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.
引用
收藏
页码：299 / 317
页数：19
相关论文
共 50 条
  • [31] ENDOGENOUS LABOR MARKET CYCLES
    Li, Yunan
    Wang, Cheng
    INTERNATIONAL ECONOMIC REVIEW, 2022, 63 (02) : 849 - 881
  • [32] Business Cycles and the Oil Market
    Mork, Knut Anton
    ENERGY JOURNAL, 1994, : 15 - 38
  • [33] Do ability peer effects matter for academic and labor market outcomes?
    Lepine, Andrea
    Estevan, Fernanda
    LABOUR ECONOMICS, 2021, 71
  • [34] Consumer Preferences for National Brands and Private Labels: Do Business Cycles Matter?
    Jones, Eugene
    NATIONAL BRANDS AND PRIVATE LABELS IN RETAILING, 2014, : 91 - 101
  • [35] Trade Liberalization and Labor Market Institutions
    Baccini, Leonardo
    Guidi, Mattia
    Poletti, Arlo
    Yildirim, Aydin B.
    INTERNATIONAL ORGANIZATION, 2022, 76 (01) : 70 - 104
  • [36] LABOR-MARKET INSTITUTIONS AND INFLATION
    SMITH, DA
    BRITISH JOURNAL OF INDUSTRIAL RELATIONS, 1976, 14 (01) : 35 - 42
  • [37] Employment dynamics and labor market institutions
    Nickell, S
    JOB CREATION: THE ROLE OF LABOR MARKET INSTITUTIONS, 1998, : 34 - 48
  • [38] Secular Labor Reallocation and Business Cycles
    Chodorow-Reich, Gabriel
    Wieland, Johannes
    JOURNAL OF POLITICAL ECONOMY, 2020, 128 (06) : 2245 - 2287
  • [39] Labor market institutions and wage inequality
    Koeniger, Winfried
    Leonardi, Marco
    Nunziata, Luca
    INDUSTRIAL & LABOR RELATIONS REVIEW, 2007, 60 (03): : 340 - 356
  • [40] The diversity of labor market institutions and entrepreneurship
    Dilli, Selin
    SOCIO-ECONOMIC REVIEW, 2021, 19 (02) : 511 - 552
12345