Fall in hours worked can flatten Phillips curve, Italian paper says

Bank of Italy
The Bank of Italy
Aleksandrasana/Wikimedia Commons

A fall in average hours worked in the eurozone has made wages less responsive to unemployment levels, a working paper published by the Bank of Italy says.

In Wage growth in the euro area: where do we stand? Guido Bulligan, Elisa Guglielminetti and Eliana Viviano examine the wage dynamics of the entire eurozone and its five biggest economies.

They use several different measurements of employment to see if any explain recent changes in the eurozone’s Phillips curve. These include the “U6 rate”,

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