Wage cyclicality: Evidence from Spain using social security data
Jorge De la Roca
SERIEs: Journal of the Spanish Economic Association, 2014, vol. 5, issue 2, 173-195
Using longitudinal social security data, this study finds evidence of weak real wage cyclicality in Spain throughout 1988–2011. The baseline estimate of a 0.4 % increase in wages in response to a one percentage point decline in the unemployment rate lies in the lower bound of available estimates for developed countries. Wage cyclicality in a rigid labour market like Spain is mainly driven by workers under temporary contracts and newly-hired workers. I calculate the cyclicality of the net present value of wages in new matches—the relevant piece of information for firms posting vacancies, but a rarely available measure—and find that it is well approximated by the cyclicality of wages for newly-hired workers. Copyright The Author(s) 2014
Keywords: Wage cyclicality; Labour market duality; Social security data; Censoring; c24; e32; j31 (search for similar items in EconPapers)
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