Price,wage and employment response to shocks: evidence from the WDN survey |
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Authors: | Giuseppe Bertola Aurelijus Dabusinskas Marco Hoeberichts Mario Izquierdo Claudia Kwapil Jeremi Montornès Daniel Radowski |
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Institution: | 1. Central Bank of Argentina, Argentina;2. CONICET, Argentina;3. Universidad Nacional de San Martín, Buenos Aires, Argentina;4. Università degli Studi Roma Tre, Rome, Italy |
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Abstract: | We analyse the relative intensity and character of price vs. cost and wage vs. employment firm-level adjustment to cost-push shocks in the European System of Central Banks Wage Dynamics Network (WDN) survey data set. The results document several statistically significant and theoretically sensible relationships: price increases are less likely when product market competition is more intense, and more likely when collective wage agreements or employment protection legislation constrain firm-level reactions. We discuss how changes of such structural and institutional features of firms and of their environment may underlie the evolution of macroeconomic adjustment mechanisms in Europe. |
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