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Price, wage and employment response to shocks: evidence from the WDN survey

Giuseppe Bertola, Aurelijus Dabusinskas, Marco Hoeberichts (), Mario Izquierdo (), Claudia Kwapil, Jérémi Montornes and Daniel Radowski

Labour Economics, 2012, vol. 19, issue 5, 783-791

Abstract: We analyse the relative intensity and character of price vs. cost and wage vs. employment firm-level adjustment to cost-push shocks in the European System of Central Banks Wage Dynamics Network (WDN) survey data set. The results document several statistically significant and theoretically sensible relationships: price increases are less likely when product market competition is more intense, and more likely when collective wage agreements or employment protection legislation constrain firm-level reactions. We discuss how changes of such structural and institutional features of firms and of their environment may underlie the evolution of macroeconomic adjustment mechanisms in Europe.

Keywords: Wage bargaining; Labour-market institutions; Survey data; European Union (search for similar items in EconPapers)
JEL-codes: J31 J38 P50 (search for similar items in EconPapers)
Date: 2012
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Related works:
Working Paper: Price, wage and employment response to shocks: evidence from the WDN Survey (2010) Downloads
Working Paper: Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey (2010) Downloads
Working Paper: Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey (2010) Downloads
Working Paper: Price, wage and employment response to shocks: evidence from the WDN survey (2010) Downloads
Working Paper: Price, wage and employment response to shocks: evidence from the WDN survey (2010) Downloads
Working Paper: Price, wage and employment response to shocks: evidence from the WDN survey (2010) Downloads
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