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Micro Foundations for Wage Flexibility: Wage Insurance at the Firm Level

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  • Ana Rute Cardoso
  • Miguel Portela

Abstract

To what extent do firms insulate their workers' wages from fluctuations in product markets? Which firm and worker attributes are associated with wage flexibility at the micro level? We first rely on Guiso, Pistaferri and Schivardi (2005) to estimate dynamic models of sales and wages, finding that in Portugal, workers' wages respond to permanent shocks on firm performance, as opposed to transitory shocks. We then explore the factors associated with wage flexibility, finding that collective bargaining and minimum wages are associated with higher wage insurance by the firm, while the threat of firm bankruptcy reduces it. Managers receive less protection against permanent shocks than other workers. Copyright � The editors of the "Scandinavian Journal of Economics" 2009 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 111 (2009)
Issue (Month): 1 (03)
Pages: 29-50

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Handle: RePEc:bla:scandj:v:111:y:2009:i:1:p:29-50

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Loupias, C. & Sevestre, P., 2010. "Costs, demand, and producer price changes," Working papers 273, Banque de France.
  2. Carlsson, Mikael & Messina, Julián & Nordström Skans, Oskar, 2011. "Wage Adjustment and Productivity Shocks," IZA Discussion Papers 5719, Institute for the Study of Labor (IZA).
  3. Bertola, G. & Dabusinskas, A. & Hoeberichts, M. & Izquierdo, M. & Kwapil, C. & Montornès, J. & Radowski, D., 2010. "Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey," Working papers 281, Banque de France.
  4. Octávio Figueiredo & Paulo Guimarães & Douglas Woodward, 2011. "Firm-Worker Matching in Industrial Clusters," FEP Working Papers 434, Universidade do Porto, Faculdade de Economia do Porto.
  5. Rute Mendes & Gerard J. van den Berg & Maarten Lindeboom, 2007. "An Empirical Assessment of Assortative Matching in the Labor Market," Carlo Alberto Notebooks 62, Collegio Carlo Alberto.
  6. Andini, Corrado, 2014. "Persistence Bias and Schooling Returns," IZA Discussion Papers 8143, Institute for the Study of Labor (IZA).
  7. Guertzgen, Nicole, 2009. "Wage insurance within German firms: do institutions matter?," ZEW Discussion Papers 09-043, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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