Competitiveness and Wage Bargaining Reform in Italy /:
The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2018]
|
| Schriftenreihe: | IMF working paper ;
WP/18/61. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. Wage developments explain about 45 percent of the manufacturing unit labor cost gap with Germany. In a search-and-match DSGE model of the Italian labor market, this paper finds substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points lower unemployment (or higher employment) rate and a notable improvement in Italy's competitiveness over the medium term. |
| Beschreibung: | 1 online resource (39 pages) |
| ISBN: | 1484348184 1484347625 9781484347621 9781484348185 |
Internformat
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| 505 | 0 | |a Cover; TABLE OF CONTENTS; ABSTRACT; I. INTRODUCTION; II. EXTERNAL AND INTERNAL ADJUSTMENT; III. WAGE BARGAINING IN ITALY; IV. CONCLUSION; REFERENCES; APPENDIX; FIGURES; 1. Competitiveness Indicators; 2. Productivity, Wages, and Relative Unit Labor Costs; 3. Internal Adjustment in Labor Shares and Quantities; 4. The Dynamics and Structure of Exports; 5. Labor Market Indicators; 6. GIMF Simulations of a 15pp Reduction in Wage Markups; TABLES; 1. Italy and Euro Area: Export Price Regression for the Full Period; 2. Italy and Euro Area: Export Price Regression for Sub-Periods. | |
| 520 | 3 | |a The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. Wage developments explain about 45 percent of the manufacturing unit labor cost gap with Germany. In a search-and-match DSGE model of the Italian labor market, this paper finds substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points lower unemployment (or higher employment) rate and a notable improvement in Italy's competitiveness over the medium term. | |
| 650 | 0 | |a Wages |z Italy. | |
| 650 | 0 | |a Wage bargaining |z Italy. | |
| 650 | 6 | |a Négociations salariales |z Italie. | |
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| 650 | 7 | |a Wages |2 fast | |
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| contents | Cover; TABLE OF CONTENTS; ABSTRACT; I. INTRODUCTION; II. EXTERNAL AND INTERNAL ADJUSTMENT; III. WAGE BARGAINING IN ITALY; IV. CONCLUSION; REFERENCES; APPENDIX; FIGURES; 1. Competitiveness Indicators; 2. Productivity, Wages, and Relative Unit Labor Costs; 3. Internal Adjustment in Labor Shares and Quantities; 4. The Dynamics and Structure of Exports; 5. Labor Market Indicators; 6. GIMF Simulations of a 15pp Reduction in Wage Markups; TABLES; 1. Italy and Euro Area: Export Price Regression for the Full Period; 2. Italy and Euro Area: Export Price Regression for Sub-Periods. |
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| geographic_facet | Italy |
| id | ZDB-4-EBU-on1031344916 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:30Z |
| institution | BVB |
| isbn | 1484348184 1484347625 9781484347621 9781484348185 |
| language | English |
| oclc_num | 1031344916 |
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| series | IMF working paper ; |
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| spelling | Kangur, Alvar, author. http://id.loc.gov/authorities/names/no2010137339 Competitiveness and Wage Bargaining Reform in Italy / by Alvar Kangur. [Washington, D.C.] : International Monetary Fund, [2018] ©2018 1 online resource (39 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/18/61 Print version record. Cover; TABLE OF CONTENTS; ABSTRACT; I. INTRODUCTION; II. EXTERNAL AND INTERNAL ADJUSTMENT; III. WAGE BARGAINING IN ITALY; IV. CONCLUSION; REFERENCES; APPENDIX; FIGURES; 1. Competitiveness Indicators; 2. Productivity, Wages, and Relative Unit Labor Costs; 3. Internal Adjustment in Labor Shares and Quantities; 4. The Dynamics and Structure of Exports; 5. Labor Market Indicators; 6. GIMF Simulations of a 15pp Reduction in Wage Markups; TABLES; 1. Italy and Euro Area: Export Price Regression for the Full Period; 2. Italy and Euro Area: Export Price Regression for Sub-Periods. The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. Wage developments explain about 45 percent of the manufacturing unit labor cost gap with Germany. In a search-and-match DSGE model of the Italian labor market, this paper finds substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points lower unemployment (or higher employment) rate and a notable improvement in Italy's competitiveness over the medium term. Wages Italy. Wage bargaining Italy. Négociations salariales Italie. Wage bargaining fast Wages fast Italy fast https://id.oclc.org/worldcat/entity/E39PBJvd8mVMcRhwVmbtcqCPcP has work: Competitiveness and Wage Bargaining Reform in Italy (Text) https://id.oclc.org/worldcat/entity/E39PCFrxKGvgyG768mwY3jhqBd https://id.oclc.org/worldcat/ontology/hasWork Print version: Kangur, Alvar. Competitiveness and Wage Bargaining Reform in Italy. Washington, D.C. : International Monetary Fund, ©2018 9781484347621 IMF working paper ; WP/18/61. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1790007 Volltext |
| spellingShingle | Kangur, Alvar Competitiveness and Wage Bargaining Reform in Italy / IMF working paper ; Cover; TABLE OF CONTENTS; ABSTRACT; I. INTRODUCTION; II. EXTERNAL AND INTERNAL ADJUSTMENT; III. WAGE BARGAINING IN ITALY; IV. CONCLUSION; REFERENCES; APPENDIX; FIGURES; 1. Competitiveness Indicators; 2. Productivity, Wages, and Relative Unit Labor Costs; 3. Internal Adjustment in Labor Shares and Quantities; 4. The Dynamics and Structure of Exports; 5. Labor Market Indicators; 6. GIMF Simulations of a 15pp Reduction in Wage Markups; TABLES; 1. Italy and Euro Area: Export Price Regression for the Full Period; 2. Italy and Euro Area: Export Price Regression for Sub-Periods. Wages Italy. Wage bargaining Italy. Négociations salariales Italie. Wage bargaining fast Wages fast |
| title | Competitiveness and Wage Bargaining Reform in Italy / |
| title_auth | Competitiveness and Wage Bargaining Reform in Italy / |
| title_exact_search | Competitiveness and Wage Bargaining Reform in Italy / |
| title_full | Competitiveness and Wage Bargaining Reform in Italy / by Alvar Kangur. |
| title_fullStr | Competitiveness and Wage Bargaining Reform in Italy / by Alvar Kangur. |
| title_full_unstemmed | Competitiveness and Wage Bargaining Reform in Italy / by Alvar Kangur. |
| title_short | Competitiveness and Wage Bargaining Reform in Italy / |
| title_sort | competitiveness and wage bargaining reform in italy |
| topic | Wages Italy. Wage bargaining Italy. Négociations salariales Italie. Wage bargaining fast Wages fast |
| topic_facet | Wages Italy. Wage bargaining Italy. Négociations salariales Italie. Wage bargaining Wages Italy |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1790007 |
| work_keys_str_mv | AT kanguralvar competitivenessandwagebargainingreforminitaly |