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Employment Protection Deregulation and Labor Shares in Advanced Economies

2018-08-16 Business & Economics
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Release : 2018-08-16
Genre : Business & Economics
Kind : eBook
Book Rating : 723/5 ( reviews)

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Book Synopsis Employment Protection Deregulation and Labor Shares in Advanced Economies by : Gabriele Ciminelli

Download or read book Employment Protection Deregulation and Labor Shares in Advanced Economies written by Gabriele Ciminelli. This book was released on 2018-08-16. Available in PDF, EPUB and Kindle. Book excerpt: Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.

Job Protection Deregulation in Good and Bad Times

2017-12-14 Business & Economics
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Release : 2017-12-14
Genre : Business & Economics
Kind : eBook
Book Rating : 012/5 ( reviews)

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Book Synopsis Job Protection Deregulation in Good and Bad Times by : Mr.Romain A Duval

Download or read book Job Protection Deregulation in Good and Bad Times written by Mr.Romain A Duval. This book was released on 2017-12-14. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly constructed “narrative” dataset of major regular job protection reforms covering 26 advanced economies over the past four decades. The analysis relies on country-sector-level data, using as an identifying assumption the fact that stringent dismissal regulations are more binding in sectors that are characterized by a higher “natural” propensity to regularly adjust their workforce. We find that the responses of sectoral employment to large job protection deregulation shocks depend crucially on the state of the economy at the time of reform——they are positive in an expansion, but become negative in a recession. These findings are consistent with theory, and are robust to a broad range of robustness checks including an Instrumental Variable approach using political economy drivers of reforms as instruments. Our results provide a case for undertaking job protection reform in good times, or for designing it in ways that enhance its short-term impact.

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

2021-02-26 Business & Economics
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Release : 2021-02-26
Genre : Business & Economics
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Book Rating : 749/5 ( reviews)

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Book Synopsis Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies by : Mr.Romain A Duval

Download or read book Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies written by Mr.Romain A Duval. This book was released on 2021-02-26. Available in PDF, EPUB and Kindle. Book excerpt: We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroeconomic conditions. Our results are broadly consistent with predictions from recent DSGE models with endogenous producer entry and labor market frictions.

Fighting Unemployment

2005 Business & Economics
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Release : 2005
Genre : Business & Economics
Kind : eBook
Book Rating : 853/5 ( reviews)

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Book Synopsis Fighting Unemployment by : David R. Howell

Download or read book Fighting Unemployment written by David R. Howell. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt: Critically assessing the widely accepted view that the cause of unemployment is excessive labor market regulation and overly generous welfare state benefits, this book's chapters include both cross-country statistical analyses and country case studies.

The Employment Effects of Technological Change

2007-08-15 Business & Economics
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Release : 2007-08-15
Genre : Business & Economics
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Book Rating : 562/5 ( reviews)

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Book Synopsis The Employment Effects of Technological Change by : Jens Rubart

Download or read book The Employment Effects of Technological Change written by Jens Rubart. This book was released on 2007-08-15. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an empirical and theoretical examination of the short- and medium run impacts of technological advances on the employment and wages of workers which differ in their earned educational degree. Furthermore, by introducing labor market frictions and wage setting institutions the author shows the importance of such imperfections in order to replicate empirical facts.

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