Sovereign debt crisis caused European firms to cut wages – DNB paper

Netherlands Bank
The Netherlands Bank
Rachael King

A working paper published by the Netherlands Bank examines the impact of the eurozone’s sovereign debt crisis on labour markets.

In Credit shocks and the European labour market, Katalin Bodnár et al use firm-level data for 24 European countries, collected by the wage dynamics network of the European System of Central Banks.

The authors compile a set of indexes measuring stress in European credit markets from 2010 to 2013. They then attempt to trace the influence of stressed credit markets on l

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