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：2008
卷号：1
出版社：European Central Bank
摘要：In this paper I address the question to what extent wages are a¤ected by product market uncertainty. Implicit contract models imply that it is Pareto optimal for risk neutral rms to provide insurance to risk averse workers against shocks. Using matched employer-employee dataset, I adopted the es- timation strategy proposed by Guiso et al. (2005) to evaluate wage responses to both permanent and transitory shocks in Hungary and compared my re- sults to similar studies on Italian and Portuguese datasets. I found that rms do insure workers against product market uncertainties, but the magnitude of the wage response di¤ers depending on the nature of the shock. Broadly speaking, the wage response to permanent shocks is twice as high as the re- sponse to transitory shocks. Comparing my results to the two other studies, the main di¤erence lies in the elasticity of wages to transitory shocks. Un- like these previous ndings, my results show that full insurance to transitory shocks is rejected.
