Labour market adjustments and reforms in Greece during the crisis: microeconomic evidence from the third wave of the wage dynamics

Theodora Kosma, Evangelia Papapetrou, Georgia Pavlou, Christina Tsochatzi and Pinelopi Zioutou
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Evangelia Papapetrou: Bank of Greece
Christina Tsochatzi: Bank of Greece
Pinelopi Zioutou: Bank of Greece

No 227, Working Papers from Bank of Greece

Abstract: The recession that followed the global financial crisis and the sovereign debt crisis resulted in large falls in output and rises in unemployment across Europe. In this context, many countries implemented significant reforms of their labour market. In order to analyse the impact of labour market reforms and, in particular, to investigate, how firms adjusted to the shocks affecting them, the European System of Central Banks (ESCB) conducted a third wave of the Wage Dynamics Network (WDN3) survey in 2014-15. This paper describes the main findings of the Greek WDN3 survey. The results show that the decline in economic activity, during the period 2010-2013, had a significant negative impact on Greek firms’ activity. Greek firms reacted to the shocks affecting them by adjusting both labour input and wages and reforms seem to have made it easier for this adjustment to take place.

Keywords: Survey data; wage adjustment; employment adjustment; labour market reforms (search for similar items in EconPapers)
JEL-codes: E24 J30 J50 (search for similar items in EconPapers)
Pages: 28
Date: 2017-06
New Economics Papers: this item is included in nep-eec and nep-mac
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Citations: View citations in EconPapers (22)

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