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Central and Eastern European economies in a Goldilocks age: A model of labor market institutional choice

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  • Grodzicki, Maciej J.
  • Możdżeń, Michał

Abstract

We construct a simple model of a small, open economy with two macroeconomic variables of interest, namely, wage and employment dynamics and two institutions, namely, employment protection legislation (EPL) and minimum wage level (MW). Using stylized facts about macroeconomic performance and labor market reforms in Central Eastern European countries (CEEC) and assuming that the government wants to maximize equilibrium payroll, we can reproduce interesting labor market dynamics in these economies similar to those observed after the global financial crisis (GFC). This includes increased labor market resilience coupled with an increase in MW level and an implicitly higher EPL, with a partial reversal of a secular trend toward temporary employment. We conclude that a degree of complementarity (or at least weakened substitution) exists between worker-friendly EPL and MW policies in the peculiar economic circumstances that CEEC found themselves in the years after the GFC. We call these circumstances a Goldilocks period for the labor market.

Suggested Citation

  • Grodzicki, Maciej J. & Możdżeń, Michał, 2021. "Central and Eastern European economies in a Goldilocks age: A model of labor market institutional choice," Economic Modelling, Elsevier, vol. 104(C).
    • Handle: RePEc:eee:ecmode:v:104:y:2021:i:c:s0264999321002157
    DOI: 10.1016/j.econmod.2021.105626
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    More about this item

    Keywords

    Labour market institutions; Export-led growth; Political choice; Open economy;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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