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Sectoral Structure and Entry Regulations

  • Messina, Julian

    (European Central Bank)

The sectoral allocation of labor differs considerably across developed economies, even in the presence of similar patterns of structural change. A general equilibrium model that captures the stylized facts of structural change is presented. In this framework, economy-wide barriers to entry hinder the development of dynamic sectors such as service industries. Moreover, higher service prices and rents in regulated economies reduce labor supply, providing a rationale for the negative association between product market regulations and the employment rate previously found in the literature. Empirical evidence presented shows that regulatory entry barriers help explaining differences in the sectoral allocation of labor across OECD countries.

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Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 154.

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Date of creation: 04 Jun 2003
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Handle: RePEc:ecj:ac2003:154
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