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Employment, wage and price reactions to the crisis in spain: firm-level evidence from the wdn survey

Author

Listed:
  • Mario Izquierdo

    (Banco de España)

  • Juan Francisco Jimeno

    (Banco de España)

Abstract
This paper describes the main results from the third wave of the Wage Dynamics Network (WDN) survey. Its main goal is to provide information on demand, finance conditions and other factors determining economic activity, on wage, price and employment adjustments over the period 2010-2013, and on firms’ perceptions of institutional changes in the labour market. In Spain, the survey was conducted at the end of 2014, collecting information from a representative sample of 1,975 Spanish firms covering manufacturing, energy and market services sectors. The main results show that Spanish firms’ adjustment to falling demand and other negative conditions since 2010 relied heavily on the dismissal of employees under temporary contracts, although those firms most affected by the crisis also significantly reduced permanent employment. On the contrary, wage and hours adjustments remained limited even in those firms most severely affected by the negative shocks. Regarding institutional changes, Spanish firms perceive some easing in the conditions for economic layoffs, attributing the main source of this higher flexibility to legal changes since 2010. As to other labour conditions, including wages and hours, the share of firms perceiving higher flexibility is somewhat lower.

Suggested Citation

  • Mario Izquierdo & Juan Francisco Jimeno, 2015. "Employment, wage and price reactions to the crisis in spain: firm-level evidence from the wdn survey," Occasional Papers 1503, Banco de España.
    • Handle: RePEc:bde:opaper:1503
    as

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/15/Fich/do1503e.pdf
    File Function: First version, December 2015
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    Citations

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    Cited by:

    1. García-Vega, María & Kneller, Richard & Stiebale, Joel, 2021. "Labor market reform and innovation: Evidence from Spain," Research Policy, Elsevier, vol. 50(5).
    2. Masuch, Klaus & Anderton, Robert & Setzer, Ralph & Benalal, Nicholai, 2018. "Structural policies in the euro area," Occasional Paper Series 210, European Central Bank.
    3. Álvarez, Luis J. & Sánchez, Isabel, 2019. "Inflation projections for monetary policy decision making," Journal of Policy Modeling, Elsevier, vol. 41(4), pages 568-585.
    4. Ciccarelli, Matteo & Osbat, Chiara, 2017. "Low inflation in the euro area: Causes and consequences," Occasional Paper Series 181, European Central Bank.
    5. Yosuke Jin & Aida Caldera Sánchez & Pilar Garcia Perea, 2017. "Reforms for more and better quality jobs in Spain," OECD Economics Department Working Papers 1386, OECD Publishing.
    6. Raul Ramos & Esteban Sanromá & Hipólito Simón, 2018. "Wage differentials by bargaining regime in Spain (2002-2014). An analysis using matched employer-employee data," Working Papers 2018/23, Institut d'Economia de Barcelona (IEB).
    7. Cristina Barceló & Ernesto Villanueva, 2018. "The risk of job loss, household formation and housing demand: evidence from differences in severance payments," Working Papers 1849, Banco de España.
    8. Theodora Kosma & Evangelia Papapetrou & Georgia Pavlou & Christina Tsochatzi & Pinelopi Zioutou, 2017. "Labour market adjustments and reforms in Greece during the crisis: microeconomic evidence from the third wave of the wage dynamics," Working Papers 227, Bank of Greece.
    9. Luis J. Álvarez & Isabel Sánchez, 2017. "A suite of inflation forecasting models," Occasional Papers 1703, Banco de España.

    More about this item

    Keywords

    survey; wages; employment; shocks;
    All these keywords.

    JEL classification:

    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General

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