Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/154629 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ECB Occasional Paper No. 176
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper examines the overall macroeconomic impact arising from reform in government wages and employment, at times of fiscal consolidation. Reform of these two components of the government wage bill appeared necessary for containing the deterioration of the public finances in several EU countries, as a consequence of the financial crisis. Such reforms entailed in some instances, but not always, the implementation of cost-cutting measures affecting the government wage bill, as part of broader consolidation packages that typically hinged more heavily on other fiscal instruments, like public investment. While such measures have adverse short-term macroeconomic effects, public wage bill restraining policy changes present the idiosyncrasy that they can yield medium- to longer-term benefits due to possible competitiveness and efficiency gains through their impact on labour market dynamics. This paper provides some evidence of such medium- to long-run effects, based on a wealth of micro and macro data in the euro area and the EU. It concludes that appropriately designed government wage bill moderation could indeed produce positive dividends to the economy, which depend on certain country-specific conditions. These gains can be reinforced by relevant fiscal-structural reforms.
Schlagwörter: 
fiscal consolidation
fiscal policies
labour market
public employment
public wages
JEL: 
H50
E62
J45
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-2339-2
Dokumentart: 
Research Report

Datei(en):
Datei
Größe
519.21 kB





Publikationen in EconStor sind urheberrechtlich geschützt.