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：This article analyses the evolution of hours worked per worker in the euro area, in the light of their relevance for the labour contribution to the production of goods and services and for the capacity of the labour market to adjust to macroeconomic developments. [1] First, it looks at the factors behind the trend decline in hours worked per worker over the last 25 years. It then goes on to consider the importance of hours worked per worker for labour market adjustment during economic expansions and recoveries. The long-term decline in hours worked per worker may affect labour input, depending on its interplay with labour market participation. Cyclical movements in hours worked per worker allow flexibility during downturns, as firms can adjust labour costs by reducing hours instead of employment (labour hoarding) in the event of adverse shocks to the profitability of the firms concerned. The contribution of average hours to the cyclical adjustment affects the measurement of labour market strength and slack. This is an important determinant of the dynamics of wage and price inflation, making it relevant for the conduct of monetary policy.
