Kosma, Theodora, Papapetrou, Evangelia, Pavlou, Georgia, Tsochatzi, Christina, Zioutou, Pinelopi, (2017), “Labour market adjustment and labour market reforms in Greece during the crisis: microeconomic evidence from the third wave of the wage dynamics survey”, Bank of Greece, Ιούνιος
This paper summarises the main findings of the Greek WDN3 survey. The results show that the decline in economic activity, during the period 2010-2013, had a significant negative impact on firms’ activity and firms reacted to the shocks affecting them by adjusting both labour input and wages. The share of firms adjusting wages in Greece is the highest among the countries participating in the WDN3 survey. Furthermore, reforms seem to have made it easier for firms to adjust to the shocks affecting them. A significant share of firms report that it is now easier for them to adjust labour input and wages and attribute this flexibility mainly to the reform of labour laws. Regarding remaining inflexibilities in the Greek labour market and other obstacles that would influence the hiring of new employees with contracts of indefinite length, the survey shows that Greek firms consider economic uncertainty to be comparatively the most binding obstacle to hiring, followed by high payroll taxes.
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