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Price, Wage and Employment Response to Shocks
其他書名
Evidence from the WDN Survey
出版Banco de España, 2010
ISBN99494048789789949404872
URLhttp://books.google.com.hk/books?id=qI2H0AEACAAJ&hl=&source=gbs_api
註釋This paper analyses information from survey data collected in the framework of the Eurosystem's Wage Dynamics Network (WDN) on patterns of firm-level adjustment to shocks. We document that the relative intensity and the character of price vs. cost and wage vs. employment adjustments in response to cost-push shocks depend - in theoretically sensible ways - on the intensity of competition in firms' product markets, on the importance of collective wage bargaining and on other structural and institutional features of firms and of their environment. Focusing on the pass-through of cost shocks to prices, our results suggest that the pass-through is lower in highly competitive firms. Furthermore, a high degree of employment protection and collective wage agreements tend to make this pass through stronger. [Resumen de autor]