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The Spanish Productivity Puzzle in the Great Recession

Laura Hospido () and Eva Moreno-Galbis
Authors registered in the RePEc Author Service: Eva Moreno Galbis

No 1510, CEPREMAP Working Papers (Docweb) from CEPREMAP

Abstract: While Spain has traditionally underperformed its European neighbors in terms of labor productivity, this trend reverses after 2007. Part of the explanation for this reversal is likely to be the direct impact of decreasing labor inputs relative to capital. Using a longitudinal sample of Spanish manufacturing and services companies between 1995 and 2012, we show that the recent increase in Spanish aggregate productivity is also driven by the behavior of firm-level total factor productivity (TFP), and by composition effects. By combining firm-level information on balance sheet items, collective agreements and imports/exports, we document that firm TFP is positively correlated to firm-specific collective agreements and access to external markets during the whole period. In addition, our estimates indicate that firm TFP was negatively correlated to the proportion of temporary workers during the expansionary period (1995-2007), but positively correlated during the crisis (2008-2012).

Keywords: labor productivity; TFP; temporary workers; collective agreements; exporting firms (search for similar items in EconPapers)
Pages: 28 pages
Date: 2015-06
New Economics Papers: this item is included in nep-eec and nep-eff
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Working Paper: The Spanish productivity puzzle in the Great Recession (2015) Downloads
Working Paper: The Spanish Productivity Puzzle in the Great Recession (2015) Downloads
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