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Wage diversity in the euro area - an overview of labour cost differentials across industries
Genre, Véronique; Momferatou, Daphne; Mourre, Gilles - European Central Bank - 2005
This Paper provides an overview of the magnitude of sectoral wage differentials in the euro area as a whole. Even when adjusting for structural sectoral features such as the skill structure or the proportion of part-timers, average wage levels in services are substantially lower than in...
Persistent link: https://www.econbiz.de/10005162868
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What does European institutional integration tell us about trade integration?
Leiner-Killinger, Melanie; Madaschi, Christophe; … - European Central Bank - 2005
create disincentives to work, such as high tax wedges and high unemployment benefits, or enforced reductions in working hours …
Persistent link: https://www.econbiz.de/10005222260
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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typically predicts more aggressive wage setting under monetary union. This insight has not been confirmed by the EMU experience, which has been characterised by wage moderation, thereby eliciting criticism from Posen...
Persistent link: https://www.econbiz.de/10005002814
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The real effects of money growth in dynamic general equilibrium
Graham, Liam; Snower, Dennis J. - European Central Bank - 2004
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10005162920
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How wages change: micro evidence from the International Wage Flexibility Project
Dickens, William T.; Götte, Lorenz; Groshen, Erica L.; … - European Central Bank - 2006
How do the complex institutions involved in wage setting affect wage changes? The International Wage Flexibility Project provides new microeconomic evidence on how wages change for continuing workers. We analyze individuals’ earnings in 31 different data sets from sixteen countries, from which...
Persistent link: https://www.econbiz.de/10005025576
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Downward nominal wage rigidity in the OECD
Holden, Steinar; Wulfsberg, Fredrik - European Central Bank - 2007
prevalent when unemployment is low, union density is high, and employment protection legislation is strict. JEL Classification …
Persistent link: https://www.econbiz.de/10005344847
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Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
Babecký, Jan; Du Caju, Philip; Kosma, Theodora; … - European Central Bank - 2009
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...
Persistent link: https://www.econbiz.de/10008631544
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Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area
Coenen, Günter - European Central Bank - 2003
JEL Classification: E31, E52, E58, E61
Persistent link: https://www.econbiz.de/10005222344
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Measuring inflation persistence: a structural time series approach
Dossche, Maarten; Everaert, Gerdie - European Central Bank - 2005
Time series estimates of inflation persistence incur an upward bias if shifts in the inflation target of the central … bank remain unaccounted for. Using a structural time series approach we measure different sorts of inflation persistence … allowing for an unobserved time-varying inflation target. Unobserved components are identified using Kalman filtering and …
Persistent link: https://www.econbiz.de/10005162914
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Designing targeting rules for international monetary policy cooperation
Benigno, Gianluca; Benigno, Pierpaolo - European Central Bank - 2003
JEL Classification: E52, F41, F42
Persistent link: https://www.econbiz.de/10005530887