Product market regulation and the benefits of wage moderation /

Product market regulation and the benefits of wage moderation /

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Bibliographic Details
Author / Creator:	Estevão, Marcello M., author.
Imprint:	[Washington, D.C.] : International Monetary Fund, European Dept., 2005.
Description:	1 online resource (29 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/05/191 IMF working paper ; WP/05/191.
Subject:	Structural adjustment (Economic policy) Labor market -- Econometric models. Wages -- Econometric models. Labor market -- Econometric models. Structural adjustment (Economic policy) Wages -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498435

Hidden Bibliographic Details
Other authors / contributors:	Estev�ao, Marcello M. International Monetary Fund. European Department, issuing body.
ISBN:	1283307197 9781283307192 9781451907469 145190746X 1462381103 9781462381104 1452769338 9781452769332 9786613823502 6613823503
Notes:	Includes bibliographical references (pages 28-29). English. Print version record.
Summary:	Euro-area real wages have decelerated sharply in the last 20 years, but this has not yet translated into visibly lower unemployment or faster growth. Weak output growth after such a cost shock is somewhat puzzling and has led some to question the benefits of wage moderation. By isolating structural from cyclical factors in a panel of industrial countries, I show that structurally slower real wage growth, that is, "wage moderation," does raise output growth and lower unemployment rates. However, I show that the impact on both variables depends crucially on product market regulation: weaker competition and barriers to entry mute the growth effects of structural real wage changes by allowing incumbent firms to appropriate larger rents. In this context, overly regulated product markets in the euro area are undermining the effects of labor market reforms on output and employment
Other form:	Print version: Estevão, Marcello M. Product market regulation and the benefits of wage moderation. [Washington, D.C.] : International Monetary Fund, European Dept., 2005

Table of Contents:

Contents
I. INTRODUCTION
II. LABOR COST CHANGES AND ECONOMIC PERFORMANCE IN THE RAW DATA
III. WAGE- SETTING BEHAVIOR AND ECONOMIC PERFORMANCE
IV. MEASURING THE BENEFITS OF WAGE MODERATION
V. CONCLUSIONS AND FINAL REMARKS
THE OECD PRODUCT MARKET REGULATION DATA
References