Shocks And Labour Cost Adjustment

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Shocks And Labour Cost Adjustment

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Author :
language : en
Publisher:
Release Date : 2019

Shocks And Labour Cost Adjustment written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

We use firm-level survey data from 25 EU countries to analyse how firms adjust their labour costs (employment, wages and hours) in response to shocks. We develop a theoretical model to understand how firms choose between different ways to adjust their labour costs. The basic intuition is that firms choose the cheapest way to adjust labour costs. Our empirical findings are in line with the theoretical model and show that the pattern of adjustment is not much affected by the type of the shock (demand shock, access-to-finance shock, 'availability of supplies' shock), but differs according to the direction of the shock (positive or negative), its size and persistence. In 2010-13, firms responding to negative shocks were most likely to reduce employment, then hourly wages and then hours worked, regardless of the source of the shock. Results for the 2008-09 period indicate that the ranking might change during deep recession as the likelihood of wage cuts increases. In response to positive shocks in 2010-13, firms were more likely to increase wages, followed by increases in employment and then hours worked suggesting an asymmetric reaction to positive and negative shocks. Finally, we show that strict employment protection legislation and high centralisation or coordination of wage bargaining make it less likely that firms reduce wages when facing negative shocks.

Price Wage And Employment Response To Shocks Evidence From The Wdn Survey

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Author : Giuseppe Bertola
language : en
Publisher:
Release Date : 2010

Price Wage And Employment Response To Shocks Evidence From The Wdn Survey written by Giuseppe Bertola and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

The Anatomy Of Labor Cost Adjustment To Demand Shocks

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Author : Francesco D'Amuri
language : en
Publisher:
Release Date : 2023

The Anatomy Of Labor Cost Adjustment To Demand Shocks written by Francesco D'Amuri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.

The Margins Of Labor Cost Adjustment

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Author : Jan Babecky
language : en
Publisher:
Release Date : 2009

The Margins Of Labor Cost Adjustment written by Jan Babecky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

Evaluation Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions

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Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1994

Evaluation Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.

Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions Costs

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Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1993

Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions Costs written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.

A Model Of Labour Demand With Linear Adjustment Costs

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Author : Samuel Bentolila
language : en
Publisher:
Release Date : 1992

A Model Of Labour Demand With Linear Adjustment Costs written by Samuel Bentolila and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Adjustment costs categories.

Labor Demand And The Structure Of Adjustment Costs

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Author : Daniel S. Hamermesh
language : en
Publisher:
Release Date : 1988

Labor Demand And The Structure Of Adjustment Costs written by Daniel S. Hamermesh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Labor costs categories.

This study examines the nature of the costs that firms face in adjusting labor demand in response to shocks induced by changes in output demand and prices. Empirical work on monthly plant-level time-series data shows that adjustment proceeds in jumps. Employment is unchanged in response to small demand shocks, but moves instantaneously to a new long-run equilibrium if the shocks are large. Results in the large literature that assumes smooth adjustment are due to aggregation of this inherently nonlinear relation over subunits experiencing different shocks. The finding has implications for cyclical changes in productivity and for examining the effects of policies such as severance pay, layoff and plant-closing restrictions, and mandatory listing of job vacancies, all of which change the cost of adjusting employment

Labour Market Flexibility And External Price Shocks

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Author : Friedrich Klau
language : en
Publisher: Paris, France : OECD
Release Date : 1985

Labour Market Flexibility And External Price Shocks written by Friedrich Klau and has been published by Paris, France : OECD this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Employment (Economic theory) categories.

The Economics Of Labor Adjustment

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Author : Russell W. Cooper
language : en
Publisher:
Release Date : 2001

The Economics Of Labor Adjustment written by Russell W. Cooper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economics categories.

We study the inferences about labor adjustment costs obtained by the 'gap methodology' of Caballero and Engel [1993] and Caballero, Engel and Haltiwanger [1997]. In that approach, the policy function of a manufacturing plant is assumed to depend on the gap between a target and the current level of employment. Using time series observations, these studies reject the quadratic cost of adjustment model and find that aggregate employment dynamics depend on the cross sectional distribution of employment gaps. We argue that these conclusions may not be justified. Instead these findings may reflect difficulties measuring the gap. Thus it appears that the gap methodology, as currently employed, may be unable to: (i) identify the costs of labor adjustment and (ii) assess the aggregate implications of labor adjustment costs.