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The labor market in Iceland, 2000–2018

Author

Listed:
  • Katrín Ólafsdóttir

    (Reykjavík University, Iceland)

Abstract

The Icelandic labor market is characterized by high union density and the Icelanders’ willingness to work, as labor force participation is high, the work week long, and people retire late. The resilience and flexibility of the Icelandic labor market was put to the test in the Great Recession as a large share of employees in the labor market experienced a fall in work hours and a fall in nominal wages, while unemployment rose less than expected. In recent years there has been a strong influx of foreign workers, mostly from Eastern Europe. Studies have shown that their labor force participation is no lower than that of Icelanders.

Suggested Citation

  • Katrín Ólafsdóttir, 2020. "The labor market in Iceland, 2000–2018," IZA World of Labor, Institute of Labor Economics (IZA), pages 474-474, April.
    • Handle: RePEc:iza:izawol:journl:2020:n:474
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    More about this item

    Keywords

    flexibility; union density; inequality; immigration;
    All these keywords.

    JEL classification:

    • J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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