From wage suppression to sovereign debt crisis in Western Europe: who pays for the costs of the crisis?
by Ozlem Onaran
International Journal of Public Policy (IJPP), Vol. 7, No. 1/2/3, 2011

Abstract: This paper discusses the costs of the crisis with respect to public finance and labour market outcomes. The paper shows the effects of the crisis on public debt, and discusses the possible effects on the functional distribution of taxes and the composition of public spending between public goods and inputs. With regards to labour market outcomes, we discuss the trends in employment, unemployment, wages, wage share, and personal income distribution after the crisis.

Online publication date: Fri, 08-Apr-2011

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