Comparisons and Contrasts of the Impact of the Crisis on Euro Area Labour Markets

87 Pages Posted: 12 Mar 2015

See all articles by Robert Anderton

Robert Anderton

European Central Bank (ECB)

Valerie Jarvis

European Central Bank (ECB)

Béla Szörfi

European Central Bank (ECB)

Mathilde Perinet

European Central Bank (ECB)

Pavlos Petroulas

European Central Bank (ECB)

Boele Bonthuis

University of Amsterdam; Deutsche Bundesbank

Peter Beck Nelleman

European Central Bank (ECB)

Thomas Conefrey

Central Bank of Ireland

Orsolya Soosaar

Bank of Estonia

Daphne Nicolitsas

Bank of Greece

Mario Izquierdo

Banco de España

Gregory Verdugo

Université Paris I Panthéon-Sorbonne - Centre d'Economie de la Sorbonne (CES)

Pietro Tommasino

Bank of Italy

Roberta Zizza

Bank of Italy

Paolo Guarda

Banque Centrale du Luxembourg

Cindy Veiga Nunes

Banque Centrale du Luxembourg

Alfred Stiglbauer

Austrian National Bank

José Maria

Bank of Portugal

Marek Micuch

Central Bank of Slovenia

Alexander Karsay

National Bank of Slovakia

Date Written: January 7, 2015

Abstract

The global financial and economic crisis – including two euro area recessions in 2008-2009 and 2011-2013 – has had a heavy impact on euro area labour markets. A notable feature throughout the crisis has been the considerable degree of cross-country heterogeneity of labour market adjustments – with some economies emerging relatively unscathed, while others have seen steep and persisting increases in unemployment. This paper analyses the impacts of the crisis on euro area labour markets, paying particular attention to the differential impact of the two euro area recessions of the crisis and the interplay of sectoral and institutional features driving labour market outcomes. Despite ongoing structural reforms in some euro area countries, progress has been partial and uneven across the euro area. Further reductions in labour market rigidities are necessary to increase and accelerate the adjustment capacity of euro area labour markets and help reduce the current high levels of structural unemployment.

Keywords: employment, labour demand, labour force, migration, skill, underemployment, unemployment, vacancies, wages, youth

JEL Classification: E24, J08, J21, J23, J24, J30, J61, J63, J64

Suggested Citation

Anderton, Robert and Jarvis, Valerie and Szörfi, Béla and Perinet, Mathilde and Petroulas, Pavlos and Bonthuis, Boele and Beck Nelleman, Peter and Conefrey, Thomas and Soosaar, Orsolya and Nicolitsas, Daphne and Izquierdo, Mario and Verdugo, Gregory and Tommasino, Pietro and Zizza, Roberta and Guarda, Paolo and Veiga Nunes, Cindy and Stiglbauer, Alfred and Maria, José and Micuch, Marek and Karsay, Alexander, Comparisons and Contrasts of the Impact of the Crisis on Euro Area Labour Markets (January 7, 2015). ECB Occasional Paper No. 159. Available at SSRN: https://ssrn.com/abstract=2546354

Robert Anderton (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
0049 69 13440 (Phone)
0044 69 1344 6000 (Fax)

Valerie Jarvis

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Béla Szörfi

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Mathilde Perinet

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Pavlos Petroulas

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Boele Bonthuis

University of Amsterdam ( email )

Spui 21
Amsterdam, 1018 WB
Netherlands

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany

Peter Beck Nelleman

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Thomas Conefrey

Central Bank of Ireland ( email )

P.O. Box 559
Dame Street
Dublin, 2
Ireland

Orsolya Soosaar

Bank of Estonia ( email )

Estonia Building 13
15095 Tallinn
Estonia

Daphne Nicolitsas

Bank of Greece ( email )

21 E. Venizelos Avenue
GR 102 50 Athens
Greece

Mario Izquierdo

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Gregory Verdugo

Université Paris I Panthéon-Sorbonne - Centre d'Economie de la Sorbonne (CES) ( email )

106-112 Boulevard de l'hopital
106-112 Boulevard de l'Hôpital
Paris Cedex 13, 75647
France

Pietro Tommasino

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Roberta Zizza

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

Paolo Guarda

Banque Centrale du Luxembourg ( email )

2, boulevard Royal
Luxembourg, L-2983
Luxembourg

Cindy Veiga Nunes

Banque Centrale du Luxembourg ( email )

2, boulevard Royal
Luxembourg, L-2983
Luxembourg

Alfred Stiglbauer

Austrian National Bank ( email )

Otto-Wagner Platz 1
A-1011 Vienna
Austria

José Maria

Bank of Portugal ( email )

Rua Francisco Ribeiro, 2
Lisbon, 1150-165
Portugal

Marek Micuch

Central Bank of Slovenia ( email )

Slovenska 35
Ljubljana, 1000
Slovenia

Alexander Karsay

National Bank of Slovakia ( email )

Imricha Karvasa 1
813 25 Bratislava
Slovakia

Register to save articles to
your library

Register

Paper statistics

Downloads
60
Abstract Views
601
rank
354,485
PlumX Metrics