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Downward Wage Rigidities in Slovakia

  • Pavel Gertler

    ()

    (Research Department, National Bank of Slovakia)

  • Matus Senaj

    ()

    (Research Department, National Bank of Slovakia)

The concept of wage flexibility is especially important for economic policies after the Slovak euro adoption. The aim of this study is to assess the extent of wage rigidities in Slovakia. We first reproduce Holden and Wulfsberg (2007) approach with data on industrial level drawn from recent decade and we include both old and new EU Member States countries. In case of Slovakia, however it is difficult to interpret results obtained from sectoral data, since too few negative observations are present in the sample. We therefore turn to micro-approach and apply slightly modified methodology on the company level data. The estimated extent of both nominal and real rigidity is relatively small. Conclusion that hourly compensations are rather flexible supports the decision of euro adoption in 2009.

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Paper provided by Research Department, National Bank of Slovakia in its series Working and Discussion Papers with number WP 7/2008.

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Length: 27 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published in AUCO Czech Economic Review, 2010, no. 1 pp. 79-101.
Handle: RePEc:svk:wpaper:1003
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  1. Jan Babecký, 2008. "Aggregate Wage Flexibility in New EU Member States," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 2(2), pages 123-145, September.
  2. Michael J. Artis & Jarko Fidrmuc & Johann Scharler, 2008. "The transmission of business cycles," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(3), pages 559-582, 07.
  3. Knoppik, Christoph & Beissinger, Thomas, 2005. "Downward Nominal Wage Rigidity in Europe: An Analysis of European Micro Data from the ECHP 1994-2001," IZA Discussion Papers 1492, Institute for the Study of Labor (IZA).
  4. Louis N. Christofides & Man Tuen Leung, 2003. "Nominal Wage Rigidity in Contract Data: A Parametric Approach," Economica, London School of Economics and Political Science, vol. 70(280), pages 619-638, November.
  5. Elsby, Michael W.L., 2009. "Evaluating the economic significance of downward nominal wage rigidity," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 154-169, March.
  6. Thomas Bauer & Holger Bonin & Lorenz Goette & Uwe Sunde, 2007. "Real and Nominal Wage Rigidities and the Rate of Inflation: Evidence from West German Micro Data," Economic Journal, Royal Economic Society, vol. 117(524), pages F508-F529, November.
  7. William T. Dickens & Lorenz Goette & Erica L. Groshen & Steinar Holden & Julian Messina & Mark E. Schweitzer & Jarkko Turunen & Melanie E. Ward, 2007. "How Wages Change: Micro Evidence from the International Wage Flexibility Project," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 195-214, Spring.
  8. Holden, Steinar & Wulfsberg, Fredrik, 2009. "How strong is the macroeconomic case for downward real wage rigidity?," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 605-615, May.
  9. Holden, Steinar & Wulfsberg, Fredrik, 2007. "Downward nominal wage rigidity in the OECD," Working Paper Series 0777, European Central Bank.
  10. Brzoza-Brzezina, Michal & Socha, Jacek, 2006. "Downward nominal wage rigidity in Poland," MPRA Paper 843, University Library of Munich, Germany, revised Nov 2006.
  11. Rodriguez-Palenzuela, Diego & Camba-Méndez, Gonzalo & García, Juan Angel, 2003. "Relevant economic issues concerning the optimal rate of inflation," Working Paper Series 0278, European Central Bank.
  12. Stephen Nickell & Glenda Quintini, 2001. "Nominal Wage Rigidity and the Rate of Inflation," CEP Discussion Papers dp0489, Centre for Economic Performance, LSE.
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  14. Tobin, James, 1972. "Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(1), pages 1-18, March.
  15. Steinar Holden & Fredrik Wulfsberg, 2004. "Downward Nominal Wage Rigidity in Europe (new title: The costs of price stability - downward nominal wage rigidity in Europe)," CESifo Working Paper Series 1177, CESifo Group Munich.
  16. Lebow David E & Saks Raven E & Wilson Beth Anne, 2003. "Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index," The B.E. Journal of Macroeconomics, De Gruyter, vol. 3(1), pages 1-30, October.
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