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Price and Quantity Adjustments in the Austrian Labour Markets

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Author Info

  • Hofer, Helmut

    (Department of Economics, Institute for Advanced Studies, Vienna)

  • Pichelmann, Karl

    (Department of Economics, Institute for Advanced Studies, Vienna)

  • Schuh, Andreas-Ulrich

    (Ministry of Finance, Vienna)

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. In international comparison Austrian unemployment is very stable over the business cycle. This is mainly due 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. However, we also found evidence for outsider effects in the Austrian wage setting process stemming from the increased share of long term unemployed, which plausibly reflect human capital effects on reemployment possibilities for persons being unemployed for extended periods of time. Relative wage structures, on the other hand, appear to be rather rigid.

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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 57.

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Length: 22 pages
Date of creation: Sep 1998
Date of revision:
Handle: RePEc:ihs:ihsesp:57

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Related research

Keywords: Austrian labour market; Real wage flexibility in Austria; Labour market dynamics; Relative wage structures;

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Cited by:
  1. repec:ese:iserwp:2006-37 is not listed on IDEAS
  2. Stahl, Florian & Stiglbauer, Alfred M. & Winter-Ebmer, Rudolf & Zweimüller, Josef, 2002. "Job Creation and Job Destruction in a Regulated Labour Market: The Case of Austria," CEPR Discussion Papers 3497, C.E.P.R. Discussion Papers.
  3. Emilia Del Bono & Andrea Weber, 2008. "Do Wages Compensate for Anticipated Working Time Restrictions? Evidence from Seasonal Employment in Austria," Journal of Labor Economics, University of Chicago Press, vol. 26, pages 181-221.
  4. Hofer, Helmut & Huber, Peter, 2001. "Wage and Mobility Effects of Trade and Migration on the Austrian Labour Market," Economics Series 97, Institute for Advanced Studies.
  5. 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.
  6. 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.
  7. Hofer, Helmut & Weber, Andrea, 2001. "Wage Mobility in Austria 1986-1996," Economics Series 108, Institute for Advanced Studies.
  8. 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.
  9. repec:onb:oenbwp:y::i:78:b:1 is not listed on IDEAS
  10. 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.
  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. 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.
  13. 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).
  14. Marin, Dalia, 2004. "'A Nation of Poets and Thinkers' - Less So with Eastern Enlargement? Austria and Germany," Discussion Papers in Economics 329, University of Munich, Department of Economics.
  15. 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.

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