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Employment and the Great Recession : the role of real wages

Author: Bas Berend Bakker; International Monetary Fund. European Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2015.
Series: IMF working paper, WP/15/229.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the result of a lack of aggregate demand); the degree of adjustment of real wages and the impact this had on labor productivity also played a role. In many countries, post-2007 employment losses were modest, as real wages adjusted when the economy slowed down. But in some  Read more...
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Details

Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bas Berend Bakker; International Monetary Fund. European Department.
ISBN: 151350410X 9781513504100
ISSN:1018-5941
OCLC Number: 927177145
Notes: "October 2015."
"European Department."
Description: 1 online resource (60 pages) : color illustrations.
Series Title: IMF working paper, WP/15/229.
Responsibility: prepared by Bas B. Bakker.

Abstract:

This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the result of a lack of aggregate demand); the degree of adjustment of real wages and the impact this had on labor productivity also played a role. In many countries, post-2007 employment losses were modest, as real wages adjusted when the economy slowed down. But in some countries real wage growth stayed too high for too long. The result was large-scale labor shedding, which boosted labor productivity but also contributed to a sharp rise in unemployment. In this context, the paper discusses the different experiences of the UK (where employment increased) and Spain (where it fell sharply), and finds that almost two thirds of the employment losses in Spain resulted from the failure of real wages to adjust adequately. --Abstract.

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