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Labour market institutions and the cyclical dynamics of employment

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  • Nunziata, Luca

Abstract

We present an empirical analysis of the effects of labour market institutions on the employment dynamics over the cycle. In the first part of the paper a theoretical framework is provided with particular emphasis on working time regulations. The conclusions of the theory are tested in the second part on a sample of 20 OECD countries observed over the period 1975-1997. The empirical analysis is focused one expansions, contractions and different expansion segments. The claims of the theory are confirmed and a measure of the influence of labour market institutions on the employment responsiveness to the business cycle is provided through simulations.

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Bibliographic Info

Article provided by Elsevier in its journal Labour Economics.

Volume (Year): 10 (2003)
Issue (Month): 1 (February)
Pages: 31-53

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Handle: RePEc:eee:labeco:v:10:y:2003:i:1:p:31-53

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References

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  1. Stephen Nickell & Luca Nunziata, 2000. "Employment patterns in OECD countries," LSE Research Online Documents on Economics 20198, London School of Economics and Political Science, LSE Library.
  2. Luca Nunziata & Stefano Staffolani, 2001. "On Short-Term Contracts Regulations," Economics Papers 2001-W7, Economics Group, Nuffield College, University of Oxford.
  3. Pietro Garibaldi & Paolo Mauro, 1999. "Deconstructing Job Creation," IMF Working Papers 99/109, International Monetary Fund.
  4. Lazear, Edward P, 1990. "Job Security Provisions and Employment," The Quarterly Journal of Economics, MIT Press, vol. 105(3), pages 699-726, August.
  5. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Nickell, Stephen & Nicolitsas, Daphne & Patterson, Malcolm, 2001. " Does Doing Badly Encourage Management Innovation?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 63(1), pages 5-28, February.
  7. Calmfors, Lars & Hoel, Michael, 1989. "Work Sharing, Employment and Shiftwork," Oxford Economic Papers, Oxford University Press, vol. 41(4), pages 758-73, October.
  8. Stephen Nickell, 1997. "Unemployment and Labor Market Rigidities: Europe versus North America," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 55-74, Summer.
  9. King, R.G. & Rebelo, S.T., 1989. "Low Frequency Filtering And Real Business Cycles," RCER Working Papers 205, University of Rochester - Center for Economic Research (RCER).
  10. Michèle Belot & Jan C. van Ours, 2004. "Does the recent success of some OECD countries in lowering their unemployment rates lie in the clever design of their labor market reforms?," Oxford Economic Papers, Oxford University Press, vol. 56(4), pages 621-642, October.
  11. P Garibaldi, 1995. "Job Flow Dynamics and Firing Restrictions," CEP Discussion Papers dp0256, Centre for Economic Performance, LSE.
  12. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173, September.
  13. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March.
  14. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  15. Bentolila, Samuel & Bertola, Giuseppe, 1990. "Firing Costs and Labour Demand: How Bad Is Eurosclerosis?," Review of Economic Studies, Wiley Blackwell, vol. 57(3), pages 381-402, July.
  16. Bertola, Giuseppe, 1999. "Microeconomic perspectives on aggregate labor markets," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 45, pages 2985-3028 Elsevier.
  17. Nickell, S J, 1978. "Fixed Costs, Employment and Labour Demand over the Cycle," Economica, London School of Economics and Political Science, vol. 45(180), pages 329-45, November.
  18. Harvey, A C & Jaeger, A, 1993. "Detrending, Stylized Facts and the Business Cycle," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(3), pages 231-47, July-Sept.
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Citations

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Cited by:
  1. Etienne Wasmer, 2009. "Links between labor supply and unemployment: theory and empirics," Journal of Population Economics, Springer, vol. 22(3), pages 773-802, July.
  2. Fabio Rumler & Johann Scharler, 2011. "Labor Market Institutions And Macroeconomic Volatility In A Panel Of Oecd Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(3), pages 396-413, 07.
  3. Noé N'Semi & Aurélien Gaimon & Maël Theulière & Vincent Lapegue & Frédéric Reynès & Paola Veroni, 2007. "Does the interaction between shocks and institutions solve the OECD unemployment puzzle ? A theoretical and empirical appraisal," Sciences Po publications 2007-34, Sciences Po.
  4. Michael Lechner & Rosalia Vazquez-Alvarez, 2007. "Stochastic labour market shocks, labour market programmes, and human capital formation: a theoretical and empirical analysis," University of St. Gallen Department of Economics working paper series 2007 2007-27, Department of Economics, University of St. Gallen.
  5. repec:spo:wpecon:info:hdl:2441/6120 is not listed on IDEAS
  6. repec:spo:wpecon:info:hdl:2441/9726 is not listed on IDEAS
  7. Cristiano Perugini & Marcello Signorelli, 2007. "Labour Market Performance Differentials and Dynamics in EU-15 Countries and Regions," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 4(2), pages 209-262, September.
  8. Piccirilli, Giulio, 2009. "Contingent worksharing," Research in Economics, Elsevier, vol. 63(2), pages 135-143, June.
  9. Frédéric Reynès & Paola Veroni & Aurélien Gaimon & Vincent Lapegue & Noé N'Semi & Maël Theulière, 2008. "Does the interaction between shocks and institutions solve the OECD shocks and institutions solve the OECD Unemployment Puzzle ? A Theoritical and Empirical Appraisal," Sciences Po publications info:hdl:2441/9726, Sciences Po.
  10. repec:spo:wpecon:info:hdl:2441/8903 is not listed on IDEAS

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