Sectoral Wage Rigidities and Labour and Product Market Institutions in the Euro Area

Anderton, Robert; Hantzsche, Arno; Savsek, Simon; Tóth, Máté

doi:10.1007/s11079-017-9463-y

Cited by 10 publications

(5 citation statements)

References 23 publications

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“…Our results are shown in table B1. Consistent with IMF (2017) and Anderton et al (2017), we find that an increase in unemployment by 1 percentage point leads to a decrease in wage growth by around 0.4 percentage points ceteris paribus. An equivalent increase in productivity growth leads to a rise in wage inflation of around 1 according to our key model specification.…”

Section: Introductionsupporting

confidence: 88%

Prospects for the UK economy

Kara¹,

Hantzsche²,

Lennard³

et al. 2018

Natl. Inst. econ. rev.

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Section: Introductionsupporting

confidence: 88%

Prospects for the UK economy

Kara¹,

Hantzsche²,

Lennard³

et al. 2018

Natl. Inst. econ. rev.

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“…Recent studies also support this; see, for example,Anderton et al (2016) andAnderton and Bonthuis (2015).…”

mentioning

confidence: 74%

Labour Market Adjustment in Europe During the Crisis: Microeconomic Evidence from the Wage Dynamics Network Survey

Izquierdo¹,

Jimeno²,

Κοσμά³

et al. 2017

SSRN Journal

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Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN waves carried out in 2007 and 2009. The WDN survey collected information on wagesetting practices at the firm level. This third wave sampled about 25,000 firms in 25 European countries with the aim of assessing how firms adjusted wages and employment in response to the various shocks and labour market reforms that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by identifying some patterns in firms' adjustments and labour market reforms. It seeks to lay out the main lessons learnt from the survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the countries that took part in the survey. JEL: E24, J30, J52, J68 This evidence thus suggests a simple taxonomy of countries as regards their unemployment and GDP performance during the European sovereign debt crisis (2010-13):  Group I: countries where the unemployment rate decreased and GDP increased (the Czech Republic,

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“…115 A phenomenon called "Eurosclerosis" was observed earlier by Herbert Giersch (Giersch, 1985), who argued that European countries became too rigid to cope with severe shocks, especially owing to wage rigidity. More recently, Anderton and Bonthuis (2015), Anderton et al (2016), and Marotzke et al (2016) linked wage rigidities to labour market institutions, finding that, especially in downturns, these wage rigidities are associated with high union density, centralised collective bargaining and strict EPL. However, see also OECD (2017a), which argues that centralised collective bargaining was associated with higher firm-level employment growth in the wake of the Great Recession.…”

Section: Boxmentioning

confidence: 99%