Arbeitspapier
Greece and the Troika: Lessons from international best practice cases of successful price (and wage) adjustment
This paper reviews cases of successful price and wage adjustment, which are often regarded as constituting best practice, - Australia, Latvia and the German new states and contrasts them with the Greek experience under the Troika Programs. Latvia stands out as having had the quickest adjustment in wages. By contrast, before the crisis, Greek wages appeared to have been largely insensitive to labour market conditions but this changed with the program. We find that the reaction of wages to unemployment in Greece was under the program similar to that observed in Germany and Portugal (a case, which has attracted less attention). A priori it is likely that the change in wage behaviour in Greece was due to the labour market reforms imposed under the program. But this cannot be proven beyond doubt.
- Sprache
-
Englisch
- Erschienen in
-
Series: ROME Discussion Paper Series ; No. 17-07
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Macroeconomic Aspects of International Trade and Finance: Other
- Thema
-
Phillips curves
price and wage adjustment
internal devaluation
Australia
Greece
Latvia
Portugal
West vs. East Germany
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Belke, Ansgar
Gros, Daniel
- Ereignis
-
Veröffentlichung
- (wer)
-
Research On Money in the Economy (ROME)
- (wo)
-
s.l.
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Belke, Ansgar
- Gros, Daniel
- Research On Money in the Economy (ROME)
Entstanden
- 2017
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