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Labour Market Dynamics in OECD Countries

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  • Stephen Nickell

Abstract

The title accurately reflects the subject matter of the paper and we come to the following conclusions. First, we note that well documented difficulties in hiring faced by firms in the tight labour market of a boom provides a perfectly satisfactory explanation of both asymmetric employment cycles and countercyclical job reallocation. Second, employment adjustment costs are significantly inversely correlated with the speed of labour demand adjustment across the OECD economies. Third, the degree of hysteresis in the wage equation is positively related to long-term unemployment and negatively related to the proportion of small firms in the economy (where insider power is lower). The long-term unemployment rate is strongly related to the duration of benefits. Finally, related to employment adjustment costs, benefit durations and negatively related coordination in wage bargaining.

Suggested Citation

  • Stephen Nickell, 1995. "Labour Market Dynamics in OECD Countries," CEP Discussion Papers dp0255, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0255
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    Citations

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    Cited by:

    1. Akram,Q.F. & Nymoen,R., 2001. "Employment behaviour in slack and tight labour markets," Memorandum 27/2001, Oslo University, Department of Economics.
    2. Stevens, Philip Andrew, 2007. "Skill shortages and firms' employment behaviour," Labour Economics, Elsevier, vol. 14(2), pages 231-249, April.
    3. Bosch, Mariano & Maloney, William, 2005. "Labor market dynamics in developing countries: comparative analysis using continuous time Markov processes," Policy Research Working Paper Series 3583, The World Bank.
    4. Gudrun Biffl, 2000. "Deregulation of Placement Services. The Case of Austria," Austrian Economic Quarterly, WIFO, vol. 5(1), pages 35-51, February.
    5. Kertesi, Gábor & Köllő, János, 1998. "Regionális munkanélküliség és bérek az átmenet éveiben. A bérszerkezet átalakulása Magyarországon II. rész [Regional unemployment and wages in the years of transition. Changes in the wage structure," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 621-652.
    6. Mattos, Enlinson & Orellano, Veronica & Pazello, elaine, 2009. "A Substituição de Trabalhadores como Instrumento para Redução de Gastos com Salários: Evidências para a Indústria Paulista," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 63(2), June.
    7. Orellano, Veronica I. F. & Picchetti, Paulo, 2005. "An Analysis of Quit and Dismissal Determinants between 1988 and 1999 using the Bivariate Probit Model," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 25(1), May.

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