The wage curve before and during the Greek economic crisis

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• 作者：Joan Daouli ; Michael Demoussis ; Nicholas Giannakopoulos…
• 关键词：Wage curve ; Regional unemployment ; Reforms ; Crisis ; Greece
• 刊名：Empirical Economics
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：52
• 期：1
• 页码：59-77
• 全文大小：
• 刊物主题：Econometrics; Statistics for Business/Economics/Mathematical Finance/Insurance; Economic Theory/Quantitative Economics/Mathematical Methods;
• 出版者：Springer Berlin Heidelberg
• ISSN：1435-8921
• 卷排序：52

文摘

Using cross-sectional data from the Labour Force Survey, we investigate whether a wage curve, i.e. a negative relationship between real wages and regional unemployment, could be estimated in the Greek labour market and in the period 1999–2014. Adopting individual static and regional dynamic specifications, our results do not support the existence of such a relationship despite the extensive macroeconomic adjustment of real wages after 2009. However, allowing for period-specific heterogeneous slopes, we find that a negative relationship between wages and regional unemployment emerged in the period 2010Q2–2011Q4 which however was short-lived. This relationship appears to be exclusively due to the restructuring of the collective bargaining regime and the reduction in the national minimum wages, both of which were implemented in the private sector.