Price and wage setting in Portugal: learning by asking

Fernando Martins

No 1314, Working Paper Series from European Central Bank

Abstract: This paper presents the main findings of a survey conducted on a sample of Portuguese firms. The main aim was to identify some relevant characteristics about the dynamics of prices and wages in Portugal. The most important conclusions are: i) changes to wages are more synchronized than changes to prices; ii) most wages are defined using inflation as a yardstick, even though there are no formal rules; iii) the wages of most workers are defined in terms of sector-related collective agreements; iv) a considerable proportion of workers receive wages above those been agreed under the collective agreement; v) firms make frequent use of other mechanisms to cut payroll costs as a way of overcoming the restrictions imposed by downward nominal wage rigidity. JEL Classification: D21, E30, J31

Keywords: indexation; institutions; price rigidity; survey data; wage rigidity (search for similar items in EconPapers)
Date: 2011-04
New Economics Papers: this item is included in nep-cba, nep-hme and nep-lab
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: Price and wage setting in Portugal: learning by asking (2011)
Working Paper: Price and wage setting in Portugal learning by asking (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20111314

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