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Labor market power in Spain

Author

Listed:
  • José Azar

    (University of Navarra)

  • Javier Sanz-Espín

    (Toulouse School of Management and University of Navarra)

Abstract

This paper provides a comprehensive analysis of labor market power in Spain, focusing on the period from 1997 to 2021. Using detailed firm-level data from the Central de Balances Integrada (CBI) of the Bank of Spain, we estimate markdowns—a direct measure of labor market power—across various sectors, firm sizes, and regions. Our findings show that there was a notable decline in markdowns following the 2008 financial crisis. However, this trend has partially reversed in recent years, suggesting a resurgence of labor market power, particularly among larger firms. We find that firms with a higher proportion of temporary workers or female workers tend to have higher markdowns.

Suggested Citation

  • José Azar & Javier Sanz-Espín, 2025. "Labor market power in Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 16(2), pages 233-256, June.
    • Handle: RePEc:spr:series:v:16:y:2025:i:2:d:10.1007_s13209-025-00307-y
    DOI: 10.1007/s13209-025-00307-y
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    JEL classification:

    • J42 - Labor and Demographic Economics - - Particular Labor Markets - - - Monopsony; Segmented Labor Markets
    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation

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