Wage Dynamics in Europe Final Report of the Wage Dynamics Network (wdn)
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چکیده
This report summarises the main findings and policy conclusions of the Eurosystem/ESCB Wage Dynamics Network (WDN) since it started operations in July 2006. The objectives of the WDN were i) to identify the sources and features of wage and labour cost dynamics that are most relevant for monetary policy and ii) to clarify the relationship between wages, labour costs and prices both at the firm and macro-economic level. This was partly motivated by the finding in the Inflation Persistence Network (IPN) that cross-sector differences in the frequency of price changes were highly negatively correlated with the labour share, suggesting that stickiness in wages and labour costs may be one of the driving factors behind the slow adjustment of prices. Most of the analysis summarised in this report is based on data that comes from the period before the intensification of the financial crisis in the third quarter of 2008. However, during the past year an attempt was made to update some of the information (such as the survey) and to investigate to what extent the findings can explain the response of the labour market in the current crisis.
منابع مشابه
ECB Monthly Bulletin, February 2009, Article: New survey evidence on wage setting in Europe
A proper understanding of the patterns, sources and implications of wage and labour cost dynamics is an essential requirement for the effective conduct of monetary policy. Wage costs are an important determinant of prices. The fi ndings of the Infl ation Persistence Network (IPN), a Eurosystem research network analysing the features and determinants of price setting in the euro area, suggest th...
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تاریخ انتشار 2009