Labor shortages and wage growth

Erik Frohm

This paper presents a novel measure of labor market conditions based on micro data from a large business survey in Sweden. The indicator, relative labor shortages (RLS), is the ratio of respondents' quantitative assessment of labor shortages and current employment. Contrary to other surveybased measures of labor market conditions and the vacancy-unemployment ratio, RLS remained relatively subdued during the 2013-2018 recovery from the Great Recession. As the indicator is highly correlated with annual wage growth at the establishment-level, its slow recovery can help explain why wage growth in Sweden has been sluggish since the Great Recession.

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Year of publication:	September 2020
Authors:	Frohm, Erik
Publisher:	Stockholm : Sveriges Riksbank
Subject:	Wage inflation \| labor shortages \| survey data \| Lohn \| Wages \| Arbeitsmarkt \| Labour market \| Arbeitsnachfrage \| Labor demand \| Arbeitskräftepotenzial \| Labour force \| Inflation \| Stagflation \| Lohnniveau \| Wage level \| Arbeitsangebot \| Labour supply

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Extent:	1 Online-Ressource (circa 49 Seiten) Illustrationen
Series:	Sveriges Riksbank working paper series. - Stockholm : [Verlag nicht ermittelbar], ZDB-ID 2235780-4. - Vol. 394
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/232597 [Handle]
Classification:	E31 - Price Level; Inflation; Deflation ; E60 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook. General ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc ; J23 - Employment Determination; Job Creation; Demand for Labor; Self-Employment ; C80 - Data Collection and Data Estimation Methodology; Computer Programs. General
Source:	ECONIS - Online Catalogue of the ZBW

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