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|z 9781498319294
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Zhang, Yuanyan Sophia.
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|a European Wage Dynamics and Spillovers /
|c Yuanyan Sophia Zhang.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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| 300 |
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|a 1 online resource (29 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2019/156
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/156/001.2019.issue-156-en.xml
|z IMF e-Library
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