Nuno Alves, Fátima Cardoso, Manuel Coutinho Pereira
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Response of consumers to wage shocks in the framework of the Portuguese assistance program
This paper studies the impact on consumption of the exogenous changes in public wages in Portugal during and after the economic and financial assistance program (2011-2014), by exploiting the variability in the size of such changes across municipalities. The initial wage cuts triggered a marked reduction of private consumption, while the reinstatements in the later years gave rise to an increase, albeit of a smaller magnitude. The consumption response was larger for employees with relatively lower wages. Households smoothed the impact on consumption of negative income shocks partly by drawing down their deposits. Consumer credit did not play such a role, as households deleveraged as a response to those negative shocks.
期刊介绍:
The Portuguese Economic Journal publishes high-quality theoretical, empirical, applied or policy-oriented research papers on any field in economics. We enforce a rigorous, fair and prompt refereeing process. The geographical reference in the name of the journal only means that the journal is an initiative of Portuguese scholars. There is no bias in favour of particular topics and issues.Officially cited as: Port Econ J