期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：The confluence of the economic consequences of and policy responses to the coronavirus (COVID-19) pandemic poses challenges for interpreting labour market developments – including wage developments. For instance, the substantial changes observed in recent quarters in hours worked per person employed, together with the widespread application of short-time work schemes and issues related to their statistical recording, complicate the interpretation of wage indicators such as “compensation per hour” or “compensation per employee”. [1] The ECB indicator of negotiated wage rates captures the outcome of collective bargaining processes and is not directly affected by these special factors. [2] It also tends to be published around one month earlier than wage indicators based on quarterly national accounts. It should be noted, however, that the pandemic may also have had an impact on the indicator properties of negotiated wages, as it has led to fewer wage agreements being concluded than under normal circumstances. This box considers what role the indicator of negotiated wage rates can play in assessing and forecasting wage developments at the current juncture.
