Producción, empleo y eficiencia productiva de la empresa española : una radiografía a partir de SABI

En este artículo se analiza la productividad de las empresas españolas, utilizando la información estadística empresarial contenida en el Sistema de Análisis de Balances Españoles (SABE ). Se demuestra la validez de SABE para el estudio de las empresas españolas de más de 9 trabajadores y se analiza el comportamiento diferencial de la productividad de estas empresas teniendo en cuenta el tamaño, el sector de actividad y su vocación exportadora. Los resultados confirman la mayor productividad de la mediana empresa y del sector industrial y, se muestra que la actividad exportadora de las empresas está claramente correlacionada con mayores niveles de productividad

Labour market dynamics in Spanish regions : evaluating asymmetries in troublesome times

The Spanish labour market disproportionately booms in expansions and bursts in recessions; meanwhile, its regions' relative position persists: those with the highest unemployment rates in 1996 were also in the worse position in 2012. To examine this twofold feature, we apply Blanchard and Katz's (Brookings Pap Econ Act 1:1-75, 1992) methodology and evaluate how the Spanish labour market reacts to regional employment shocks in a variety of cases. Shock responses are channelled via changes in unemployment, labour market participation, and spatial mobility. Our results provide evidence of asymmetric responses across business cycle phases (1996-2007 and 2008-2012). While changes in participation rates are the main adjustment mechanism in expansion, unemployment and spatial mobility become the central ones in recession. We also provide evidence of real wage rigidities in both periods, due to rigidities in both nominal wages and consumer prices. We conclude with a cluster analysis showing that high and low unemployment regions have similar responses in the short-run while, in the long-run, the former are more reactive in terms of spatial mobility. Overall, we provide evidence that people in a region are more willing to migrate (relative to the national average) when a regional shock occurs in relatively worse economic contexts

Cambio ocupacional en los servicios financieros : nuevos requerimientos laborales ante la transformación del sector

El presente estudio relaciona la evolución de los servicios financieros y su entorno competitivo con la transformación de las características del ocupado tipo en el sector. Para ello dispone tres modelos de elección discreta binomial que estiman el perfil diferencial de la ocupación en los servicios financieros con respecto al conjunto de los servicios. El sistema financiero español se caracteriza por un elevado grado de asalarización del empleo y presenta requerimientos de factor trabajo crecientemente sesgados hacia una mano de obra con elevada formación. Ello responde a un nuevo entorno, más competitivo y liberalizado, en el que la institución financiera debe aproximarse al cliente. El trabajador asume progresivamente, por tanto, funciones comerciales en detrimento de las tareas de carácter administrativo tradicionales en la banca. En este contexto, el nivel educativo es utilizado más bien como señal de competencias que como repertorio de conocimientos adquiridos

The relevance of post-match LTC : why has the Spanish labor market become as volatile as the US one?

We present a Search and Matching model with heterogeneous workers (entrants and incumbents) that replicates the stylized facts characterizing the US and the Spanish labor markets. Under this benchmark, we find the Post-Match Labor Turnover Costs (PMLTC) to be the centerpiece to explain why the Spanish labor market is as volatile as the US one. The two driving forces governing this volatility are the gaps between entrants and incumbents in terms of separation costs and productivity. We use the model to analyze the cyclical implications of changes in labor market institutions affecting these two gaps. The scenario with a low degree of workers' heterogeneity illustrates its suitability to understand why the Spanish labor market has become as volatile as the US one

Euro, crisis and unemployment : Youth patterns, youth policies?

This paper examines the occurrence of structural breaks in European unemployment associated with major events experienced by the European economies at an institutional level: the creation of the European and Monetary Union (EMU) in 1999, and the Euro/financial crisis in 2008-2009, which was followed by a general and intensive reform process in the years afterwards. Beyond the well documented asymmetries across countries, we uncover different responses of adult and youth unemployment rates. While adult unemployment is more prone to experience structural breaks, youth unemployment is more sensitive to business cycle oscillations. This has been especially so in the recent crisis and calls for fine tuning policy measures specifically targeted to youth unemployed in bad times. One important implication of our findings is that generic labour market reforms are not effective enough to solve the youth unemployment problem across Europe. We point to educational policies that raise average qualifications and help school-to-work transitions as suitable complementary cures

The Wage-Productivity gap revisited : is the labour share neutral to employment?

This paper challenges the prevailing view of the neutrality of the labour income share to labour demand, and investigates its impact on the evolution of employment. Whilst maintaining the assumption of a unitary long-run elasticity of wages with respect to productivity, we demonstrate that productivity growth affects the labour share in the long run due to frictional growth (that is, the interplay of wage dynamics and productivity growth). In the light of this result, we consider a stylised labour demand equation and show that the labour share is a driving force of employment. We substantiate our analytical exposition by providing empirical models of wage setting and employment equations for France, Germany, Italy, Japan, Spain, the UK, and the US over the 1960-2008 period. Our findings show that the timevarying labour share of these countries has significantly influenced their employment trajectories across decades. This indicates that the evolution of the labour income share (or, equivalently, the wage-productivity gap) deserves the attention of policy makers

Factor shares, the price markup, and the elasticity of substitution between capital and labor

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the aggregate price mark-up reflecting the degree of imperfect competition in the product market, and provides estimates of the elasticity of substitution under such product market imperfections. We focus on Spain and the U.S. and show that the elasticity of substitution is above one in Spain and below one in the U.S. We also show that the price markup drives the elasticity of substitution away from one, upwards in Spain, downwards in the U.S. These results are used to explain the declining path of the labor income share, common to both economies, and their contrasted patterns in terms of capital deepening

Employment and public capital in spain

This paper analyses the e¤ects on employment of increasing the stock of public capital. To this end, we derive a wage equation so that wages are endogenized. This allows us to show that, by means of a higher elasticity of labour demand with respect to wages, a rise in public capital increases employment. The estimation of a structural model for the Spanish private sector tests and con…rms empirically this relationship. The results show that an increase in public capital has a significant and positive direct influence on employment, and indirect e¤ects derived from lower wages and higher economic growth. Finally, we undertake a simulation exercise to assess the long run efects on employment and economic growth of increasing public capital

Producción, empleo y eficiencia productiva de la empresa española

En este artículo se analiza la productividad de las empresas españolas, utilizando la información estadística empresarial contenida en el Sistema de Análisis de Balances Españoles (SABE). Se demuestra la validez de SABE para el estudio de las empresas españolas de más de 9 trabajadores y se analiza el comportamiento diferencial de la productividad de estas empresas teniendo en cuenta el tamaño, el sector de actividad y su vocación exportadora. Los resultados confirman la mayor productividad de la mediana empresa y del sector industrial y, se muestra que la actividad exportadora de las empresas está claramente correlacionada con mayores niveles de productividad

Unemployment, growth and fiscal policy : new insights on the hysteresis hypothesis

We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and balanced budget rules cause a complementarity between capital and employment capable of explaining the existence of multiple equilibrium paths. Hysteresis is viewed as the result of a selection between these diferent equilibrium paths. We use this model to argue that, in contrast to the US, those fiscal policies followed by most of the European countries after the shocks of the 1970's may have played a central role in generating hysteresis