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Has Accession to the EU and Monetary Union Changed Austria's Labor Market? State of Play and Need for Action

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Abstract

Amid increasing internationalization, the domestic labor market had undergone fundamental changes even before Austria joined the EU. In the ten years since, total employment has virtually risen as fast as in the decade before accession, while the increase in dependent employment has been more moderate. Total, long-term and youth unemployment has continued to be low by international standards. Modest growth of wages and unit labor costs has promoted price stability and reinforced Austria's competitiveness. Growth of real wages, however, has slowed down. Many structural problems on the domestic labor market were already in sight at the time of accession. Austria may yet better utilize its unused potential in the employment of women and, in particular, of older people.

Suggested Citation

  • Alfred Stiglbauer, 2005. "Has Accession to the EU and Monetary Union Changed Austria's Labor Market? State of Play and Need for Action," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 152-169.
    • Handle: RePEc:onb:oenbmp:y:2005:i:2:b:11
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    1. Gomez-Salvador, Ramon & Messina, Julian & Vallanti, Giovanna, 2004. "Gross job flows and institutions in Europe," Labour Economics, Elsevier, vol. 11(4), pages 469-485, August.
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    Cited by:

    1. Christian Ragacs & Lukas Reiss, 2021. "Austria’s labor market during the COVID-19 crisis," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/21, pages 59-78.

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