Unit Labour Costs and the Dynamics of Output and Unemployment in the South ern European Crisis Countries
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
comunitat-uji-handle4:
INVESTIGACIONMetadata
Title
Unit Labour Costs and the Dynamics of Output and Unemployment in the South ern European Crisis CountriesDate
2018-07-17Publisher
SpringerBibliographic citation
CUESTAS, Juan Carlos; ORDÓÑEZ MONFORT, Javier; STAEHR, Karsten (2018). Unit Labour Costs and the Dynamics of Output and Unemployment in the South ern European Crisis Countries. Empirica, online 17/7/2018Type
info:eu-repo/semantics/articlePublisher version
https://link.springer.com/journal/10663/onlineFirst/page/1Version
info:eu-repo/semantics/publishedVersionSubject
Abstract
The GIPS countries, the
south
ern
European crisis countries, have seen
depressed
output
dynamics
and high unemployment
rates during the
great recession following
the 2007
-
2008 financial ... [+]
The GIPS countries, the
south
ern
European crisis countries, have seen
depressed
output
dynamics
and high unemployment
rates during the
great recession following
the 2007
-
2008 financial crisis
. Th
is
paper considers the effects of measures
that
seek
to improve competitiveness by reducing real unit labour costs. The results are
deriv
ed in
structural vector
autoregressive
models for each of t
he GIPS counties
as
well as two
reference countries
,
Germany and the Netherlands. The responses of
output and unemployment to innovations in real unit labour costs are economically
and statistically significant for Germany and the Netherlands,
whereas
the
responses
are
typically
muted
and imprecise estimated for the GIPS countries. The
small and
uncertain effects raise doubts regarding the efficacy of measures
that seek to
lower
real
unit labour costs in the GIPS countries [-]
Is part of
Empirica (2018), online 17/7/2018Investigation project
1) ‘Generalitat Valenciana’ project grant no. AICO/2016/038; 2) Project ECO2017-83255-C3-3-P, ‘Programa Estatal de Fomento de la Investigación, Científica y Técnica de Excelencia, Subprograma Estatal de Generación de Conocimiento, Ministerio de Economía, Industria y Competitividad (MINEIC), Gobierno de España, 2018–2020’; 3) ECO2017-85503-R project by the MINEIC; 4) ‘Universitat Jaume I’ project UJI-B2017-33.Rights
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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