European wage dynamics and spillovers /:
Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth resp...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2019]
|
| Schriftenreihe: | IMF working paper ;
WP/19/156. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying greater inertia in nominal wage rises in advanced Europe. In the years after the global crisis, this inertia contributed to the build up of a real wage overhang relative to sharply slowing labor productivity, which subsequently dragged on nominal wage rises even as unemployment began to decline. Spillovers of subdued wage growth between euro area countries also weighed on wage rises in advanced Europe. |
| Beschreibung: | 1 online resource (30 pages) |
| ISBN: | 1513508652 9781513508658 |
Internformat
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| 520 | 3 | |a Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying greater inertia in nominal wage rises in advanced Europe. In the years after the global crisis, this inertia contributed to the build up of a real wage overhang relative to sharply slowing labor productivity, which subsequently dragged on nominal wage rises even as unemployment began to decline. Spillovers of subdued wage growth between euro area countries also weighed on wage rises in advanced Europe. | |
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| contents | Stylized facts -- Data and econometric specifications -- Regression results -- Factors driving wage growth. |
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| spelling | Zhang, Yuanyan Sophia, author. http://id.loc.gov/authorities/names/no2011119217 European wage dynamics and spillovers / by Yuanyan Sophia Zhang. [Washington, D.C.] : International Monetary Fund, [2019] ©2019 1 online resource (30 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/156 Stylized facts -- Data and econometric specifications -- Regression results -- Factors driving wage growth. Online resource; title from PDF title page (IMF, viewed Sept. 8, 2020). Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying greater inertia in nominal wage rises in advanced Europe. In the years after the global crisis, this inertia contributed to the build up of a real wage overhang relative to sharply slowing labor productivity, which subsequently dragged on nominal wage rises even as unemployment began to decline. Spillovers of subdued wage growth between euro area countries also weighed on wage rises in advanced Europe. Wages Europe. Wages fast Europe fast https://id.oclc.org/worldcat/entity/E39PBJxCxPbbk4CPJDQJb4r6rq International Monetary Fund, issuing body. http://id.loc.gov/authorities/names/n81052755 has work: European wage dynamics and spillovers (Text) https://id.oclc.org/worldcat/entity/E39PCGyfrk4TmYCdjPwjdYcdPP https://id.oclc.org/worldcat/ontology/hasWork Print version: Zhang, Yuanyan Sophia. European Wage Dynamics and Spillovers. Washington, D.C. : International Monetary Fund, ©2019 9781498319294 IMF working paper ; WP/19/156. 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=2232996 Volltext |
| spellingShingle | Zhang, Yuanyan Sophia European wage dynamics and spillovers / IMF working paper ; Stylized facts -- Data and econometric specifications -- Regression results -- Factors driving wage growth. Wages Europe. Wages fast |
| title | European wage dynamics and spillovers / |
| title_auth | European wage dynamics and spillovers / |
| title_exact_search | European wage dynamics and spillovers / |
| title_full | European wage dynamics and spillovers / by Yuanyan Sophia Zhang. |
| title_fullStr | European wage dynamics and spillovers / by Yuanyan Sophia Zhang. |
| title_full_unstemmed | European wage dynamics and spillovers / by Yuanyan Sophia Zhang. |
| title_short | European wage dynamics and spillovers / |
| title_sort | european wage dynamics and spillovers |
| topic | Wages Europe. Wages fast |
| topic_facet | Wages Europe. Wages Europe |
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