Arbeitspapier
Public and private sector wages: co-movement and causality
This paper looks at public and private sector wages interactions since the 1960s in the euro area, euro area countries and a number of other OECD countries. The paper reports, first, a strong positive annual contemporaneous correlation of public and private sector wages over the business cycle; this finding is robust across methods and measures of wages and quite general across countries. Second, we show evidence of long-run relationships between public and private sector wages in all countries. Finally, causality analysis suggests that feedback effects between private and public wages occur in a direct manner and, importantly also via prices. While influences from the private sector appear on the whole to be stronger, there are direct and indirect feedback effects from public wage setting in a number of countries as well. We show how country-specific institutional features of labour and product markets contain helpful information to explain the heterogeneity across countries of our results on public/private wage leadership.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 963
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Wages, Compensation, and Labor Costs: General
Trade Unions: Objectives, Structure, and Effects
Dispute Resolution: Strikes, Arbitration, and Mediation; Collective Bargaining
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
National Government Expenditures and Related Policies: General
- Thema
-
(partly) government wages
causality
co-movement
private sector wages
Lohnniveau
Vergütungssystem im öffentlichen Dienst
Lohn
Öffentlicher Dienst
Privatwirtschaft
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lamo, Ana
Pérez, Javier J.
Schuknecht, Ludger
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lamo, Ana
- Pérez, Javier J.
- Schuknecht, Ludger
- European Central Bank (ECB)
Entstanden
- 2008
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