Under economic adjustment programs, do private sector wages respond to changes in public wages and employment?

Autor:	Antonis Adam
Rok vydání:	2020
Předmět:	Economics and Econometrics Labour economics Empirical validity business.industry Public sector Economics Internal devaluation Private sector Robustness (economics) business Vector autoregression
Zdroj:	Journal of Policy Modeling. 42:1334-1351
ISSN:	0161-8938
DOI:	10.1016/j.jpolmod.2020.01.009
Popis:	We examine the spillovers from changes in public sector wages and employment on private sector wages. Using a panel VAR model, we show that changes in public sector wages have a greater effect on private sector wages than changes in public sector employment. We motivate our analysis using the Economic Adjustment Program for Greece, and a simple theoretical model. The empirical validity of these effects is verified through a series of robustness tests. These results have important implications on the evaluation of the recent EU Economic Adjustment Programs and the future design of Internal Devaluation strategies.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::1c41f3e0d02b155663627da3f2e03be9 https://doi.org/10.1016/j.jpolmod.2020.01.009 Zobrazit plný text záznamu Full Text from ScienceDirect