Aggregate Wage Flexibility in New EU Member States
Abstract
A fixed exchange rate regime eliminates one degree of freedom in absorbing macroeconomic shocks. Therefore, there is a call for higher labor market flexibility in countries which are members of the monetary union or those which intend to join the monetary union. Focusing on the cross-country analysis of labor markets in the enlarged European Union, this paper aims to assess empirically the role of aggregate wages as a correction mechanism for dealing with economic disturbances. We apply classical time series/panel, state-space and cointegration techniques to determine the extent to which aggregate wages can accommodate shocks in the economy.Download Info
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Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal AUCO Czech Economic Review.
Volume (Year): 2 (2008)
Issue (Month): 2 (September)
Pages: 123-145
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Related research
Keywords: ERM-II; euro adoption; labor market; wage flexibility;Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Zuzana Brixiova & Balazs Egert, 2012.
"Labour Market Reforms And Outcomes In Estonia,"
William Davidson Institute Working Papers Series
wp1027, William Davidson Institute at the University of Michigan.
- Zuzana Brixiova & Bal�zs �gert, 2012. "Labour Market Reforms and Outcomes in Estonia," Comparative Economic Studies, Palgrave Macmillan, vol. 54(1), pages 103-120, March.
- Zuzana Brixiova & Balázs Égert, 2012. "Labour Market Reforms and Outcomes in Estonia," EconomiX Working Papers 2012-16, University of Paris West - Nanterre la Défense, EconomiX.
- Brixiova, Zuzana & Égert, Balázs, 2012. "Labour Market Reforms and Outcomes in Estonia," IZA Discussion Papers 6336, Institute for the Study of Labor (IZA).
- Zuzana Brixiova & Balazs Egert, 2012. "Labour Market Reforms and Outcomes in Estonia," CESifo Working Paper Series 3756, CESifo Group Munich.
- Pavel Gertler & Matúš Senaj, 2010.
"Downward Wage Rigidities in Slovakia,"
Czech Economic Review,
Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 4(1), pages 079-101, March.
- Pavel Gertler & Matus Senaj, 2008. "Downward Wage Rigidities in Slovakia," Working and Discussion Papers WP 7/2008, Research Department, National Bank of Slovakia.
- Zuzana Brixiova, 2009.
"Labour Market Flexibility In Estonia: What More Can Be Done?,"
William Davidson Institute Working Papers Series
wp964, William Davidson Institute at the University of Michigan.
- Zuzana Brixiova, 2009. "Labour Market Flexibility in Estonia: What more Can be Done?," OECD Economics Department Working Papers 697, OECD Publishing.
- Jan Babecky & Kamil Dybczak & Kamil Galuscak, 2008. "Survey on Wage and Price Formation of Czech Firms," Working Papers 2008/12, Czech National Bank, Research Department.
- Mihai Rebiga, 2010. "Is Romania Ready for Adopting Euro?," Studies and Scientific Researches - Economic Edition, University "Vasile Alecsandri" of Bacau, Faculty of Economic Sciences, issue 15.
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