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Survey on wage and price formation of Czech firms
Babecký, Jan ; Dybczak, Kamil ; Galuščák, Kamil
Using an ad-hoc survey at the firm level, writers investigate the determinants of wage and price-setting practices in Czech firms, the presence and sources of wage rigidity, and reactions of firms to hypothetical shocks. Although the evidence of downward wage rigidity is not widespread, they find particular relevance of efficiency wage models for wage rigidity, while implicit contract theory is relevant in firms employing mainly highskilled labour.
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Anatomy of the Czech labour market: from over-employment to under-employment in ten years?
Flek, Vladislav ; Galuščák, Kamil ; Gottvald, Jaromír ; Hurník, Jaromír ; Jurajda, Štěpán ; Navrátil, David ; Mareš, Petr ; Münich, Daniel ; Sirovátka, Tomáš ; Večerník, Jiří
This study investigates the macroeconomic aspects of labour market behaviour and its microfoundations. In the first part deals with aggregate labour market trends and issues relevant to macroeconomic policy. The second part analyses in more detail labour flexibility, namely labour market flows, long-term unemployment and labour force deprivation. The third part addresses wage flexibility and relative wages, with special attention paid to regional unemployment elasticity of wages and returns to education.
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Microfoundations of the Wage Inflation in the Czech republic
Galuščák, Kamil ; Münich, Daniel
The study investigates whether microfoundations might increase the predictive power of macroeconomic models of wage inflation. By comparing past predictions to observed values, the study finds that the Phillips curve with the average unemployment rate in districts with prevalently low unemployment rates delivers more accurate predictions of aggregated wage inflation than the Phillips curve with the overall unemployment rate.
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