Do labor market institutions matter for business cycles?

被引：35
|
作者：
Gnocchi, Stefano [1 ]
Lagerborg, Andresa [2 ]
Pappa, Evi [2 ,3 ,4 ]
机构：
[1] Bank Canada, Toronto, ON, Canada
[2] European Univ Inst, I-50133 Florence, Italy
[3] Univ Autonoma Barcelona, E-08193 Barcelona, Spain
[4] CEPR, London, England
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2015年 / 51卷
关键词：
Labor market institutions; Business cycles; Principal component analysis; Difference-in-difference regressions; SEARCH; UNEMPLOYMENT; FRICTIONS; DYNAMICS; PRICES;
D O I：
10.1016/j.jedc.2014.10.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using panel data of 19 OECD countries observed over 40 years and data on specific labor market reform episodes we conclude that labor market institutions matter for business cycle fluctuations. Spearman partial rank correlations reveal that more flexible institutions are associated with lower business cycle volatility. Turning to the analysis of reform episodes, wage bargaining reforms increase the correlation of the real wage with labor productivity and the volatility of unemployment. Employment protection reforms increase the volatility of employment and decrease the correlation of the real wage with labor productivity. Reforms reducing replacement rates make labor productivity more procyclical. (C) 2014 Elsevier B.V. All rights reserved.
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页码：299 / 317
页数：19
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