Labour market adjustment in Europe during the crisis : microeconomic evidence from the Wage Dynamics Network survey
Authors
Izquierdo, Mario; Jimeno, Juan F.; Kosma, Theodora; Lamo, Ana; Millard, Stephen P.; Rööm, Tairi; Viviano, Eliana
Issue Date
10-Jul-2017
Physical description
69 p.
Abstract
En el contexto de un ajuste continuado de los mercados de trabajo de la UE en respuesta a la gran recesión y la crisis de la deuda soberana, el Sistema Europeo de Bancos Centrales (SEBC) llevó a cabo la tercera ola de la encuesta de la Wage Dynamics Network (WDN) entre 2014 y 2015, como continuación de las dos olas previas realizadas en 2007 y 2009. Esta encuesta recopiló información sobre las prácticas de fijación de salarios a nivel de empresa para 25.000 empresas en 25 países europeos con el objetivo de evaluar cómo las empresas europeas ajustaron los salarios y el empleo en respuesta a las diversas perturbaciones económicas y reformas laborales que tuvieron lugar en la Unión Europea (UE) entre 2010 y 2013. Este documento resume los principales resultados de esta tercera ola de la encuesta de la WDN identificando algunos patrones en los ajustes realizados por las empresas y el impacto de las reformas del mercado de trabajo. El objetivo es esbozar las principales lecciones aprendidas de la encuesta tanto en relación con la respuesta agregada de los mercados de trabajo de la UE a la crisis como sobre la heterogeneidad entre los distintos países europeos
Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN waves carried out in 2007 and 2009. The WDN survey collected information on wage-setting practices at the firm level. This third wave sampled about 25,000 fi rms in 25 European countries with the aim of assessing how firms adjusted wages and employment in response to the various shocks and labour market reforms that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by identifying some patterns in firms’ adjustments and labour market reforms. It seeks to lay out the main lessons learnt from the survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the countries that took part in the survey
Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN waves carried out in 2007 and 2009. The WDN survey collected information on wage-setting practices at the firm level. This third wave sampled about 25,000 fi rms in 25 European countries with the aim of assessing how firms adjusted wages and employment in response to the various shocks and labour market reforms that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by identifying some patterns in firms’ adjustments and labour market reforms. It seeks to lay out the main lessons learnt from the survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the countries that took part in the survey
Publish on
Documentos Ocasionales / Banco de España, 1704
Subjects
Wage Dynamics Network; Encuestas a empresas; Ajuste del mercado laboral; Reformas del mercado de trabajo; Survey data; Labour market adjustment; Labour market reforms; Renta, empleo y precios; Relaciones laborales; Mercado de trabajo; Países de la UE
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