Differences in wage determination in the Eurozone: A challenge to the resilience of the common currency
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
comunitat-uji-handle4:
INVESTIGACIONMetadatos
Título
Differences in wage determination in the Eurozone: A challenge to the resilience of the common currencyFecha de publicación
2019-11-22Editor
Elsevier; The Society for Policy ModelingCita bibliográfica
Camarero, M., et al. Differences in wage determination in theEurozone: A challenge to the resilience of the common currency.Journal of Policy Modeling(2019),https://doi.org/10.1016/j.jpolmod.2019.09.006Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.sciencedirect.com/science/article/pii/S0161893819301267#!Versión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
Different developments in wages and unit labor costs across countries can reduce the synchronization of business cycles within a currency area and therefore be a potential source of asymmetric shocks and/or asymmetric ... [+]
Different developments in wages and unit labor costs across countries can reduce the synchronization of business cycles within a currency area and therefore be a potential source of asymmetric shocks and/or asymmetric response to a common shock. In this paper, we use novel econometric methods to identify differences and similarities in wage determination across Eurozone countries. Results show that wages have different determinants across euro area countries, among which two relatively distinct groups can be identified. In particular, wages in Germany, Austria, Belgium, Luxembourg, the Netherlands and Finland behave more similarly, are less sticky and respond more to macroeconomic conditions than those in the group composed of Italy, Spain, Portugal, France and Ireland. Moreover, the equilibrium wage has been affected by a structural change contemporaneous to the international financial crisis. Finally, structural reforms since the euro crisis have contributed to make labor market structures in Eurozone countries more similar, which contributed to improve the resilience of the Eurozone, but the job is not completed yet. [-]
Derechos de acceso
© 2019 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.
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info:eu-repo/semantics/openAccess
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
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