The role of institutions in explaining wage determination in the Eurozone: a panel cointegration approach
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Organización Internacional del Trabajo (OIT)
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| Natura: | Artículo científico |
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International Labour Organization
2016
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| _version_ | 1874525273538428928 |
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| author | Mariam Camarero Gaetano D’Adamo Cecilio Tamarit |
| author_facet | Mariam Camarero Gaetano D’Adamo Cecilio Tamarit Mariam Camarero Gaetano D’Adamo Cecilio Tamarit |
| contents | The role of institutions in explaining wage determination in the Eurozone: a panel cointegration approach Mariam Camarero Gaetano D’Adamo Cecilio Tamarit This article estimates the equilibrium wage equation for the Eurozone over the period 1995–2011 using panel cointegration techniques that allow for cross‐section dependence and structural breaks. As expected, the results show that wages have a positive relationship with productivity and a negative relationship with unemployment. The authors also include institutional variables, showing that more flexible labour markets are consistent with wage moderation. They find that, since 2004, increased international competition has made wage determination more strictly related to productivity, and that real exchange rate appreciation triggers a drop in wages. Their results also indicate that government intervention and wage bargaining concertation have a wage‐moderating role. 10.1111/ilr.12004 DOI https://doi.org/10.1111/ilr.12004 publication.journalArticle |
| format | Artículo científico |
| id | ilo_995219331402676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2016 |
| publisher | International Labour Organization |
| spellingShingle | The role of institutions in explaining wage determination in the Eurozone: a panel cointegration approach Mariam Camarero Gaetano D’Adamo Cecilio Tamarit The role of institutions in explaining wage determination in the Eurozone: a panel cointegration approach Mariam Camarero Gaetano D’Adamo Cecilio Tamarit This article estimates the equilibrium wage equation for the Eurozone over the period 1995–2011 using panel cointegration techniques that allow for cross‐section dependence and structural breaks. As expected, the results show that wages have a positive relationship with productivity and a negative relationship with unemployment. The authors also include institutional variables, showing that more flexible labour markets are consistent with wage moderation. They find that, since 2004, increased international competition has made wage determination more strictly related to productivity, and that real exchange rate appreciation triggers a drop in wages. Their results also indicate that government intervention and wage bargaining concertation have a wage‐moderating role. 10.1111/ilr.12004 DOI https://doi.org/10.1111/ilr.12004 publication.journalArticle |
| title | The role of institutions in explaining wage determination in the Eurozone: a panel cointegration approach |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/The-role-of-institutions-in-explaining/995219331402676 |