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This paper presents the main findings of a survey conducted on a sample of Portuguese firms. The main aim was to identify some relevant characteristics about the dynamics of prices and wages in Portugal. The most important conclusions are: changes to wages are more synchronized than changes to prices; most wages are defined using inflation as a yardstick, even though there are no formal rules; the wages of most workers are defined in terms of sector-related collective agreements; a considerable proportion of workers receive wages above those been agreed under the collective agreement; firms make frequent use of other mechanisms to cut payroll costs as a way of overcoming the restrictions imposed by downward nominal wage rigidity.
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