This paper evaluates the extent of downward nominal and real wage rigidity for differentcategories of workers and firms using the methodology developed by the International WageFlexibility Project (IWFP). The analysis is based on an administrative data set on individualearnings, covering...

We evaluate the elasticity of firms' employment and real average labour compensation to totalfactor productivity (TFP) using firm-level data for Belgium over the period 1997-2005. Ourresults show that the short-run elasticity of average labour compensation and that of labour tofirm-level TFP are...

This paper investigates the effects of monetary policy on firms' investment behaviour through the interest rate and credit channels. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First,...