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Beyond the Phillips curve: Understanding low wage growth in the euro area

Christiane Nickel, Elena Bobeica, Gerrit Koester, Eliza Lis, Mario Porqueddu, Cecilia Sarchi , (2019), «Beyond the Phillips curve: Understanding low wage growth in the euro area», VoxEU, 25 November

The euro area labour market improved strongly from 2013 onwards, while wage growth remained subdued until recently. From the second quarter of 2013 to the second quarter of 2019, the unemployment rate in the euro area decreased from 12.1% to 7.6%. Employment increased by 11.2 million in this period and many more people are now in employment than before the crisis. Wages, on the other hand, barely grew from 2013 to 2017, and wage growth has picked up only recently

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