Journal of Macroeconomics· 2026Q2
Earnings dynamics through boom, crisis, and recovery: Evidence from Greece
- 1citations
- Q2SCImago
- 2026year
Short summary
Labor earnings in Greece closely tracked macroeconomic conditions from 2002-2023, with real earnings rising pre-crisis, falling sharply during the 2009-2013 recession (especially for low earners), and only partially recovering, according to administrative matched employer-employee data.
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Key points
- Real earnings in Greece rose during the 2000s expansion, fell sharply during the 2009-2013 recession, and partially recovered.
- Earnings volatility and downside risk increased substantially during the recession.
- Inequality rose both across the general population and within specific birth cohorts.
- Workers entering the labor market during the recession experienced lower initial and persistent subsequent earnings.
AI-generated from the title and abstract; the full text is not read.
Abstract
This paper documents the evolution of labor earnings and earnings dynamics in Greece during 2002–2023 using administrative matched employer–employee data from the Greek social security system. The data span the expansion of the 2000s, the deep recession of 2009–2013, and the subsequent recovery. We show that earnings, volatility, and inequality closely tracked macroeconomic conditions. Real earnings rose during the pre-crisis expansion, declined sharply during the recession (particularly among lower earners) and only partially recovered afterward. Earnings volatility and downside risk increased substantially during the crisis, while inequality rose both in the cross-section and within cohorts. Workers entering the labor market during the recession experienced unusually weak initial earnings and persistently lower subsequent earnings. Using regional variation in unemployment rates, we show that weaker local labor-market conditions at entry are associated with lower early-career earnings.
The authors' abstract, as published at the source. Journal of Macroeconomics, 2026 · DOI ↗
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Field: Economics and Econometrics
Economics and EconometricsEconomics, Econometrics and Finance