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Labor market rigidity, unemployment, and the Great Recession

  • Murat Tasci
  • Mary Zenker

Countries with very flexible institutions and labor market policies, like the U.S., experienced substantial increases in unemployment over the course of the Great Recession, while countries with relatively rigid institutions and strict labor market policies, like France, fared better. However, this better short-term performance comes with a tradeoff; evidence suggests that flexible labor markets keep unemployment lower in the long run.

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File URL: http://www.clevelandfed.org/research/commentary/2011/2011-11.pdf
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2011)
Issue (Month): June ()
Pages:

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Handle: RePEc:fip:fedcec:y:2011:i:june29:n:2011-11
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  1. Lee Ohanian & Andrea Raffo & Richard Rogerson, 2006. "Long-Term Changes in Labor Supply and Taxes: Evidence from OECD Countries, 1956-2004," NBER Working Papers 12786, National Bureau of Economic Research, Inc.
  2. Murat Tasci & Saeed Zaman, 2010. "Unemployment after the recession: a new natural rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
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