Il rallentamento della produttivita' del lavoro e la crescita dell'occupazione. Il ruolo del progresso tecnologico e della flessibilita' del lavoro
AbstractIn this paper we argue that the deceleration of labor productivity is at the root of the slowdown of the European economic growth over the last fifteen years. Using a simple dynamic model of the labor market, we show that this poor performance can only be accounted for by a combination of two shocks: an adverse technological shock to the labor demand and a positive non technological shock to the labor supply. We are interested in the long run properties of the model, so we use economic theory to study the long run impacts of different shocks to identify the model. Shocks which affect permanently productivity can lead to a transition from one steady state to another. We use a structural VAR to estimate the contri38 bution of the technological and non technological shocks to the dynamics of employment and labor productivity. Our main result is that the technological shock is able to explain the decrease of the growth rate of productivity but not the increase in employment. In turn, the non technological shock can capture the dynamics of employment but not the slowdown of labor roductivity. Thus, both shocks are necessary to provide a complete picture of the employment-productivity rade-off in Europe during the last ten years.
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Bibliographic InfoArticle provided by SIE - Societa' Italiana degli Economisti (I) in its journal Rivista Italiana degli Economisti.
Volume (Year): 13 (2008)
Issue (Month): 1 (April)
Find related papers by JEL classification:
- E29 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Other
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
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