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Price and quantity adjustments in the Austrian labour market

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Author Info

  • Helmut Hofer
  • Karl Pichelmann
  • Andreas-Ulrich Schuh

Abstract

Austria is among the very few countries in the European Union which have managed to maintain comparatively low unemployment rates and high employment rates. This study looks at the price and quantity adjustment mechanisms in the Austrian labour market which may have contributed to this favourable outcome. After reviewing briefly the basic theoretical reasoning an empirical investigation is began into gross flow dynamics in the labour market and the cyclical volatility of employment and unemployment in Austria. In international comparison Austrian unemployment is very stable over the business cycle. This is due mainly to the high sensitivity of the labour force on cyclical conditions and, partly, also on the relatively weak responsiveness of employment to cyclical fluctuations in output, the latter being possibly attributable to the high degree of real wage flexibility in Austria. The study proceeds to show that the long-run elasticity of wages with respect to unemployment is indeed quite high in Austria. However, evidence was also found for outsider effects in the Austrian wage setting process. Relative wage structures, on the other hand, appear to be rather rigid.

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Bibliographic Info

Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 33 (2001)
Issue (Month): 5 ()
Pages: 581-592

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Handle: RePEc:taf:applec:v:33:y:2001:i:5:p:581-592

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Cited by:
  1. Del Bono, Emilia & Weber, Andrea, 2006. "Do Wages Compensate for Anticipated Working Time Restrictions? Evidence from Seasonal Employment in Austria," IZA Discussion Papers 2242, Institute for the Study of Labor (IZA).
  2. Stiglbauer, Alfred M. & Stahl, Florian & Winter-Ebmer, Rudolf & Zweimüller, Josef, 2002. "Job Creation and Job Destruction in a Regulated Labor Market: The Case of Austria," IZA Discussion Papers 546, Institute for the Study of Labor (IZA).
  3. Marin, Dalia, 2010. "The Opening Up of Eastern Europe at 20-Jobs, Skills, and ‘Reverse Maquiladoras’ in Austria and Germany," Discussion Papers in Economics 11435, University of Munich, Department of Economics.
  4. Helmut Hofer & Peter Huber, 2003. "Wage and Mobility Effects of Trade and Migration on the Austrian Labour Market," Empirica, Springer, vol. 30(2), pages 107-125, June.
  5. Jiří Večerník, 2001. "Earnings disparities in the czech republic: evidence of the past decade and cross-national comparison," Prague Economic Papers, University of Economics, Prague, vol. 2001(3).
  6. Wolfgang Pollan, . "Estimating the Economic Effects of Immigration in a Not Strictly Segmented Labor Market. The Case of Germany and Austria," WIFO Working Papers 119, WIFO.
  7. Marin, Dalia, 2004. "A Nation of Poets and Thinkers - Less so with Eastern Enlargement? Austria and Germany," CEPR Discussion Papers 4358, C.E.P.R. Discussion Papers.
  8. Andreas Kuhn, 2010. "Demand for redistribution, support for the welfare state, and party identification in Austria," Empirica, Springer, vol. 37(2), pages 215-236, May.
  9. Marin, Dalia, 2004. "‘A Nation of Poets and Thinkers’ - Less So with Eastern Enlargement? Austria and Germany," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 77, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  10. Hofer, Helmut & Weber, Andrea, 2001. "Wage Mobility in Austria 1986-1996," Economics Series 108, Institute for Advanced Studies.
  11. Andreas Kuhn, 2009. "Demand for Redistribution, Support for the Welfare State, and Party Identification in Austria," IEW - Working Papers 440, Institute for Empirical Research in Economics - University of Zurich.
  12. Andreas Kuhn, 2009. "Demand for Redistribution, Support for the Welfare State, and Party Identification in Austria," NRN working papers 2009-17, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
  13. Smirnych, Larissa & Woergoetter, Andreas, 2000. "Einkommen, Geschlecht und Arbeitsplatzwechsel in Russland 1998. Earnings, Gender, and Mobility in the RF 1995-1998," Transition Economics Series 15, Institute for Advanced Studies.

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