Macroeconomic volatilities and the labor market: First results from the euro experiment

被引：11
|
作者：
Merkl, Christian [1 ,2 ,3 ]
Schmitz, Tom [4 ,5 ]
机构：
[1] Kiel Inst World Econ, D-24105 Kiel, Germany
[2] Univ Erlangen Nurnberg, D-90403 Nurnberg, Germany
[3] IZA, Bonn, Germany
[4] HEC Paris, F-78351 Jouy En Josas, France
[5] Inst Etud Polit Paris, F-75007 Paris, France
来源：
EUROPEAN JOURNAL OF POLITICAL ECONOMY | 2011年 / 27卷 / 01期
关键词：
Labor market institutions; Output and inflation volatility; Labor turnover costs; Unemployment benefits; Unemployment; Eurozone; CYCLICAL BEHAVIOR; BUSINESS CYCLES; EQUILIBRIUM UNEMPLOYMENT; KEYNESIAN MODEL; SHOCKS; COSTS; INSTITUTIONS; FRICTIONS; VACANCIES; DEMAND;
D O I：
10.1016/j.ejpoleco.2010.05.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyze the effects of labor market institutions (LMIs) on inflation and output volatility. The eurozone offers an unprecedented experiment for this exercise: since 1999, no national monetary policies have been implemented that could account for volatility differences. We use a New Keynesian model with unemployment to predict the effects of LMIs. In our empirical estimations, we find that higher labor turnover costs have a significant negative effect on output volatility, while replacement rates have a positive effect, both in line with theory. While LMIs have a large effect on output volatility, they do not matter much for inflation volatility. (C) 2010 Elsevier B.V. All rights reserved.
引用
收藏
页码：44 / 60
页数：17
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