Publications

Labour market

From this page you can access thematically grouped Analytical Articles published in the Economic Bulletin from 1999, ordered by date of dissemination within each year.

  • 09/10/2018
    Wage moderation in Spain and in the euro area  File PDF: Opens in a new window (636 KB) Pilar Cuadrado and Federico Tagliati

    One of the most visible characteristics of the recent economic recovery is the moderation of wage growth in a good number of advanced economies. This article analyses quantitatively the contribution of several factors to changes in the wage growth rate in Spain and in the euro area during the current upturn. In both cases, the results show that the recent wage moderation is attributable to relatively high levels of labour market slack and low inflation expectations. For the euro area, another significant factor is low productivity growth, in contrast to other similar phases of the economic cycle. The analysis also reveals that, in the most recent period, it is important to take into account broader slack indicators than the unemployment rate, given that the high proportion of involuntary part-time and discouraged workers are exerting some downward pressure on wages.

  • 11/01/2018
    Labour market participation rate in the euro area: performance and outlook, a long-term view  File PDF: Opens in a new window (678 KB) Cristina Fernández and David Martínez Turégano

    This article analyses the trajectory and the main explanatory factors of changes in the labour market participation rate in the euro area in recent decades. First, these changes are compared with the United States, highlighting the extraordinary convergence that has taken place between the two areas owing to the momentum in the European labour market and the declining secular trend on the other side of the Atlantic. Second, the increase in participation in the euro area was led by females, particularly as a result of the higher probability of new cohorts joining the labour market against a background of significant socio-educational changes. In any event, in view of the demographic ageing in progress and the progressive exhaustion of the above-mentioned changes, the focus is on the need for specific policies aiming to raise labour participation of such population groups where there is still room to do so, i.e. older workers, in general, and women in countries where the gender gap is still large.

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