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To what extent do firms insulate their workers' wages from fluctuations in product markets?Which firm and worker attributes are associated with wage flexibility at the micro level?We first rely on Guiso, Pistaferri and Schivardi (2005) to estimate dynamic models of sales and wages, finding that in Portugal, workers' wages respond to permanent shocks on firm performance, as opposed to transitory shocks. We then explore the factors associated with wage flexibility, finding that collective bargaining and minimum wages are associated with higher wage insurance by the firm, while the threat of firm bankruptcy reduces it. Managers receive less protection against permanent shocks than other workers. © 2009 the editors of the Scandinavian Journal of Economics. ; The first author acknowledges the support of the Barcelona GSE Research Network and of the Government of Catalonia. The second author acknowledges financial support from Fundaçao para a Ciência e a Tecnologia, under grant SFRH/BD/5114/2001. Part of this work was carried out while MP was visiting IZA Bonn, whose support is gratefully acknowledged. ; Peer Reviewed

A large matched employer-employee dataset on the Portuguese economy is used to analyze gross job creation and job destruction for university graduates, compared to other groups of workers. Standard measures of gross job flows are computed, and variance decomposition is used to check whether idiosyncratic shocks or aggregate and sectoral shocks can account for the time variation in gross job flows, for schooling groups separately. Results indicate that the market for university graduates has expanded much more than that for undergraduates, and that idiosyncratic shocks are more relevant driving job flows for university graduates than for non-graduates. No support is therefore found for the pessimistic view that states that the expansion of higher education may have gone too far.

This paper aims at answering the question: How does a typically 'European' bargaining system - with collective bargaining, extension mechanisms and national minimum wage - coexist with low unemployment rate and high wage flexibility? A unique data set on workers, firms and collective bargaining contracts in the Portuguese economy is used to analyze the determinants of both the bargained wage and the wage drift. Results indicate that wage drift stretches the returns to every worker and firm attribute, whereas it shrinks the returns to union bargaining power. Therefore, firm-specific arrangements, in the form of wage drift, partly offset collective bargaining, granting firms a high degree of freedom when setting wages. Union bargaining power raises the overall wage level, but lowers the returns on worker attributes, an outcome of the egalitarian policy pursued.

Changes in the legislation in the mid-80s in Portugal provide remarkably good conditions for analysis of the employment effects of mandatory minimum wages, as the minimum wage increased sharply for a very specific group of workers. Relying on a matched employer employee panel data set, we model gross worker flows – accessions and separations – in continuing firms, as well as in new firms and those going out of business, using a count regression model applied to proportions. Employment trends for teenagers, the affected group, are contrasted to those of older workers, before and after the raise in the youth minimum wage. The major effect on teenagers of a rising minimum wage is the reduction of separations from the employer, which compensates for the reduction of accessions to new and continuing firms. In this sense, our results can reconcile some of the previous evidence that has been presented in the empirical literature when analyzing the aggregate impact of the minimum wage on youth employment without decomposing it by type of worker flow.

Changes in the legislation in mid-80s in Portugal provide remarkable conditions for economic analysis, as the minimum wage increased very sharply for a very specific group of workers. Relying on a matched employer-employee panel dataset, we model gross job flows - accessions and separations - in continuing firms, as well as in new firms and those going out of business, using a Poisson regression model applied to proportions. Worker behaviour is as well modelled. Employment trends for teenagers, the affected group, are contrasted against older workers, before and after the rise in the youth minimum wage. The major effect on teenagers of a rising minimum wage is the reduction of separations from the employer, which compensates for the reduction of accessions (to new and continuing firms) and the rising dismissals from firms closing down. This result suggests the relevance of supply side factors overcoming demand forces, as they indicate that job attachment for low wage youngsters rises following an increase in their minimum wage. In this sense, our results can reconcile some of the previous evidence that has been presented in the empirical literature when analysing the overall impact of the minimum wage on youth employment without looking at its sources. ; Fundação para a Ciência e a Tecnologia ...

One cannot question the scientific evidence of the deterioration of the planet's environmental quality and the global climate emergency. The apparent growth of denialism in the climate debate does not bring anything positive. The European Green Deal ("EGD") appeared as a consolidated strategy to fight climate change, but the world is not the same as it was in December 2019. Even before the COVID-19 crisis, there were doubts about the viability of such a powerful political and financial investment. As we try to deal with the fallout of the COVID-19 pandemic and guide our economies to recovery, risks of diversion or misuse of these environmental funds seemed possible. Fortunately, environmental common sense seems to have prevailed. In an unforeseen but potentially happy marriage, the Recovery Plan for Europe and the EGD were united in their purposes and in their concrete action. The European Climate Law ("ECL") is the first binding legal instrument born of the EGD. With a non-mishap-free preparation process, the final version provokes contradictory feelings. First, the perception that one could have gone further is inescapable. On the other hand, what is already acquired is relevant and Europe is unlikely to go back on this essential matter. There are innovations in the ECL that significantly altered the Commission's original proposal, introducing new elements. But while some of these changes appear to have been forced by the new circumstances, others may be proof that Member States do not have the same predisposition to deal with the objectives of the EGD and the fight against climate change. The safest way to contradict this inclination is to strengthen the ECL as a key tool in the implementation of the European Union's environmental and policy ...