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Labour market adjustment in Europe during the crisis: microeconomic evidence from the Wage Dynamics Network survey

Mario Izquierdo (), Juan F Jimeno (), Theodora Kosma (), Ana Lamo (), Stephen Millard (), Tairi Rõõm and Eliana Viviano

No 192, Occasional Paper Series from European Central Bank

Abstract: Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN waves carried out in 2007 and 2009. The WDN survey collected information on wage-setting practices at the firm level. This third wave sampled about 25,000 firms in 25 European countries with the aim of assessing how firms adjusted wages and employment in response to the various shocks and labour market reforms that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by identifying some patterns in firms’ adjustments and labour market reforms. It seeks to lay out the main lessons learnt from the survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the countries that took part in the survey. JEL Classification: E24, J30, J52, J68

Keywords: labour market adjustment; labour market reforms; survey data; wage dynamics network (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-eec, nep-lab and nep-tid
Date: 2017-06
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Related works:
Working Paper: Labour market adjustment in Europe during the crisis: microeconomic evidence from the Wage Dynamics Network survey (2017) Downloads
Working Paper: Labour market adjustment in Europe during the crisis: microeconomic evidence from the Wage Dynamics Network survey (2017) Downloads
Working Paper: Labour market adjustment in Europe during the crisis: microeconomic evidence from the wage dynamics network survey (2017) Downloads
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