Do labor market institutions matter for business cycle fluctuations?

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dc.contributor.author Gnocchi, Stefano
dc.contributor.author Lagerborg, Andresa
dc.contributor.author Pappa, Evi
dc.date.accessioned 2022-05-12T13:32:23Z
dc.date.available 2022-05-12T13:32:23Z
dc.date.issued 2015-02-01
dc.identifier.bibliographicCitation Gnocchi, S., Lagerborg, A., & Pappa, E. (2015). Do labor market institutions matter for business cycles? Journal of Economic Dynamics and Control, 51, pp. 299–317.
dc.identifier.issn 0165-1889
dc.identifier.uri http://hdl.handle.net/10016/34789
dc.description.abstract Using panel data of 19 OECD countries observed over 40 years and data on specific labor market reform episodes we conclude that labor market institutions matter for business cycle fluctuations. Spearman partial rank correlations reveal that more flexible institutions are associated with lower business cycle volatility. Turning to the analysis of reform episodes, wage bargaining reforms increase the correlation of the real wage with labor productivity and the volatility of unemployment. Employment protection reforms increase the volatility of employment and decrease the correlation of the real wage with labor productivity. Reforms reducing replacement rates make labor productivity more procyclical.
dc.description.sponsorship This project has been financed by the Fundacion Ramon Areces. Pappa also acknowledges the financial support from the Spanish Ministry of Science and Innovation through Grant ECO2009-09847, the Generalitat de Catalunya through Grant SGR2009-00350, and the Barcelona Graduate School Research Network.
dc.language.iso eng
dc.publisher Elsevier
dc.rights © Elsevier, 2014
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Labor market institutions
dc.subject.other Business cycles
dc.subject.other Principal component analysis
dc.subject.other Difference-in-difference regressions
dc.title Do labor market institutions matter for business cycle fluctuations?
dc.type article
dc.subject.jel E32
dc.subject.jel J01
dc.subject.jel J08
dc.subject.eciencia Economía
dc.identifier.doi https://doi.org/10.1016/j.jedc.2014.10.005
dc.rights.accessRights openAccess
dc.relation.projectID Gobierno de España. ECO2009-09847
dc.relation.projectID Generalitat de Catalunya. SGR2009-00350
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 299
dc.identifier.publicationlastpage 317
dc.identifier.publicationtitle JOURNAL OF ECONOMIC DYNAMICS & CONTROL
dc.identifier.publicationvolume 51
dc.identifier.uxxi AR/0000029309
dc.contributor.funder Ministerio de Ciencia e Innovación (España)
dc.contributor.funder Generalitat de Catalunya
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