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Product Market Reforms, Labour Market Institutions and Unemployment

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  • Rachel Griffith
  • Rupert Harrison
  • Gareth Macartney

Abstract

We analyse the impact of product market competition on unemployment, and how this depends on labour market institutions. Theoretically, both firms with market power and unions with bargaining power are constrained in their behaviour by the elasticity of demand in the product market. We use differential changes in regulations across OECD countries over the 1980s and 1990s to identify the effects of competition. We find that increased competition reduces unemployment, more so in countries with labour market institutions that increase worker bargaining power. We also find that competition increases real wages but less so when bargaining power is high. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 117 (2007)
Issue (Month): 519 (03)
Pages: C142-C166

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Handle: RePEc:ecj:econjl:v:117:y:2007:i:519:p:c142-c166

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  1. Belot, M.V.K. & Ours, J.C. van, 2001. "Unemployment and Labor Market Institutions: An Empirical Analysis," Discussion Paper 2001-50, Tilburg University, Center for Economic Research.
  2. Marianne Bertrand & Francis Kramarz, 2001. "Does Entry Regulation Hinder Job Creation? Evidence from the French Retail Industry," NBER Working Papers 8211, National Bureau of Economic Research, Inc.
  3. Giuseppe Nicoletti & Stefano Scarpetta, 2005. "Product Market Reforms and Employment in OECD Countries," OECD Economics Department Working Papers 472, OECD Publishing.
  4. Nickell, Stephen, 1999. "Product markets and labour markets1," Labour Economics, Elsevier, vol. 6(1), pages 1-20, March.
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  1. It is time to move away from policy witchcraft and into an era where evidence is taken seriously
    by brumley in British Politics and Policy at LSE on 2012-05-28 13:40:02
  2. It is time to move away from policy witchcraft and into an era where evidence is taken seriously
    by Blog Admin in Impact of Social Sciences on 2012-05-29 10:00:44
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