Wage Phillips curves in eurozone steepened after 2008 – paper
Germany is exception among major eurozone economies
Wages became much more sensitive to labour market slack after 2008 in major eurozone countries, with the exception of Germany, an occasional paper published by the Bank of Italy argues.
In Has the wage Phillips curve changed in the euro area?, Guido Bulligan and Eliana Viviano estimate a standard Phillips curve for wages in Italy, Spain, Germany and France. With the exception of Germany, "the sensitivity of hourly wage changes to labour market slack increased" after 2008, the authors find.
The
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