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  • 1
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2018-03-16
    Description: 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 wage-setting 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.
    Keywords: E24 ; J30 ; J52 ; J68 ; ddc:330 ; Wage Dynamics Network ; Survey data ; Labour market adjustment ; Labour market reforms ; Arbeitsmarkt ; Wirtschaftliche Anpassung ; Schuldenkrise ; Schock ; Arbeitskosten ; Lohnrigidität ; Arbeitsmarktreform ; EU-Staaten
    Language: English
    Type: doc-type:report
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  • 2
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    Brussels: National Bank of Belgium
    Publication Date: 2018-09-21
    Description: 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, insider-outsider 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
    Keywords: J30 ; J31 ; J32 ; C81 ; P5 ; ddc:330 ; downward nominal wage rigidity ; downward real wage rigidity ; wage indexation ; survey data ; European Union ; Lohnrigidität ; Lohnindexierung ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Brussels: National Bank of Belgium
    Publication Date: 2018-09-21
    Description: Firms have multiple options at the time of adjusting their wage bills. However, previous literature has mainly focused on base wages. We broaden the analysis beyond downward rigidity in base wages by investigating the use of other margins of labour cost adjustment at the firm level. Using data from a unique survey, we find that firms make frequent use of other, more flexible, components of compensation to adjust the cost of labour. Changes in bonuses and non-pay benefits are some of the potential margins firms use to reduce costs. We also show how the margins of adjustment chosen are affected by firm and worker characteristics
    Keywords: J30 ; C81 ; P5 ; ddc:330 ; labour costs ; wage rigidity ; firm survey ; European Union ; Arbeitskosten ; Vergütungssystem ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Brussels: National Bank of Belgium
    Publication Date: 2018-09-21
    Description: The rarity with which firms reduce nominal wages has been frequently observed, 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 they avoid cutting wages. 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 euro area countries but were one of the lowest ranked obstacles in non-euro area countries. 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.
    Keywords: J30 ; J32 ; J33 ; J51 ; C81 ; P5 ; ddc:330 ; labour costs ; wage rigidity ; firm survey ; wage cuts ; European Union ; Arbeitskosten ; Lohn ; Vergütungssystem ; Lohnrigidität ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Firms have multiple options at the time of adjusting their wage bills. However, previous literature has mainly focused on base wages. We broaden the analysis beyond downward rigidity in base wages by investigating the use of other margins of labour cost adjustment at the firm level. Using data from a unique survey, we find that firms make frequent use of other, more flexible, components of compensation to adjust the cost of labour. Changes in bonuses and non-pay benefits are some of the potential margins firms use to reduce costs. We also show how the margins of adjustment chosen are affected by firm and worker characteristics.
    Keywords: J30 ; C81 ; P5 ; ddc:330 ; European Union ; firm survey ; labour costs ; wage rigidity ; Arbeitskosten ; Vergütungssystem ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Limitation Availability
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  • 6
    facet.materialart.
    Unknown
    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: 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, insider-outsider 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.
    Keywords: J30 ; J31 ; J32 ; C81 ; P5 ; ddc:330 ; Downward nominal wage rigidity ; Downward real wage rigidity ; European Union ; survey data ; wage indexation ; Lohnrigidität ; Lohnindexierung ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Limitation Availability
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  • 7
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper examines exchange rate pass-through in the euro area by accounting for the impact of exchange rate changes on exporting firms’ market power, cost structure and competitiveness. An international oligopoly model where exporting firms simultaneously decide on their pricing and innovation strategies is used as the basis for the econometric analysis. The estimations are carried out on data for manufacturing imports of three large euro area countries (Germany, France, Netherlands) from three major non-euro area import suppliers (US, Japan, UK). The results show that exporting firms’ price and innovation decisions in each source country are jointly determined and that total pass-through to euro area import prices is low. There are also indications that other factors, such as interactions with domestic producers, may be important for the determination of pass-through. Finally, euro area import prices are found to be sticky in local currency in the short run.
    Keywords: E43 ; E44 ; E58 ; ddc:330 ; euro exchange rate ; Exchange Rate Pass-Through ; innovative activity ; market power ; multivariate cointegration ; Exportwirtschaft ; Marktmacht ; Wechselkurspolitik ; Exchange Rate Pass-Through ; Eurozone ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper examines changes in the Greek wage distribution over 1995-2002 and the role of skills in these changes using a matched employer-employee data set. This data set enables us to account for firm heterogeneity and obtain a more refined picture of the impact of skills. The methodology adopted is the Machado-Mata decomposition technique, which separates the part of wage changes that is due to changes in the job/employer and employee characteristics from the part due to changes in the returns to these characteristics. Our results indicate that the role of skills has been decisive. The skill return effects in combination with the composition effects of tenure, which are arguably responsive to economic developments and market conditions, have had an important contribution to the changes in the Greek wage distribution. On the other hand, the impact of predetermined demographic changes, as those captured by the age and education composition effects, has been relatively milder.
    Keywords: J31 ; ddc:330 ; quantile regression ; Returns to skill ; Wage inequality ; Qualifikation ; Anforderungsprofil ; Arbeitsbewertung ; Lohnstruktur ; Multiple Regression ; Griechenland
    Language: English
    Type: doc-type:workingPaper
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