Pages : 33 pages
Book Rating : 4.5/5 (323 download)
Download or read book Downward Nominal Wage Rigidity in Europe written by Steinar Holden and published by . This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yuanyan Sophia Zhang
Publisher : International Monetary Fund
ISBN 13 : 1498319297
Total Pages : 29 pages
Book Rating : 4.4/5 (983 download)
Download or read book European Wage Dynamics and Spillovers written by Yuanyan Sophia Zhang and published by International Monetary Fund. This book was released on 2019-07-19 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying greater inertia in nominal wage rises in advanced Europe. In the years after the global crisis, this inertia contributed to the build up of a real wage overhang relative to sharply slowing labor productivity, which subsequently dragged on nominal wage rises even as unemployment began to decline. Spillovers of subdued wage growth between euro area countries also weighed on wage rises in advanced Europe.
Author : Robert Boyer
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 410 pages
Book Rating : 4.F/5 ( download)
Download or read book The Search for Labour Market Flexibility written by Robert Boyer and published by Oxford University Press, USA. This book was released on 1988 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays, by researchers from seven European countries, compare changes in wage and labour relations, employment conditions and social welfare systems in Europe since 1973 as the economic environment has worsened.
Author : Bernadette Clasquin
Publisher : Peter Lang
ISBN 13 : 9789052012148
Total Pages : 216 pages
Book Rating : 4.0/5 (121 download)
Download or read book Wage and Welfare written by Bernadette Clasquin and published by Peter Lang. This book was released on 2004 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an original multidisciplinary conceptual framework for the analysis of the processes of construction/transformation of workers' social rights. The framework was developed by taking an analysis of employment and social protection in the Latin European countries as starting-point, and thus offers an innovative alternative to the dominant approaches. It takes account of the institutional forms determining employees' resource flows and associated rights, and introduces a new analytical category of «resource regimes». Four spheres are identified for the observation of recent resource regime changes: employment systems, public policy frameworks, social hierarchies and industrial relations systems. The various chapters explore how each of these spheres participates in the institution of social rights over resources, and identify key vehicles of change such as transformations in forms of employment, labour market policies, pension reforms, the swing to a logic of competencies, social pacts, and the processes involved in the construction of the European Union. The book brings to the fore the dynamic relation between employment, wages and social rights and aims to contribute to current debates on social protection reforms and employment policies implemented at both national and European levels.
Author : Horst Siebert
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Labor Market Rigidities and Unemployment in Europe written by Horst Siebert and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip Du Caju
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)
Download or read book Why Firms Avoid Cutting Wages written by Philip Du Caju and published by . This book was released on 2017 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms very rarely cut nominal wages, even in the face of considerable negative economic shocks. This paper uses a unique survey of fourteen European countries to ask firms directly about the incidence of wage cuts and to assess the relevance of a range of potential reasons for why the firms avoid cutting wages. The paper examines how firm characteristics and collective bargaining institutions affect the relevance of each of the common explanations put forward for the infrequency of wage cuts. Concerns about the retention of productive staff and a lowering of morale and effort were reported as key reasons for downward wage rigidity across all countries and firm types. Restrictions created by collective bargaining were found to be an important consideration for firms in Western European (EU-15) countries but were one of the lowest ranked obstacles in the new EU member states in Central and Eastern Europe.
Author : Jochen Kluve
Publisher : Springer Science & Business Media
ISBN 13 : 3540485589
Total Pages : 223 pages
Book Rating : 4.5/5 (44 download)
Download or read book Active Labor Market Policies in Europe written by Jochen Kluve and published by Springer Science & Business Media. This book was released on 2007-02-23 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measures of Active Labor Market Policy - such as training, wage subsidies, public employment measures, and job search assistance - are widely used in European countries to combat unemployment. This study provides novel insight on this important policy issue by discussing the role of the European Commission's Employment Strategy, reviewing the experiences made in European states, and giving the first ever quantitative assessment of the existing cross-country evidence.
Author : Theodora Kosma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Downward Nominal and Real Wage Rigidity written by Theodora Kosma and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. We analyse which firm-level and institutional factors are associated with wage rigidity. Our results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insideroutsider theory). We also find that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
Author : David Howell
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Low Wages in the U.S. And High Unemployment in Europe written by David Howell and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measured by changes in real wages, earnings inequality and unemployment, the economic position of lower skilled workers has declined sharply over the past two decades across the developed countries of the OECD. In this paper we survey a wide-ranging empirical literature for evidence bearing on the Unified Theory--the popular idea that strong shifts in demand away from low-skilled workers, caused mainly by computerization and related forms of advanced technology, explain both the declining wages of low skilled workers in the "flexible" labor market of the United States and high and rising unemployment in "rigid" European labor markets. On the U.S. side, we find little evidence of large or accelerating skill-biased demand shifts after the early 1980s as measured by standard indices of the skill-intensity of employment. This is significant since most of the impact of computerization on the organization and skill requirements in the workplace has occurred in precisely this later period. There is also little unambiguous evidence of a close link between computerization and relative wage change. Nor do we find that the conventional skill-biased demand-shift story offers a compelling explanation for the rise in unemployment rates experienced by most European countries. Across the OECD, rising low-skilled unemployment does not appear to drive much of the increase in the overall rate; measures of wage rigidity are not closely correlated with unemployment problems; and no clear empirical link has been established between the recent rise in unemployment and the presence of strong wage-setting institutions and social policies. If the empirical basis of the Unified Theory is so shallow, what accounts for the broad consensus in its favor? We speculate that at least part of the answer lies in the natural attraction of a simple story, particularly one that is so consistent with the textbook demand-supply model of the labor market. We conclude with some conjectures on the direction an alternative account might take that places less weight on technology driven demand shifts and greater weight on the effects of fundamental political, institutional and structural changes.
