During the Great Recession, unemployment increased substantially across several euro area countries, with wages … effect of changes in the composition of workers on wages and wage cyclicality. We find that compositional effects are highly … results partially explain the muted response of the observed wages to the business cycle, as wages decreased more than what …

For the US the supply and wages of skilled labor relative to those of unskilled labor have grown over the postwar …

how wages adjust to unfavorable product demand shocks that raise the risk of displacement through firm closing, and to … to adverse shocks due to their inability to adjust wages downward. Indeed, minimum wage restrictions were seen to …

wages covering the entire economy over the period 2001-2006 with monthly frequency. We find that the wage flexibility at the …% and 7%. On average, wages change less often than consumer prices. Less than one percent of (nominal) wages are cut both … from month to month and from year to year. Due to automatic wage indexation, wages appear to be subject to substantial …

This paper investigates the relationship between public and private wages in the five largest euro area countries for … the period 1997-2017. The analysis shows that there exists a positive and significant response of private wages to a …, Spain, Italy and non-significant in Germany and the Netherlands). Interestingly, the response of private wages is found to …

In this paper we present an extension of the Taylor model with staggered wages in which wage-setting is also influenced … by reference norms (i.e. by benchmark wages). We show that reference norms can considerably increase the persistence of … wages in Austria from 1980 to 2006 we show that wage-setting is strongly influenced by reference norms, that the wages of …

This paper investigates the persistence of aggregate wages and prices in Portugal assuming a model of a unionized … system. Real wages and wage inflation emerge as especially persistent following an import price shock, while price inflation … wages is attributable mainly to unemployment shocks (about 80 percent), whereas variation in the forecast errors of prices …