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Comparisons and contrasts of the impact of the crisis on euro area labour markets

Listed author(s):
  • Ad hoc team of the European System of Central Banks
  • Anderton, Robert
  • Jarvis, Valerie
  • Szörfi, Béla
  • Périnet, Mathilde
  • Petroulas, Pavlos
  • Bonthuis, Boele
  • Beck Nelleman, Peter
  • Conefrey, Thomas
  • Soosaar, Orsolya
  • Nicolitsas, Daphne
  • Izquierdo, Mario
  • Verdugo, Gregory
  • Tommasino, Pietro
  • Zizza, Roberta
  • Guarda, Paolo
  • Veiga, Cindy
  • Stiglbauer, Alfred
  • Maria, José R.
  • Micuch, Marek

The global financial and economic crisis – including two euro area recessions in 2008-2009 and 2011-2013 – has had a heavy impact on euro area labour markets. A notable feature throughout the crisis has been the considerable degree of cross-country heterogeneity of labour market adjustments – with some economies emerging relatively unscathed, while others have seen steep and persisting increases in unemployment. This paper analyses the impacts of the crisis on euro area labour markets, paying particular attention to the differential impact of the two euro area recessions of the crisis and the interplay of sectoral and institutional features driving labour market outcomes. Despite ongoing structural reforms in some euro area countries, progress has been partial and uneven across the euro area. Further reductions in labour market rigidities are necessary to increase and accelerate the adjustment capacity of euro area labour markets and help reduce the current high levels of structural unemployment. JEL Classification: E24, J08, J21, J23, J24, J30, J61, J63, J64

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Paper provided by European Central Bank in its series Occasional Paper Series with number 159.

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Date of creation: Feb 2015
Handle: RePEc:ecb:ecbops:2015159
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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
  2. Bellou, Andriana & Kaymak, Barış, 2012. "Wages, implicit contracts, and the business cycle: Evidence from a European panel," Labour Economics, Elsevier, vol. 19(6), pages 898-907.
  3. Philip Du Caju & Erwan Gautier & Daphne Momferatu & Melanie Ward-Warmedinger, 2009. "Institutional Features of Wage Bargaining in 23 European Countries, the US and Japan," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 12(2), pages 57-108, Winter.
  4. Anger, Silke, 2011. "The Cyclicality of Effective Wages within Employer–Employee Matches in a Rigid Labor Market," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 786-797.
  5. Pedro S. Martins, 2007. "Heterogeneity In Real Wage Cyclicality," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(5), pages 684-698, November.
  6. Fei Peng & W. Stanley Siebert, 2008. "Real Wage Cyclicality in Italy," LABOUR, CEIS, vol. 22(4), pages 569-591, December.
  7. Andrea Bassanini & Romain Duval, 2006. "The Determinants of Unemployment across OECD Countries," Post-Print halshs-00120584, HAL.
  8. Vanhala, Juuso & Bonthuis, Boele & Jarvis, Valerie, 2013. "What’s going on behind the euro area Beveridge curve(s)?," Working Paper Series 1586, European Central Bank.
  9. Anderton, Robert & Aranki, Ted & Bonthuis, Boele & Jarvis, Valerie, 2014. "Disaggregating Okun's law: decomposing the impact of the expenditure components of GDP on euro area unemployment," Working Paper Series 1747, European Central Bank.
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