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The German Labor Market Miracle Revisited: Risk Elimination in Working Time Accounts

  • Vivian Carstensen


    (Bielefeld University ASC and University of Hannover, Germany)

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    This paper contributes to analyses of sustainable enterprise with focus on quality of present and future employment, maintenance of human capital and constituting characteristics of institutional arrangements between the social partners. We add by proving that a specific option from the toolkit of flexible work schedules reduces unemployment risk over the business cycle, while providing mutual insurance of employers and employees. In labor market practice this option is known as working time accounts. Working time accounts are exceptionally widespread and well-institutionalized in Germany. We also introduce a risk elimination model of working time accounts and thus contribute to closing the jobs miracle research gap that has become evident since the global financial and economic crisis.

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    Article provided by Eurasian Publications in its journal Eurasian Journal of Social Sciences.

    Volume (Year): 1 (2013)
    Issue (Month): 1 ()
    Pages: 19-38

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    Handle: RePEc:ejn:ejssjr:v:1:y:2013:i:1:p:19-38
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    1. Michael Elsby & Bart Hobijn & Aysegül Sahin, 2010. "The labor market in the Great Recession," Working Paper Series 2010-07, Federal Reserve Bank of San Francisco.
    2. Burda, Michael C & Hunt, Jennifer, 2011. "What Explains the German Labor Market Miracle in the Great Recession?," CEPR Discussion Papers 8520, C.E.P.R. Discussion Papers.
    3. Peter Gal & Alexander Hijzen & Zoltan Wolf, 2012. "The Role of Institutions and Firm Heterogeneity for Labour Market Adjustment: Cross-Country Firm-Level Evidence," OECD Social, Employment and Migration Working Papers 134, OECD Publishing.
    4. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    5. Lutz Bellmann & Knut Gerlach & Wolfgang Meyer, 2008. "Company-Level Pacts for Employment," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 228(5+6), pages 533-553, December.
    6. Lindbeck, Assar & Snower, Dennis J., 2001. "Centralized bargaining and reorganized work: Are they compatible?," European Economic Review, Elsevier, vol. 45(10), pages 1851-1875, December.
    7. Jens Boysen-Hogrefe & Dominik Groll, 2010. "The German Labour Market Miracle," National Institute Economic Review, National Institute of Economic and Social Research, vol. 214(1), pages R38-R50, October.
    8. Haim Levy, 1992. "Stochastic Dominance and Expected Utility: Survey and Analysis," Management Science, INFORMS, vol. 38(4), pages 555-593, April.
    9. L. Eeckhoudt & C. Gollier & H. Schlesinger, 2005. "Economic and financial decisions under risk," Post-Print hal-00325882, HAL.
    10. Seifert, Hartmut, 2004. "Flexibility through working time accounts : reconciling economic efficiency and individual time requirements," WSI Discussion Papers 130, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
    11. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
    12. repec:bla:restud:v:36:y:1969:i:107:p:335-46 is not listed on IDEAS
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