Understanding Low Inflation in the Euro Area from 2013 to 2019: Cyclical and Structural Drivers

Koester, Gerrit; Lis, Eliza; Nickel, Christiane; Osbat, Chiara; Smets, Frank

doi:10.2139/ssrn.3928302

Cited by 13 publications

(7 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…If workers or unions perceive wages as unethical and too low, they might in fact be even lower if wages have not increased with the inflation rate. 11 Nevertheless, the inflation rates in Europe and the United States were low during the observation period of our meta-analysis (Forbes et al 2021;Koester et al 2021). Finally, meta-analyses include older studies by nature, even though the results obtained in a particular study may not be fully comparable with those from more recent periods.…”

Section: Limitationsmentioning

confidence: 89%

Hourly Wages in Crowdworking: A Meta-Analysis

Hornuf

Vrankar

2022

Bus Inf Syst Eng

View full text Add to dashboard Cite

In the past decade, crowdworking on online labor market platforms has become an important source of income for a growing number of people worldwide. This development has led to increasing political and scholarly interest in the wages people can earn on such platforms. This study extends the literature, which is often based on a single platform, region, or category of crowdworking, through a meta-analysis of prevalent hourly wages. After a systematic literature search, the paper considers 22 primary empirical studies, including 105 wages and 76,765 data points from 22 platforms, eight different countries, and 10 years. It is found that, on average, microtasks results in an hourly wage of less than $6. This wage is significantly lower than the mean wage of online freelancers, which is roughly three times higher when not factoring in unpaid work. Hourly wages accounting for unpaid work, such as searching for tasks and communicating with requesters, tend to be significantly lower than wages not considering unpaid work. Legislators and researchers evaluating wages in crowdworking need to be aware of this bias when assessing hourly wages, given that the majority of literature does not account for the effect of unpaid work time on crowdworking wages. To foster the comparability of different research results, the article suggests that scholars consider a wage correction factor to account for unpaid work. Finally, researchers should be aware that remuneration and work processes on crowdworking platforms can systematically affect the data collection method and inclusion of unpaid work.

show abstract

Section: Limitationsmentioning

confidence: 89%

Hourly Wages in Crowdworking: A Meta-Analysis

Hornuf

Vrankar

2022

Bus Inf Syst Eng

View full text Add to dashboard Cite

show abstract

“…Such decline in persistence could be a result of several alternative drivers. These include i) presence of downward nominal price and wage rigidities together with a reinforcing feedback between low inflation and weaker passthrough from wage increases to inflation (Consolo et al, 2021), ii) changes in the firms' pricing behavior post-GFC (Koester et al, 2021), or iii) increased inattention to inflation developments on the side of agents in a low inflation environment. Overall, the ability of alternative theoretical models to produce expectations dynamics consistent with our evidence could help identify the correct model of expectations formation.…”

Section: Introductionmentioning

confidence: 99%

Biases in Survey Inflation Expectations: Evidence from the Euro Area

Chen¹,

Górnicka²,

Žďárek³

2022

IMF Working Papers

View full text Add to dashboard Cite

show abstract

“… See Koester et al (2019) for a discussion of the low inflation period from 2013 to 2019 in the euro area. 2 For the euro area, the low inflation in the decade leading up to the pandemic has been explained in part by cyclical developments, including monetary policy being constrained by the effective lower bound, and, to a lesser extent, by underlying structural trends, such as globalization, digitalization, and demographics(Koester et al, 2021).3 See BIS 2022 Annual Report Section II.©International Monetary Fund. Not for Redistribution…”

mentioning

confidence: 99%