摘要：More than fi ve years after the start of the Sovereign debt crisis in Europe, its impact on labourmarket outcomes is not clear. This paper aims to fi ll this gap. We use qualitative fi rm-leveldata for 24 European countries, collected within the Wage Dynamics Network (WDN) of theESCB. We fi rst derive a set of indices measuring diffi culties in accessing the credit marketfor the period 2010-13. Second, we provide a description of the relationship between creditdiffi culties and changes in labour input both along the extensive and the intensive marginsas well as on wages. We fi nd strong and signifi cant correlation between credit diffi cultiesand adjustments along both the extensive and the intensive margin. In the presence of creditmarket diffi culties, fi rms cut wages by reducing the variable part of wages. This evidencesuggests that credit shocks can affect not only the real economy, but also nominal variables.
关键词：credit diffi culties; labour input adjustment; intensive margin
