Price and wage setting in Portugal: learning by asking
AbstractThis 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
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 1314.
Date of creation: Apr 2011
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Other versions of this item:
- Fernando Martins, 2011. "Price and wage setting in Portugal learning by asking," Working Papers w201109, Banco de Portugal, Economics and Research Department.
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-04-16 (All new papers)
- NEP-CBA-2011-04-16 (Central Banking)
- NEP-HME-2011-04-16 (Heterodox Microeconomics)
- NEP-LAB-2011-04-16 (Labour Economics)
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