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Minimum wages and their role for euro area wage growth

Author

Listed:
  • Koester, Gerrit
  • Wittekopf, David

Abstract

Minimum wages are prevalent in many euro area countries. Since 2008 minimum wages in the euro area have tended, on average, to grow at a similar pace to wages and salaries per employee. However, minimum wage growth can also significantly deviate from growth in wages and salaries in some years. Minimum wages are expected to grow at a substantially stronger pace than wages and salaries in many euro area countries in 2022 and 2023 – leading to a stronger than usual upward impact of minimum wages on euro area wage growth while the absolute direct mechanical impact on wage growth in the euro area is likely to remain contained. JEL Classification: E24, J3, E31

Suggested Citation

  • Koester, Gerrit & Wittekopf, David, 2022. "Minimum wages and their role for euro area wage growth," Economic Bulletin Boxes, European Central Bank, vol. 3.
    • Handle: RePEc:ecb:ecbbox:2022:0003:4
    Note: 3015628
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2022/html/ecb.ebbox202203_04~dd90d8dbde.en.html
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    Citations

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    Cited by:

    1. Lübker, Malte & Janssen, Thilo, 2022. "WSI European Collecitve Bargaining Report 2021/2022: Collective bargaining in times of crisis, war, and inflation," WSI Reports 77e, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.

    More about this item

    Keywords

    inflation; Minimum wages; wage growth;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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