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Short-Time Compensation: Job Security, and Employment Contracts: Evidence from Selected OECD Countries

  • Van Audenrode, Marc A
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    In this paper, a model of optimal employment contracting describes differences across countries in firing restrictions and short-time compensation systems for workers forced to work shorter hours to avoid layoff. The model predicts that the existence of a short-time compensation system will generate major fluctuations in working hours only if the short-time compensation system is more generous than the traditional unemployment insurance system. A test performed for ten OECD countries shows that in countries with generous short-time compensation systems, the speed of adjustment of total hours worked is higher than in the United States, despite a much slower adjustment in the number of workers employed. Copyright 1994 by University of Chicago Press.

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    Article provided by University of Chicago Press in its journal Journal of Political Economy.

    Volume (Year): 102 (1994)
    Issue (Month): 1 (February)
    Pages: 76-102

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    Handle: RePEc:ucp:jpolec:v:102:y:1994:i:1:p:76-102
    Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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