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  • Articles  (64)
  • J24
  • J31
  • Educación
  • Frankfurt a. M.: European Central Bank (ECB)  (49)
  • La Paz: Institute for Advanced Development Studies (INESAD)
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  • Articles  (64)
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  • 1
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2019-12-06
    Description: We investigate the relationship between hours per worker and employment polarisation. Our core question is whether hours per worker follow the same polarisation patterns as previously observed for employment, measured by either heads or total hours. Using the occupational task index measures of Acemoglu and Autor (2011), we find large relative declines in hours per worker in routine manual jobs − precisely the occupations most negatively affected by employment polarisation from routine-biased technical change. We also find a lower relative decline in hours per worker for non-routine cognitive analytical jobs, which are growing through polarisation. At the same time, hours per worker declined significantly more than the trend for non-routine manual physical occupations. Instead of a polarisation pattern, we find that hours per worker have been declining more in manual jobs (routine manual and non-routine manual physical). These patterns are observed across age, gender and education groups, with few exceptions and changes in intensity. The decline in hours per worker occurred mostly within sectors. Using a wage ranking of occupations instead of occupational task indices, the decline in hours per worker is monotonically related to wages. The results are specific to the European countries and the same patterns are not found using data for the United States.
    Keywords: J23 ; J24 ; O33 ; ddc:330 ; job polarisation ; hours per worker ; routine-biased technical change
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
    Publication Date: 2019-12-06
    Description: Macroeconomic studies suggest that employment-output elasticities in the euro area increased during the recovery from the crisis, especially in those countries that implemented reforms. In this paper, we use micro (individual-level) data from the Eurostat Labour Force Survey to investigate whether a similar change can be found at the micro level. We estimate the probabilities of worker flows across employment and unemployment in euro area countries during the period 2000-2015 in response to GDP growth, structural reforms and individual socio-demographic characteristics. We find evidence of a higher responsiveness of individual worker flows to output changes after the crisis, particularly for a group of countries which implemented significant reforms during the crisis. Indicators of labour and product market rigidities provide a statistically significant direct indication that such increased responsiveness may be explained by reforms. Finally, our results are not only driven by workers hired on temporary contracts, but also apply to permanent contracts.
    Keywords: J21 ; J24 ; C25 ; K31 ; ddc:330 ; individual-level worker flows ; linear probability model ; labour market regulations ; structural reforms ; Great Recession
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2019-12-06
    Description: We examine gender differences in career progression and promotions in central banking, a stereotypical male-dominated occupation, using confidential anonymized personnel data from the European Central Bank (ECB) during the period 2003-2017. A wage gap emerges between men and women within a few years of hiring, despite broadly similar entry conditions in terms of salary levels and other observables. We also find that women are less likely to be promoted to a higher salary band up until 2010 when the ECB issued a public statement supporting diversity and took several measures to support gender balance. Following this change, the promotion gap disappears. The gender promotion gap prior to this policy change is partly driven by the presence of children. Using 2012-2017 data on promotion applications and decisions, we explore the promotion process in depth, and confirm that during this most recent period women are as likely to be promoted as men. This results from a lower probability of women to apply for promotion, combined with a higher probability of women to be selected conditional on having applied. Following promotion, women perform better in terms of salary progression, suggesting that the higher probability to be selected is based on merit, not positive discrimination.
    Keywords: J16 ; J31 ; J41 ; J63 ; ddc:330 ; gender gaps ; working histories ; promotions ; central banking
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    Publication Date: 2019-12-06
    Description: We identify the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, we exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms. Using bank-firm credit exposures that we match with a census of all Portuguese employees, we show that firms in a relationship with affected banks borrow less and reduce employment mostly of high-skilled workers. High-skilled workers are more likely to exit and less likely to join affected firms. Overall, credit market frictions might have long lasting effects on firm productivity and growth through firm accumulation of human capital.
    Keywords: G21 ; J21 ; J24 ; ddc:330 ; Credit Frictions ; Employment ; Skills ; Wages
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2018-06-02
    Description: We study the transmission channels for rises in the minimum wage using a unique firm-level dataset from eight Central and Eastern European countries. Representative samples of firms in each country were asked to evaluate the relevance of a wide range of adjustment channels following specific instances of rises in the minimum wage during the recent post-crisis period. The paper adds to the rest of literature by presenting the reactions of firms as a combination of strategies, and evaluates the relative importance of those strategies. Our findings suggest that the most popular adjustment channels are cuts in non- labour costs, rises in product prices, and improvements in productivity. Cuts in employment are less popular and occur mostly through reduced hiring rather than direct layoffs. Our study also provides evidence of potential spillover effects that rises in the minimum wage can have on firms without minimum wage workers.
    Keywords: D22 ; E23 ; J31 ; ddc:330 ; minimum wage ; adjustment channels ; firm survey
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2018-11-02
    Description: This paper assesses the relative importance of perceived obstacles to hiring workers on a permanent basis faced by EU firms and studies how they depend on firm's characteristics. Findings suggest that the main obstacles to hiring in Europe are high uncertainty, shortage of skilled labour, high payroll taxes, high wages and the risks associated with changes to labour laws. While negative (firm-level) demand and finance shocks negatively affect firms' perceptions of obstacles to hiring, labour market structures and firms'/employees' characteristics are also found significant. In particular, our analysis shows that firms employing a higher percentage of skilled, permanent and experienced workers report fewer hiring obstacles. In contrast, firms under collective wage bargaining arrangements seem to report these obstacles more often. However, there are also some specific obstacles to hiring where this is not the case, which suggests that firm-level characteristics should also be taken into account when designing labour market policies. Finally, our analysis provides further tentative evidence on the impacts of labour market reforms, which seem to have a potential to address impediments towards employment creation in the EU.
    Keywords: D22 ; J21 ; J24 ; J63 ; ddc:330 ; labour market ; obstacles ; employment ; structural reforms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-11-19
    Description: This article analyzes the importance of firm characteristics to explain earnings in urban Bolivia. Initially I propose a new simple theoretical model of segmented labor market where, in equilibrium, individual and firm variables jointly determine earnings at the worker level. The key for achieving this equilibrium is that workers have both specific preferences and heterogonous skills provided by years of schooling, which are in turn associated to certain firms. Given the household surveys information, I estimate two alternative earnings functions from this model, one for unsalaried workers, for which there is detailed firm data and one for salaried workers, in which sector, size and formality are used as firm proxies. I find not only that firm characteristics are fundamental determinants of earnings but that regressions that include only individual characteristics present highly overestimated coefficients.
    Keywords: C26 ; J20 ; J24 ; J31 ; ddc:330 ; earnings functions ; labor market segmentation ; firm characteristics ; Bolivia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-11-19
    Description: El presente trabajo de investigación busca contextualizar la pobreza monetaria en Bolivia y, a partir de aquí, establecer la importancia de la situación laboral de los trabajadores del hogar. Las estimaciones muestran que la pobreza ha disminuido de manera importante entre 1999 y 2012; siendo más significativo -en términos agregados- el efecto crecimiento que el de redistribución. Estos cambios pueden asociarse al mejor desempeño de los ingresos laborales; una vez que éstos representan cerca del 90% de los ingresos totales del hogar. Por último, destaca también un mayor porcentaje de miembros de la familia trabajando en los hogares no-pobres comparativamente con los pobres, y una concentración relativa de los trabajadores pobres en la producción agropecuaria y los no-pobres en los servicios sociales (educación, salud, servicios comunales y otros).
    Keywords: I32 ; J21 ; J31 ; ddc:330 ; Pobreza ; Ingreso laboral ; Ocupación
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 9
    Publication Date: 2018-11-19
    Description: Las MYPES son una parte importante de la economía nacional, los microempresarios identifican a la falta de capacitación como un factor determinante para mejorar su productividad; sin embargo, cuando se les pregunta qué tipo de capacitación necesitan, no existe consenso sobre sus necesidades. El presente estudio de caso busca mostrar la situación actual de las MYPES con respecto a sus necesidades de capacitación a través de un trabajo con la FEDEMYPE Santa Cruz. Entre las principales razones del porqué no existe consenso entre las necesidades de capacitación está la gran diversidad de las MYPES y el distanciamiento entre la oferta de capacitación brindada por instituciones gubernamentales y no gubernamentales con la demanda de capacitación de las micro y pequeñas empresas. Por otro lado, también se realizó una recapitulación de los tipos de capacitación que se socializó con la FEDEMYPE con el fin de complementar estudio.
    Keywords: J24 ; J49 ; L29 ; ddc:330 ; MYPE ; microempresa ; capacitación ; pequeña empresa ; informalidad ; habilidades ; microempresarios ; emprendedores ; habilidades productivas ; habilidades administrativas ; habilidades gerenciales
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 10
    Publication Date: 2017-02-24
    Description: This paper identifies the effect of financing constraints on firms’ labor demand. We exploit exogenous funding shocks to German savings banks during the US mortgage crisis that are unrelated to local conditions. We find that firms with credit relationships with affected banks experienced a significant decline in employment and in labor compensation relative to firms whose credit relationships were with healthy banks. We also find that the employment effect increases, and the wage effect decreases with firm size. The decline in employment at firms attached to affected banks appears to be more long-lasting than the decline in labor compensation.
    Keywords: D92 ; G01 ; G21 ; J23 ; J31 ; ddc:330 ; Credit constraints ; employment ; financial crisis ; labor compensation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 11
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: For the US the supply and wages of skilled labor relative to those of unskilled labor have grown over the postwar period. The literature has tended to explain this through “skill-biased technical change”. Empirical work has concentrated around two variants: (1) Capital-skill complementarity, and (2) Skill-augmenting technical change. Our purpose is to nest and discriminate between these two explanations. We do so in the framework of 2- and 3-level CES production function where factors are disaggregated into skilled and unskilled labor, and the capital stock into structures and equipment capital. Using a 5-equation system approach and several nesting alternatives, we retrieve estimates of the elasticities of substitution and factor augmenting technical changes. Our estimations are able to produce results in line with capital skill- complementarity hypothesis. However, those results are outperformed results where the only source of the widening skill-premium has been skill augmenting technical change. We also show that the different explanations for SBTC have very different implications for future projected developments of the skill premium.
    Keywords: J01 ; J31 ; O4 ; ddc:330 ; Capital-Skill Complementarity ; Factor Substitution ; Factor- Augmenting Technical Progress ; Inequality ; Multi-level CES production function ; Projections ; Skill Premium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 12
    Publication Date: 2017-03-31
    Description: 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.
    Keywords: E24 ; J08 ; J21 ; J23 ; J24 ; J30 ; J61 ; J63 ; J64 ; ddc:330 ; employment ; Labour Demand ; Labour Force ; migration ; Skill ; Underemployment ; unemployment ; Vacancies ; wages ; Youth
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 13
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-11-19
    Description: We build a theoretical model that incorporates unionization in the labor market into a Heckscher-Ohlin-Samuelson (HOS) framework to investigate the impact of unionization on the Stolper-Samuelson Theorem. To capture the American economy case, we assume that unskilled labor in the manufactured goods sector is unionized, and that sector is intensive in skilled labor, and that trade liberalization increases the relative price of manufactured goods. In the HOS model, trade liberalization induces a reallocation of production towards the sector that uses intensively the country's most abundant factor. The resulting change in relative labor demand impacts wage bargaining in the unionized sector, which, in turn, has a dampening effect on the Stolper-Samuelson effect. Moreover, wages of unionized workers are even less responsive to trade liberalization. Through traditional mandated-wages regressions, we show that skilled-wage differentials changes were less pronounced among more unionized sectors in the U.S. economy for the 1979-1990 period.
    Keywords: F16 ; J31 ; J51 ; ddc:330 ; Stolper-Samuelson Theorem ; wage bargaining ; unionization
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
    Publication Date: 2018-11-19
    Description: This paper investigates the potential of information technologies to improve public service delivery and empower citizens in the context of two unusual randomized natural experiments occurring within one particular bureaucratic process: the renewal of a national identification card by the Bolivian Police. The first experiment arises from the random assignment of both police officers and applicants to a manual or digital renewal process, which is identical in all aspects except that the digital renewal process makes use of information technologies as part of the renewal process. The second experiment arises by the existence of technical failures within the digital renewal process, which allows police officers to change from the digital to the manual renewal process randomly across renewal day. The efficiency of public service delivery is measured in terms of both renewal success rates (which average to a strikingly low rate of 72 percent in our sample) and time-it-takes to renew an identification card. The causal effect of information technologies on public service delivery is estimated using two different identification strategies. In the first one, applicant-police officer pairs randomly assigned to each one of these two renewal processes are compared after controlling for renewal day fixed effects. In the second one, applicant-police officer pairs randomly assigned to the digital process are compared to those randomly assigned to this same process but who experienced a technical failure within the process, which allows to directly control for unobserved heterogeneity at the police officer level. We find that information technologies significantly improve the quality of public service delivery. Applicants randomly assigned to the digital renewal process are on average 12 percentage points more likely to complete the renewal process as compared to those randomly assigned to the manual one. Further, successful applicants randomly assigned to the digital process take on average 31 percent less time to complete the process as compared to those randomly assigned to the manual one. Lastly, we find that information technologies significantly lower barriers in access to national identification cards by promoting a more equitable provision across the population. We discuss several channels through which technologies might be improving efficiency and promoting equity within this particular bureaucratic process. Overall, our findings suggest that information technologies might be achieving these goals by introducing efficiencies (such as reducing administrative shortcomings and transaction costs), and limiting the exercise of discretion by police officers within the renewal process.
    Keywords: C93 ; O38 ; J24 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 15
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Knowledge is key to the success of a firm. Firms and their managers acquire knowledge via channels which are often difficult to track down and quantify. By matching employer-employee data with trade data at the firm level we show that the export experience acquired by managers in previous firms leads their current firm towards higher export performance, and commands a sizeable wage premium for the manager. Export knowledge is decisive when it is market-specific: managers with experience related to markets served by their current firm receive an even higher wage premium; firms are more likely to enter markets where their managers have experience; exporters are more likely to stay in those markets, and their sales are on average higher. Our findings are robust to controlling for endogeneity. The impact of managers’ export experience on a firm’s export performance is at least as strong as that of firm productivity.
    Keywords: M2 ; L2 ; F16 ; J31 ; J62 ; ddc:330 ; export experience ; firm trade performance ; job mobility ; managers ; wage premium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 16
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Using a unique survey database of 8265 firms from 25 transition economies, I find that lack of access to finance in general, and to bank credit in particular, is associated with significantly lower investment in on-the-job training. This effect is stronger in education-intensive industries and in industries facing good global growth opportunities. To address endogeneity issues, I use the structure of local credit markets as an instrument for credit constraints at the firm-level. In addition, in panel estimates, I control for the presence of unobserved firm-level heterogeneity, as well as for changes in macroeconomic conditions.
    Keywords: G10 ; J21 ; J24 ; M53 ; ddc:330 ; credit constraints ; human capital ; on-the-job training
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 17
    Publication Date: 2017-02-24
    Description: Projected demographic changes in industrialized countries will reduce the share of the working-age population. Analyses based on standard OLG models predict that these changes will increase the capital- labor ratio. Hence, rates of return to capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper addresses three important adjustments channels to dampen these detrimental effects of demographic change: investing abroad, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that openness has a relatively mild effect. In contrast, endogenous human capital formation in combination with an increase in the retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced by about 3 percentage points.
    Keywords: C68 ; E17 ; E25 ; J11 ; J24 ; ddc:330 ; Human capital ; open economy ; pension reform ; Population aging ; retirement age ; Welfare
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Sizable prevailing real economic disparities among countries in a currency union potentially involve costs for those countries for which the aggregate policy stance is not appropriate. This paper contributes to the literature by testing for productivity convergence among euro area countries. While no convergence can be found on the aggregate level, selected service sectors and manufacturing sub-industries indicate evidence of convergence. In a search for factors influencing productivity, investments in research and development as well as a high skill level of employees are shown to be beneficial whereas regulations constitute a burden. Consequently, euro area countries should engage in structural reforms where necessary to provide a more competitive environment, eventually facilitating economic convergence.
    Keywords: C33 ; O47 ; J24 ; L60 ; L80 ; ddc:330 ; convergence ; manufacturing and service sector ; panel unit root test ; productivity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-11-19
    Description: This paper analyzes the factors that explain earnings in levels and inequality in the urban areas of Bolivia, considering not only the usual individual characteristics (education, experience, gender, and ethnicity) but also firm characteristics. Given the information available at the firm level in the household surveys, two simple models were developed: one for independent workers (for which there is relatively detailed firm-level data), and the other for dependent workers (where firm variables were approximated by sector, size, and by the legal condition of the workers). The main econometric results show that: i) earnings regressions that include only individual variables present highly biased (overestimated) coefficients; ii) firm characteristics are fundamental factors for explaining earnings for independent workers, almost doubling R2 and explaining 45.5% of observed earnings inequality; and iii) firm proxies for dependent workers are also relevant; however, they explain wages at a lower percentage (11.8%), which may be due to non-detailed firm data and to the relatively higher importance of education for these workers. These new findings represent a contribution to the empirical literature on earnings determinants for urban Bolivia as well as to the vision of labor income and poverty problems.
    Keywords: J20 ; J23 ; J31 ; ddc:330 ; earnings (wages) ; firm characteristics ; inequality ; Bolivia ; Stadt ; Einkommen ; Bolivien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 20
    Publication Date: 2017-02-24
    Description: In the last decades, international trade has increased between industrialised countries and between high- and low-wage countries. This important change has raised questions on how international trade affects the labour market. In this spirit, this paper aims to investigate the impact of international trade on wage dispersion in a small open economy. It is one of the few to: i) use detailed matched employer-employee data to compute industry wage premia and disaggregated industry level panel data to examine the impact of changes in exports and imports on changes in wage differentials, ii) examine the impact of imports according to the country of origin. Looking at the export side, we find a positive effect of exports on the industry wage premium. The results also show that import penetration from low–income countries has a significant and negative impact on the inter-industry wage differentials, while imports from high-income countries seem to have a more ambiguous impact on the wage structure. The results suggest that trade with low-income and high-income countries has different effects on the inter-industry wage differentials.
    Keywords: F16 ; J31 ; ddc:330 ; inter-industry wage differentials ; international trade ; matched employer-employee data ; Wage Structure ; Lohnstruktur ; Branche ; Internationale Wirtschaft ; Export ; Import ; Kleine offene Volkswirtschaft ; Schätzung ; Belgien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: The time series of various economic variables often exhibit asymmetry: decreases in the values tend to be sharp and fast, whereas increases usually occur slowly and gradually. We detect signs of an analogous asymmetry in firms’ wage setting behaviour on the basis of managerial surveys, with employers tending to react faster to negative than to positive shocks in the same variables. As well as describing the presence of asymmetry in the speed of wage adjustment, we investigate which companies are more likely to demonstrate it in their behaviour. For this purpose, we apply the Heckman selection model and develop a methodology that improves identification by exploiting heteroscedasticity in the selection equation. The estimation results imply that companies operating in a more competitive environment have a higher propensity to react asymmetrically. We also find that businesses relying on labour-intensive production technology are more likely to react faster to negative shocks. Both of these findings support the hypothesis that this behaviour results from companies’ attempts to protect profit margins.
    Keywords: J30 ; J31 ; J33 ; ddc:330 ; Asymmetry ; survey ; wage dynamics ; Wage setting
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: In this paper we estimate the degree of real wage flexibility in 19 EU countries in a wage Phillips curve panel framework. We find evidence for a reaction of wage growth to unemployment and productivity growth. However, due to unemployment persistence, over time the real wage response weakens substantially. Our results suggest that the degree of real wage flexibility tends to be larger in the central and eastern European (CEE) countries than in the euro area; weaker in downturns than during upswings. Moreover, there exists an inflation threshold, below which real wage flexibility seems to decrease. Finally, we find that part of the heterogeneity in real wage flexibility and unemployment might be related to differences in the wage bargaining institutions and more specifically the extent of labour market regulation in different country groups within the EU.
    Keywords: J31 ; J38 ; P5 ; ddc:330 ; bargaining institutions ; central and eastern Europe ; euro area ; panel heterogeneity ; real wage flexibility
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 23
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper presents the main findings of a survey conducted on a sample of Portuguese firms. The main aim was to identify some relevant characteristics about the dynamics of prices and wages in Portugal. The most important conclusions are: i) changes to wages are more synchronized than changes to prices; ii) most wages are defined using inflation as a yardstick, even though there are no formal rules; iii) the wages of most workers are defined in terms of sector-related collective agreements; iv) a considerable proportion of workers receive wages above those been agreed under the collective agreement; v) firms make frequent use of other mechanisms to cut payroll costs as a way of overcoming the restrictions imposed by downward nominal wage rigidity.
    Keywords: D21 ; E30 ; J31 ; ddc:330 ; indexation ; institutions ; price rigidity ; survey data ; wage rigidity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 24
    Publication Date: 2017-02-24
    Description: This paper examines changes in the Greek wage distribution over 1995-2002 and the role of skills in these changes using a matched employer-employee data set. This data set enables us to account for firm heterogeneity and obtain a more refined picture of the impact of skills. The methodology adopted is the Machado-Mata decomposition technique, which separates the part of wage changes that is due to changes in the job/employer and employee characteristics from the part due to changes in the returns to these characteristics. Our results indicate that the role of skills has been decisive. The skill return effects in combination with the composition effects of tenure, which are arguably responsive to economic developments and market conditions, have had an important contribution to the changes in the Greek wage distribution. On the other hand, the impact of predetermined demographic changes, as those captured by the age and education composition effects, has been relatively milder.
    Keywords: J31 ; ddc:330 ; quantile regression ; Returns to skill ; Wage inequality ; Qualifikation ; Anforderungsprofil ; Arbeitsbewertung ; Lohnstruktur ; Multiple Regression ; Griechenland
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  • 25
    Publication Date: 2017-02-24
    Description: We investigate the public-private wage differentials in ten euro area countries (Austria, Belgium, France, Germany, Greece, Ireland, Italy, Portugal, Slovenia and Spain). To account for differences in employment characteristics between the two sectors, we focus on micro data taken from EU-SILC. The results point to a conditional pay differential in favour of the public sector that is generally higher for women, at the low tail of the wage distribution, in the Education and the Public administration sectors rather than in the Health sector. Notable differences emerge across countries, with Greece, Ireland, Italy, Portugal and Spain exhibiting higher public sector premia than other countries.
    Keywords: J31 ; J45 ; O52 ; ddc:330 ; public/private sector ; Wage differentials
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  • 26
    Publication Date: 2017-02-24
    Description: We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factoraugmenting technical progress coefficients. The system is estimated for US data for the 1963-2006 period. Our findings reveal that skilled and unskilled labor classes are gross substitutes, capital structures and equipment are gross complements, and aggregate capital and aggregate labor are gross complements with an elasticity of substitution close to 0.5. We discuss the implications of our findings and methodology for the analysis of the causes of the increase in the skill premium and, by implication, inequality in a growing economy.
    Keywords: E25 ; J23 ; J24 ; O40 ; ddc:330 ; Aggregation ; Factor Substitution ; Factor-Augmenting Technical Progress ; skill-premium ; Two-level CES production function
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  • 27
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-12-10
    Keywords: J20 ; J23 ; J31 ; ddc:330 ; Städtischer Arbeitsmarkt ; Lohn ; Bolivien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 28
    Publication Date: 2017-02-24
    Description: 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 passthrough 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.
    Keywords: J31 ; J38 ; P50 ; ddc:330 ; European Union ; Labour-market institutions ; survey data ; wage bargaining ; Preis ; Kosten ; Schock ; Arbeitskosten ; Preismanagement ; Wettbewerb ; Tarifverhandlungen ; Arbeitsmarktflexibilität ; Arbeitnehmerschutz ; EU-Staaten
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  • 29
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: We study changes in the wage structures in nine EU countries over 1995-2002 and the role of demand, supply and institutional developments in shaping these changes. Using comparable cross-country microeconomic data, we compute for each country and at each decile of the wage distribution, the part of the observed wage change that is due to changes in the composition of workers, employers, and jobs’ characteristics, and the part due to changes in the returns to these characteristics. We find that composition effects derived from changes in age, gender or education of the labour force, largely exogenous to economic developments, had a minor contribution to the observed wage dynamics. In contrast, return and composition effects from characteristics likely driven by economic developments are found most relevant to explain the observed changes. We relate wages and their various components with macroeconomic and institutional trends and find that technology and globalisation are associated with wage increases; migration is associated with declines in wages; whereas the effect of labour market institutions has been mixed.
    Keywords: J31 ; ddc:330 ; Quantile Regressions ; Wage Structure ; Lohnstruktur ; Lohnstruktur ; Mikrodaten ; Regressionsanalyse ; EU-Staaten
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  • 30
    Publication Date: 2017-02-24
    Description: This paper documents the existence and main patterns of inter-industry wage differentials across a large number of industries for 8 EU countries (Belgium, Germany, Greece, Hungary, Ireland, Italy, Netherlands, and Spain) at two points in time (in general 1995 and 2002) and explores possible explanations for these patterns. The analysis uses the European Structure of Earnings Survey (SES), an internationally harmonised matched employer-employee dataset, to estimate inter-industry wage differentials conditional on a rich set of employee, employer and job characteristics. After investigating the possibility that unobservable employee characteristics lie behind the conditional wage differentials, a hypothesis which cannot be accepted, the paper investigates the role of institutional, industry structure and industry performance characteristics in explaining inter-industry wage differentials. The results suggest that inter-industry wage differentials are consistent with rent sharing mechanisms and that rent sharing is more likely in industries with firm-level collective agreements and with higher collective agreement coverage.
    Keywords: J31 ; J41 ; J51 ; ddc:330 ; inter-industry wage differentials ; Rent sharing ; unobserved ability ; Sektorale Lohnstruktur ; Humankapital ; Unternehmenserfolg ; Lohnbildung ; Erfolgsbeteiligung ; EU-Staaten
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  • 31
    Publication Date: 2017-02-24
    Description: This paper presents estimates based on individual data of downward nominal and real wage rigidities for thirteen sectors in Belgium, Denmark, Spain and Portugal. Our methodology follows the approach recently developed for the International Wage Flexibility Project, whereby resistance to nominal and real wage cuts is measured through departures of observed individual wage change histograms from an estimated counterfactual wage change distribution that would have prevailed in the absence of rigidity. We evaluate the role of worker and firm characteristics in shaping wage rigidities. We also confront our estimates of wage rigidities to structural features of the labour markets studied, such as the wage bargaining level, variable pay policy and the degree of product market competition. We find that the use of firm-level collective agreements in countries with rather centralized wage formation reduces the degree of real wage rigidity. This finding suggests that some degree of decentralization within highly centralized countries allows firms to adjust wages downwards, when business conditions turn bad.
    Keywords: J31 ; ddc:330 ; wage rigidity ; wage-bargaining institutions ; Lohnrigidität ; Lohnstruktur ; Lohnbildung ; Tarifverhandlungen ; Belgien ; Dänemark ; Portugal ; Spanien
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  • 32
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks is significant and investigates what factors explain this difference. Although the explanatory value of the variables is limited, most of the explanatory power of the model being associated with the dummy variables coding for firm size, sector and country, the variables investigated provide valuable information. The importance of wage bargaining above the firm level, the automatic system of index-linking wages to past inflation, the limited use of flexible pay, the high share of low-skilled blue-collar workers, the labor intensive production process as well as the less stringent legislation with respect to the protection against dismissal are at the basis of the stronger employment reaction of Belgian firms. On the contrary, employment is safeguarded by the presence of many small firms and a wage cushion.
    Keywords: D21 ; E30 ; J31 ; ddc:330 ; Cost-push shocks ; demand shock ; indexation ; survey ; wage bargaining institutions ; wage rigidity ; Beschäftigungseffekt ; Lohnrigidität ; Produktionskosten ; Gesamtwirtschaftliche Nachfrage ; Lohnbildung ; Lohnindexierung ; Belgien ; EU-Staaten
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  • 33
    Publication Date: 2017-02-24
    Description: This paper assesses the degree of downward wage rigidity in Luxembourg using an administrative monthly data set on individual wages covering the entire economy over the period from January 2001 to January 2007. After limiting for measurement error, which would otherwise bias downwards the estimates of wage rigidity, we conclude that nearly all workers in Luxembourg are potentially subject to downward real wage rigidity. Our results are robust to different procedures to adjust for measurement error and methods for estimation of downward wage rigidity. We report relatively small differences in the frequency of nominal wage cuts across occupational groups and sectors. In addition, the observed rigidity does not seem to be driven predominantly by the absence of negative shocks. We show that the real wage rigidity is related to the automatic wage indexation, while additional factors might be necessary to explain the high degree of downward wage rigidity.
    Keywords: J31 ; ddc:330 ; downward wage rigidity ; wage indexation ; Lohnrigidität ; Lohnindexierung
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  • 34
    Publication Date: 2017-02-24
    Description: Analyzing data from the Structure of Earnings Surveys we find that wage dispersion in Austria increased marginally between 1996 and 2002. There was an increase in the returns to education which accrued only to male workers. The positive effects of tenure and especially of experience on wages decreased over time. We adopt the Machado-Mata (2005) counterfactual decomposition technique which allows to attribute changes in each wage decile to changes in worker and workplace characteristics and into changes in returns to these characteristics. Behind the small net increase in inequality we document a number of interesting gross effects that influence the wage distribution. We find that both composition effects due to gender, education and age and market-driven effects such as changes in returns and changing workplace characteristics contributed to a higher dispersion of wages.
    Keywords: J22 ; J31 ; ddc:330 ; Machado-Mata decomposition ; quantile regression ; Wage Structure ; Lohnstruktur ; Österreich
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  • 35
    Publication Date: 2017-02-24
    Description: This paper analyses the relationship between openness to trade and wages at the industry level (15 manufacturing industries) in 25 EU countries over the period from 1995 to 2005. By applying a cross-country and industry-specific approach, it is possible to control for unobserved heterogeneity at both country and industry levels. We also differentiate between intra and inter-industry trade as well as between trade from western and eastern Europe and we try to assess the relative importance of foreign wages versus domestic productivity developments in an open environment. We find that trade is not an important driver of wages, since the wage response to trade is small. Moreover, in line with the Stolper-Samuelson reasoning, imports from the west generally benefit wages in central and eastern Europe, while imports from the east rather tend to harm wages in the west. The overall wage response is still negative in some sectors, particularly in more resource-based industries. Nevertheless, increased trade reinforces the productivity-wage link and weakens the co-movement of wages particularly in the west, while at the industry level there is little evidence of such a wage-disciplining effect of trade.
    Keywords: F14 ; F15 ; F16 ; J31 ; ddc:330 ; bilateral trade ; European Integration ; industry level ; openness ; wage discipline ; Wages ; Sektorale Lohnstruktur ; Faktorpreisausgleich ; Europäische Integration ; EU-Staaten ; EU-Mitgliedschaft
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  • 36
    Publication Date: 2017-02-24
    Description: This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests that external labour market conditions are less important than internal pay structures in determining hiring pay, with internal pay structures binding even more often when there is labour market slack. When explaining their choice firms allude to fairness considerations and the need to prevent a potential negative impact on effort. Despite the lower importance of external factors in all countries there is significant cross-country variation in this respect. Cross-country differences are found to depend on institutional factors (bargaining structures); countries in which collective agreements are more prevalent and collective agreement coverage is higher report to a greater extent internal pay structures as the main determinant of hiring pay. Within-country differences are found to depend on firm and workforce characteristics; there is a strong association between the use of external factors in hiring pay, on the one hand, and skills (positive) and tenure (negative) on the other.
    Keywords: J31 ; J41 ; ddc:330 ; business cycle ; employee turnover ; internal pay structure ; newly hired workers ; survey data ; wage rigidity ; Lohnrigidität ; Lohnstruktur ; Humankapital ; Arbeitsmobilität ; EU-Staaten
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  • 37
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: In this paper a simultaneous-equations model of firm closing and wage determination is specified in order to analyse how wages adjust to unfavorable product demand shocks that raise the risk of displacement through firm closing, and to what extent an exogenous wage change affects the exit likelihood. Using a longitudinal matched worker-firm data set from Portugal, the estimation results suggest that, under the existence of noncompetitive rents, the fear of job loss leads workers to accept wage concessions, even though a compensating differential for the ex ante risk of displacement might exist. A novel result that emerges from this study is that firms with a higher incidence of minimum wage earners are more vulnerable to adverse shocks due to their inability to adjust wages downward. Indeed, minimum wage restrictions were seen to increase the failure rates.
    Keywords: J31 ; J65 ; ddc:330 ; concessions ; displacement risk ; Wages ; Kündigung ; Liquidation ; Lohn ; Schätzung
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  • 38
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Using the Albrecht et al. (2003) version of the Machado and Mata (2005) decomposition technique along the wage distribution, we find that immigrant workers do not affect changes in the Czech wage structure between 2002 and 2006 despite their substantial inflows. Instead, changes in the wage structure are explained solely by increasing returns of native workers, while changes in the observed characteristics of native workers, particularly a rising level of education, are responsible for increasing wage dispersion. The sizeable inflows of foreign workers in the sample years are concentrated among young workers with primary and tertiary education and are primarily due to rising labour demand. The negative immigrant-native wage gaps are persistent along the wage distribution and are explained mainly by differences in observed characteristics. We provide evidence on increasing returns to education of native workers along the wage distribution. The returns are higher in 2006 than in 2002, in line with the evidence in the previous literature.
    Keywords: J31 ; J21 ; ddc:330 ; immigration ; matched employer-employee data ; quantile regression ; wage gap decomposition ; Wage Structure ; Lohnstruktur ; Lohnstruktur ; Einwanderung ; Arbeitsmigranten ; Tschechien
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  • 39
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper assesses the degree of wage flexibility in Luxembourg using an administrative data set on individual base wages covering the entire economy over the period 2001-2006 with monthly frequency. We find that the wage flexibility at the discretion of the firm is rather low once we limit measurement error and remove wage changes due to institutional factors (indexation, changes in statutory minimum wage, age and marital status). The so adjusted frequency of wage change lies between 5% and 7%. On average, wages change less often than consumer prices. Less than one percent of (nominal) wages are cut both from month to month and from year to year. Due to automatic wage indexation, wages appear to be subject to substantial downward real wage rigidity. Finally, wage changes tend to be highly synchronised as they are concentrated around the events of wage indexation and the month of January.
    Keywords: J31 ; ddc:330 ; wage flexibility ; wage rigidity ; Lohnrigidität ; Indexbindung ; Luxemburg
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  • 40
    Publication Date: 2017-02-24
    Description: This paper presents new evidence on the patterns of price and wage adjustment in European firms and on the extent of nominal rigidities. It uses a unique dataset collected through a firm-level survey conducted in a broad range of countries and covering various sectors. Several conclusions are drawn from this evidence. Firms adjust wages less frequently than prices: the former tend to remain unchanged for about 15 months on average, the latter for around 10 months. The degree of price rigidity varies substantially across sectors and depends strongly on economic features, such as the intensity of competition, the exposure to foreign markets and the share of labour costs in total cost. Instead, country specificities, mostly related to the labour market institutional setting, are more relevant in characterising the pattern of wage adjustment. The latter exhibits also a substantial degree of time-dependence, as firms tend to concentrate wage changes in a specific month, mostly January in the majority of countries. Wage and price changes feed into each other at the micro level and there is a relationship between wage and price rigidity.
    Keywords: D21 ; E30 ; J31 ; ddc:330 ; indexation ; institutions ; price rigidity ; survey ; time dependent ; wage rigidity ; Preisrigidität ; Lohnrigidität ; Lohnindexierung ; Preismanagement ; Vergütungssystem ; EU-Staaten
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  • 41
    Publication Date: 2017-02-24
    Description: This paper examines whether differences in wage rigidity across sectors can be explained by differences in workforce composition, competition, technology and wage-bargaining institutions. We adopt the measure of downward real wage rigidity (DRWR) developed by Dickens and Goette (2006) and rely on a large administrative matched employer-employee dataset for Belgium over the period 1990-2002. Firstly, our results indicate that DRWR is significantly higher for white-collar workers and lower for older workers and for workers with higher earnings and bonuses. Secondly, beyond labour force composition effects, sectoral differences in DRWR are related to competition, firm size, technology and wage bargaining institutions. We find that wages are more rigid in more competitive sectors, in labour-intensive sectors, and in sectors with predominant centralised wage setting at the sector level as opposed to firm-level wage agreements.
    Keywords: J31 ; ddc:330 ; matched employer-employee data ; wage rigidity ; wage-bargaining institutions ; Lohnrigidität ; Branche ; Belgien
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  • 42
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper focuses on the euro area wage structure and its potential determinants from a sectoral viewpoint. Merging information from the OECD Structural Analysis database with data from the EU Labour Force Survey, we construct a cross-country panel of 22 industries in 8 euro area countries for 1991-2002. Data inspection confirms the existence of a fairly stable inter- industry wage structure that is similar across countries. We then apply panel data techniques to identify factors explaining inter-industry wage differentials in the euro area. Both workforce characteristics (e.g., human capital variables) and firm-related characteristics (e.g., capital intensity, productivity) contribute significantly. However, considerable wage heterogeneity across sectors remains. Idiosyncratic sector and country specifics, reflecting different sociocultural and institutional backgrounds, appear to bear a major role. While our paper only uses direct evidence from workforce and firm-related characteristics, we also try to relate the remaining heterogeneity to institutional characteristics, based on available relevant literature.
    Keywords: J31 ; J24 ; J51 ; ddc:330 ; euro area ; firm and workforce characteristics ; inter-industry wage differentials ; Labour market institutions ; panel estimation ; Sektorale Lohnstruktur ; Eurozone ; Humankapital ; Kapitalintensität ; Produktivität ; Arbeitsmarktflexibilität ; EU-Staaten
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  • 43
    Publication Date: 2017-02-24
    Description: We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms. The empirical evidence suggests that while the average size of firms in the top bin of the firm size distribution has remained unaffected by banking sector developments, it has increased with venture capital investment. We argue that this is due to the emergence of new corporate giants rather than the growth of existing ones.
    Keywords: G24 ; J24 ; L11 ; ddc:330 ; banking ; firm size ; Venture Capital ; Risikokapital ; Investmentbank ; Betriebsgrößenstruktur ; Industrie ; USA
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  • 44
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: This paper investigates inter-industry wage differentials in Belgium, taking advantage of access to a unique matched employer-employee data set covering all the years from 1999 to 2005. Findings show the existence of large wage differentials among workers with the same observed characteristics and working conditions, employed in different sectors. These differentials are persistent and no particular downward or upward trend is observed. Further results indicate that ceteris paribus, workers earn significantly higher wages when employed in more profitable firms. The time dimension of our matched employer-employee data allows us to instrument firms' profitability by its lagged value. The instrumented elasticity between wages and profits is found to be quite stable over time and varies between 0.034 and 0.043. It follows that Lester’s range of pay due to rent sharing fluctuates between about 24 and 37 percent of the mean wage. This rent-sharing phenomenon accounts for a large fraction of the industry wage differentials. We find indeed that the magnitude, dispersion and significance of industry wage differentials decreases sharply when controlling for profits.
    Keywords: D31 ; J31 ; J41 ; ddc:330 ; Industry wage differentials ; Matched employer-employee data ; Rent-sharing ; Sektorale Lohnstruktur ; Unternehmenserfolg ; Gewinn ; Schätzung ; Belgien
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  • 45
    Publication Date: 2017-02-24
    Description: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. We analyse which firm-level and institutional factors are associated with wage rigidity. Our results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insider-outsider theory). We also find that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
    Keywords: J30 ; J31 ; J32 ; C81 ; P5 ; ddc:330 ; Downward nominal wage rigidity ; Downward real wage rigidity ; European Union ; survey data ; wage indexation ; Lohnrigidität ; Lohnindexierung ; EU-Staaten
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  • 46
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: We extend the scarce evidence on labor supply in post-transition countries by estimating the wage elasticity of labor force participation in the Czech Republic. Using the household income survey data of 2002, we find that a one-percent rise in the gross wage increases the probability of working by 0.16 and 0.02 percentage points for women and men, respectively. Taking into account the tax and benefit system, these semi-elasticities fall to 0.06 for women and 0.01 for men. We interpret the difference between the estimates from the two specifications as a summary measure of the welfare system disincentives. The estimated wage elasticities lie at the lower end of the range of values reported for mature market economies. This finding is consistent with the stylized fact that the labor supply in countries with high labor force participation rates, such as in the Czech Republic, tends to be less sensitive to wages.
    Keywords: J22 ; J31 ; P30 ; ddc:330 ; Labor supply ; Transition ; welfare system ; Arbeitsangebot ; Erwerbstätigkeit ; Elastizität ; Schätzung ; Tschechien
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  • 47
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: The present System of National Accounts (SNA93) treats durable consumption goods as consumption goods rather than investment although rentals for owner occupied households is imputed into GDP. We argue that households de facto treat the purchase of durable goods as investments and thus, the treatment of durables as capital assets conceptually does not differ from the present treatment of owner occupied dwellings. This is not captured by the economic analysis based on current statistical conventions. The purpose of this paper is to estimate the effect of durable goods and ICT on euro area economic growth and productivity change; when expenditure on consumer durables is recorded as capital investment. The capitalization of consumer durables impacts both the levels and growth rates of the capital stock, productivity and GDP. Our growth accounting computations demonstrated that the capital services of durables contributed one-tenth of economic growth and one-eight of labour productivity growth in 1995-2004. ICT's impacts were larger, i.e., one-fifth of GVA growth and one-sixth of labour productivity growth.
    Keywords: E01 ; E21 ; E22 ; J24 ; O11 ; ddc:330 ; asset ; durable good ; household production ; ICT ; productivity ; technological transformation ; user cost ; Dauerhafte Konsumgüter ; Investitionsstatistik ; Nationaleinkommen ; Informationstechnik ; Produktivität ; Haushaltsproduktion ; EU-Staaten
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  • 48
    Publication Date: 2017-02-24
    Description: This paper presents information on wage bargaining institutions, collected using a standardised questionnaire. Our data provide information from 1995 and 2006, for four sectors of activity and the aggregate economy, considering 23 European countries, plus the US and Japan. Main findings include a high degree of regulation in wage setting in most countries. Although union membership is low in many countries, union coverage is high and almost all countries also have some form of national minimum wage. Most countries negotiate wages on several levels, the sectoral level still being the most dominant, with an increasingly important role for bargaining at the firm level. The average length of collective bargaining agreements is found to lie between one and three years. Most agreements are strongly driven by developments in prices and eleven countries have some form of indexation mechanism which affects wages. Cluster analysis identifies three country groupings of wage-setting institutions.
    Keywords: J31 ; J38 ; J51 ; J58 ; ddc:330 ; cluster analysis ; indexation ; institutions ; trade union membership ; wage bargaining ; Tarifverhandlungen ; Institutionelle Infrastruktur ; Lohnindexierung ; Tarifvertrag ; Dauer ; Gewerkschaftsmitgliedschaft ; EU-Staaten ; Japan ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Using individual based micro-data from the German Socio Economic Panel Study (SOEP), I analyze the cyclicality of real wages for male workers within employer-employee matches over the period 1984–2004, and compare different wage measures: the standard hourly wage rate, hourly wage earnings including overtime and bonus payments, and the effective wage, which takes into account not only paid overtime, but also unpaid working hours. None of the hourly wage measures is shown to exhibit cyclicality except for the group of salaried workers with unpaid overtime. Their effective wages react strongly to changes in unemployment in a procyclical way. Despite acyclical wage rates, salaried workers without unpaid hours but with income from extra payments, such as bonuses, experienced procyclical earnings movements. Monthly earnings were also procyclical for hourly paid workers who received overtime payments. The procyclicality of earnings revealed for Germany is of comparable size with the one in the U.S..
    Keywords: E32 ; J31 ; ddc:330 ; bonus payments ; effective wages ; firm stayers ; unpaid overtime ; Wage cyclicality ; Reallohn ; Konjunktur ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Publication Date: 2017-02-24
    Description: This paper evaluates the extent of downward nominal and real wage rigidity for different categories of workers and firms using the methodology recently developed by the International Wage Flexibility Project (Dickens and Goette, 2006). The analysis is based on an administrative data set on individual earnings, covering one-third of employees of the private sector in Belgium over the period 1990-2002. Our results show that Belgium is characterised by strong real wage rigidity and very low nominal wage rigidity, consistent with the Belgian wage formation system of full indexation. Real rigidity is stronger for white-collar workers than for blue-collar workers. Real rigidity decreases with age and wage level. Wage rigidity appears to be lower in firms experiencing downturns. Finally, smaller firms and firms with lower job quit rates appear to have more rigid wages. Our results are robust to alternative measures of rigidity.
    Keywords: J31 ; ddc:330 ; matched employer-employee data ; wage rigidity ; Lohnrigidität ; Niedriglohn ; Lohnindexierung ; Belgien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-12-11
    Description: The urban labor market in Bolivia can be divided into 4 main sectors: 1) the public sector, 2) the formal private sector, 3) self-employed informals, and 4) informal workers. Although incomes are generally higher in the public sector and in the formal private sector, there is a strong preference in Bolivia for being informally self-employed. Two thirds of both men and women in urban areas respond that they would prefer to be self-employed rather than a salaried employee, and few see any advantage of becoming formal under the current institutional set-up. Currently, half of all economically active women in urban areas are informally self-employed, while this is the case for only one third of men. This implies that women are actually closer to the desired state than men, according to their own preferences. The real problem for women is not that they are informally self-employed, but rather that the profitability of their informal enterprises is low. On average, monthly profits of female micro-entrepreneurs is about 40% lower than those of male micro-entrepreneurs. This report uses quantitative information from about 600 micro and small enterprises to break down and understand this gender gap in profitability, and the results show that almost the whole gap is due to the fact that women operate their businesses on a much smaller scale (with less productive capital and fewer employees) than men. Why do female entrepreneurs operate on a smaller scale? One partial explanation is that they do not want to grow, because the business then would loose some of the features that make a micro-business particularly attractive for women (not to depend on others, to be able to care for children simultaneously, flexible working hours, and daily revenues). More important, however, is the lack of access to capital. Micro and small businesses operated by women have only a third of the operating capital of male operated businesses. There are two main reasons for this. First, women generally have fewer opportunities to accumulate capital, both because their household and reproductive work takes time away from paid work, and because they tend to earn less than men when they do work for money. Second, they do not have access to credit on reasonable terms. Access by itself is not the problem, as there is a very active micro-credit industry in Bolivia, but the terms are so unattractive that women try to avoid it if at all possible. The interest rates are high (20-40% per year); the group-lending practices increases the risk for the borrower, as they may end up paying other group members debt also; and they are typically required to assist at compulsory training courses twice a month, which is demanding for busy women running both a business and a household. Banks offer loans at more reasonable terms, but the requirements are difficult for micro-entrepreneurs to comply with (especially proof of a monthly pay check) and the risk is large as an entire house is often put up as collateral for even a small loan. Capital and credit is not a binding constraint in all sectors, however. On average, returns to additional capital investments are estimated to be relatively high (internal rates of return of over 20%) in the food sales sector, the textile clothing sector, and the camelid clothing sector. In contrast, they are estimated to be negative for grocery stores and the transport sector, which have experienced overinvestment to the extent that the returns to both capital and labor in these two sectors have been severely depressed. Even in the sectors where returns to capital are relatively high, a doubling of productive capital would not lead to a doubling of monthly profits. In fact, estimation results show strongly diminishing returns to scale, which means that micro-enterprises have little incentive to grow. Under the current institutional setup in Bolivia, it makes more economic sense to have several identical micro-enterprises in the family rather than one larger enterprise, and this is indeed often observed in practice. This is partly due to the characteristics of the sectors (for example, several small stores can capture a larger market due to the geographical dispersion), but it is mostly due to the tax-system, which becomes very demanding, both in terms of bureaucratic procedures and in terms of tax burden, as soon as an enterprise grows past a certain threshold. Under the current institutional set up, micro-entrepreneurs perceive no benefits from becoming formal, and indeed estimation results confirm that formality would lower the monthly profits of micro-enterprises (less than 3 workers and less than $1000 in operating capital) by 30-40%. Slightly bigger firms (3-5 workers), however, may benefit from getting a NIT and thus be able to offer facturas to the clients.
    Keywords: J21 ; J24 ; J31 ; J42 ; J48 ; J78 ; ddc:330 ; Informality ; Productivity ; Gender ; Bolivia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: Composition of the euro area workforce evolves over time and in response to changing labour market conditions. We construct an estimate of growth in euro area labour quality over the period 1983-2004 and show that labour quality has grown on average by 0.6% year-on-year over this time period. Labour quality growth was significantly higher in the early 1990s than in the 1980s. This strong increase was driven by an increase in the share of those with tertiary education and workers in prime age. Growth in labour quality moderated again towards the end of the 1990’s, possibly reflecting the impact of robust employment growth resulting in the entry of workers with lower human capital. Labour quality growth has on average accounted for nearly one third of euro area labour productivity growth. The results point to a significant decline in the contribution of total factor productivity to euro area growth.
    Keywords: E24 ; J24 ; O47 ; ddc:330 ; growth accounting ; Human capital ; labour quality ; total factor productivity ; Humankapital ; Arbeitsproduktivität ; Produktivität ; Wirtschaftswachstum ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Publication Date: 2017-02-24
    Description: This paper investigates the determinants of the service sector employment share in the EU-15, for the aggregate service sector, four sub-sectors and twelve service sector branches. Recently, both Europe and the US have experienced an increase in the share of service-related jobs in total employment. Although converging in all European countries, a significant gap in the growth of service jobs in Europe relative to the US persists. Understanding the main factors behind this gap is key to achieving higher employment levels in Europe. This paper focuses on the role of barriers in the EU-15 which may have hindered its ability to absorb labour supply and therefore to adjust efficiently to the sectoral reallocation of labour. We find that a crucial role in this process has been played by the institutional framework affecting the setting up of new businesses and by the mismatch between workers’ skills and job vacancies.
    Keywords: E24 ; J21 ; J23 ; J24 ; L80 ; ddc:330 ; employment share ; Europe ; institutions in the labour and product market ; sectoral adjustment ; services ; US ; Dienstleistungssektor ; Beschäftigungseffekt ; Institutionelle Infrastruktur ; Institutioneller Wandel ; EU-Staaten ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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