Over the past decades, models of circular and cumulative causation, based on the endogenous relations between prices, exports, and labour productivity, have lost prominence in explaining economic dynamics. We argue that, in the absence of counterbalancing mechanisms, the combination of...

Over the past decades, models of circular and cumulative causation, based on the endogenous relations between prices, exports, and labour productivity, have lost prominence in explaining economic dynamics. We argue that, in the absence of counterbalancing mechanisms, the combination of...

Over the past decades, models of circular and cumulative causation, based on the endogenous relations between prices, exports, and labour productivity, have lost prominence in explaining economic dynamics. We argue that, in the absence of counterbalancing mechanisms, the combination of...

Over the past decades, models of circular and cumulative causation, based on the endogenous relations between prices, exports, and labour productivity, have lost prominence in explaining economic dynamics. We argue that, in the absence of counterbalancing mechanisms, the combination of...

Wie bereits das Jahr 2022 war auch das Jahr 2023 durch die Mehrfachkrise geprägt. Die Inflation war weiterhin hoch bei gleichzeitig geringem Wirtschaftswachstum. Trotz dynamischer Lohnentwicklung gab es weitere Reallohnrückgänge in ganz Europa. Im Euroraum und der Europäischen Union stiegen...

The recent development in the Slovak economy erased a significant competitive advantage of manufacturing - low labour cost. The paper analyses the driving factors of rising unit labour costs in the manufacturing sector. The paper aims to explain why the unexpectedly rapid loss of traditional...

In recent years, the rate of change in prices for the Greek economy does not seem to react proportionally compared to the large reductions in wage cost implemented in the context of the effort for fiscal consolidation and improvement of competitiveness. The disconnection between prices and wage...

The paper evaluates the relationship between the indicators of competitiveness of national economies (real unit labour costs and Global Competitiveness Index) and the flow of FDI in Central and Eastern Europe (CEE) over the last two decades. Our results show that from 2000 to 2020, CEE economies...

According to empirical studies, a statistically significant factor for German exports success is high cost (or price) competitiveness. Studies by Deutsche Bundesbank recommend correcting the nominal effective exchange rate by broad cost (or price) indicators (Deutsche Bundesbank, 1998, 2016a)....

Using data on product-level prices matched to the producing firm's unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Maćkowiak and Wiederholt (2009) version of the...

This paper examines the issue of the impact of aggregation in the empirical analysis of euro area labour markets. A Phillips Curve describing the adjustment of unit labour costs is estimated at the national and aggregate level for the 5 largest euro area countries. Potential sources of...

Productivity developments have been rather divergent across EU countries and particularly between Central Eastern Europe (CEE) and elsewhere in the continent (non-CEE). How is such phenomenon related to wage bargaining institutions? Starting from the Great Financial Crisis (GFC) shock, we...

Nach einem Jahrzehnt der sehr schwachen Lohnentwicklung in den 2000er Jahren, waren die 2010er Jahre ein Jahrzehnt in dem sich die Arbeits- und Lohnstückkostenentwicklung in Deutschland normalisiert hat. Die dynamischere Lohnentwicklung und das annähernde Ausschöpfen des...

Several studies have highlighted that African manufacturing wages are higher than comparator countries at similar levels of development, which contributes to the continent’s lower levels of manufacturing competitiveness. This paper derives unit labor costs - average wages relative to...

This policy brief provides results regarding productivity levels and dynamics in the Western Balkan countries in a comparative perspective, drawing on the newly established wiiw Western Balkan Productivity Database. The database provides time series of value added, gross output and intermediate...

From the introduction of the euro up to the 2008 global financial crisis, macroeconomic imbalances widened among Member States. This divergence took the form of strong differences in the dynamics of unit labour costs. This paper asks why this happened. Is it the result of distortionary public...

This database includes data on unit labour cost and productivity. Unit labour costs (ULCs) measure the average cost of labour per unit of output, calculated as the ratio of total labour costs to real output. Early estimates of quarterly (EEQ) ULCs cover total economy and are obtained by...

This dataset provides productivity indicators to analyse the sources of economic growth at detailed level of activity across countries. It includes annual measure of output (value added), labour input and compensation, unit labour cost and industry contribution to business sector growth. Sectors...

We analyse patterns of convergence (divergence) across euro-area countries in manufacturing since monetary union and find that not only costs, but also profitability have followed divergent paths. We further find that profitability developments only partially overlap with those of unit labour...

Das IMK analysiert regelmäßig mittels Daten von Eurostat die Entwicklung der Arbeits- und Lohnstückkosten in Europa. Dabei wird die Entwicklung der Arbeitskosten in der Privatwirtschaft, im privaten und im öffentlichen Dienstleistungssektor und im Verarbeitenden Gewerbe in wichtigen...

Dustmann/ Fitzenberger/ Schönberg/ Spitz-Oener (2014) praise the flexibility of German labour market institutions for the German turn-around from "Sick Man of Europe to Economic Superstar": The more decentralized, firm-specific wage-setting process since the mid-1990s increased wage inequality...

This dataset provides productivity indicators to analyse the sources of economic growth at detailed level of activity across countries. It includes annual measure of output (value added), labour input and compensation, unit labour cost and industry contribution to business sector growth. Sectors...