This paper analyzes the effect of working time reduction (WTR) on the Spanish economy. Using microdata from the Economically Active Population Survey (EAPS) and the Wage Structure Survey (WSS), we estimate the changes in employment, worked hours, wages and salaries, and the labour share driven by a 5-hour reduction of the ordinary work week in full-time contracts (from 40 hours to 35 hours), without a wage reduction. According to our results, this WTR would mean the liberation of private sector hours that are equivalent to 1.2 million full-time jobs. To calculate job creation, we consider the occupations and technical conditions of production (based on the European Working Conditions Survey). Consequently, had the WTR taken place in 2017, it would have created 560 thousand jobs, thus causing the unemployment rate to fall by 2.6 p.p. Moreover, women are found to be the group most affected by this measure. As for the effect on wages, these would have increased by 3.7%, implying a labour share increase of 2.1 p.p. Finally, we study the macroeconomic effects, through an extended version of the single-equations Bhaduri–Marglin model using quarterly data from 1995Q1 until 2017Q4. Our results show that a WTR of 5 hours leads to an increase of 1.4% in GDP.

中文翻译：

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挑战减少工作时间和权衡取舍：西班牙经济的模拟

本文分析了减少工作时间（WTR）对西班牙经济的影响。利用经济活动人口调查（EAPS）和工资结构调查（WSS）的微观数据，我们估算了正常工作周减少5个小时导致的就业，工作时间，工资和薪水以及劳动份额的变化在全职合同中（从40个小时减少到35个小时），而没有减薪。根据我们的结果，该WTR意味着解放了私营部门的工作时间，相当于120万个全职工作。在计算创造就业机会时，我们考虑生产的职业和技术条件（基于欧洲工作条件调查）。因此，如果在2017年进行WTR，它将创造56万个就业机会，从而导致失业率下降2.6 pp。此外，发现妇女是受这一措施影响最大的群体。至于对工资的影响，这些数字将增长3.7％，这意味着劳动份额将增加2.1个百分点。最后，我们通过使用1995年第一季度之前的季度数据的单方程Bhaduri-Marglin模型的扩展版本，研究宏观经济影响。 2017年第4季度。我们的结果表明，WTR为5小时可导致GDP增长1.4％。