Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets
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Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets
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Author : Olivier Blanchard
language : en
Publisher:
Release Date : 2001
Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets written by Olivier Blanchard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Deregulation categories.
Product and labor market deregulation are fundamentally about reducing and redistributing rents, leading economic players to adjust in turn to this new distribution. Thus, even if deregulation eventually proves beneficial, it comes with strong distribution and dynamic effects. The transition may imply the decline of incumbent firms. Unemployment may increase for a while. Real wages may decrease before recovering, and so on. To study these issues, we build a model based on two central assumptions: Monopolistic competition in the goods market, which determines the size of rents; and bargaining in the labor market, which determines the distribution of rents between workers and firms. We then think of product market regulation as determining both the entry costs faced by firms, and the degree of competition between firms. We think of labor market regulation as determining the bargaining power of workers. Having characterized the effects of labor and product market deregulation, we then use our results to study two specific issues. First, to shed light on macroeconomic evolutions in Europe over the last twenty years, in particular on the behavior of the labor share. Second, to look at political economy interactions between product and labor market deregulation.
Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets
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Author :
language : en
Publisher:
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Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The National Bureau of Economic Research, Inc. (NBER) presents an abstract for the paper entitled "Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets," by Olivier Blanchard and Francesco Giavazzi. The paper discusses product and labor market deregulation, which are fundamentally about reducing and redistributing rents. Users may purchase the full text of the paper.
Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets
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Author : Olivier J. Blanchard
language : en
Publisher:
Release Date : 2001
Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets written by Olivier J. Blanchard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Rather than decrease firing costs across the board, a number of European countries have allowed firms to hire workers on fixed-duration contracts. At the end of a given duration, these contracts can be terminated at little or no cost. If workers are kept on however, the contracts become subject to regular firing costs. We argue in this paper that the effects of such a partial reform of employment protection may be perverse. The main effect may be high turnover in fixed-duration jobs, leading in turn to higher, not lower, unemployment, And, even if unemployment comes down, workers may actually be worse off, going through many spells of nemployment and fixed duration jobs, before obtaining a regular job. Looking at French data for young workers since the early 1980s, we conclude that the reforms have substantially increased turnover, without a substantial reduction in unemployment duration. If anything, their effect on the welfare of young workers appears to have been negative. Keywords: Labor Market Reform, Temporary Employme.
Dynamic Effects Of Regulation And Deregulation In Goods And Labour Markets
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Author :
language : en
Publisher:
Release Date : 2005
Dynamic Effects Of Regulation And Deregulation In Goods And Labour Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Modern macroeconomic models with a Keynesian flavour usually involve nominal rigidities in wages and goods prices. A typical model is static and combines wage bargaining in the labour markets and monopolistic competition in the goods markets. As central policy implication it follows that deregulating labour and/or goods markets increases equilibrium employment. We reassess the consequences of deregulation in a dynamic model. It still increases employment at the fixed point, which corresponds to the static equilibrium solution. However, deregulation may also lead to stability loss and endogenous fluctuations. (author's abstract).
Macroeconomic Effects Of Regulation And Derulation In Goods And Labour Markets
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Author : Olivier Blanchard
language : en
Publisher:
Release Date : 2001
Macroeconomic Effects Of Regulation And Derulation In Goods And Labour Markets written by Olivier Blanchard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Dynamic Effects Of Regulation And Deregulation In Goods And Labour Markets
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Author :
language : en
Publisher:
Release Date : 2005
Dynamic Effects Of Regulation And Deregulation In Goods And Labour Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Growth Effects Of Regulation And Deregulation In Goods And Labor Markets
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Author : Tapio Palokangas
language : en
Publisher:
Release Date : 2001
Growth Effects Of Regulation And Deregulation In Goods And Labor Markets written by Tapio Palokangas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Labor And Product Market Reforms And External Imbalances Evidence From Advanced Economies
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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-26
Labor And Product Market Reforms And External Imbalances Evidence From Advanced Economies written by Mr.Romain A Duval and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-26 with Business & Economics categories.
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.
Macroeconomic Adjustment With Segmented Labor Markets
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Author : Pierre-Richard Agénor
language : en
Publisher:
Release Date : 1994
Macroeconomic Adjustment With Segmented Labor Markets written by Pierre-Richard Agénor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Fiscal policy categories.
This paper analyzes the macroeconomic effects of fiscal and labor market policies in a small open developing country. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor market is segmented as a result of efficiency considerations and minimum wage laws. The basic model is then extended to account for unemployment benefits, income taxation, and imperfect labor mobility across sectors. Under the assumption of perfect labor mobility, we show that a permanent reduction in government spending on nontraded goods leads in the long run to a depreciation of the real exchange rate, a fall in the market-clearing wage for unskilled labor, an increase in output of traded goods, and a lower stock of net foreign assets. A permanent reduction in the minimum wage for unskilled workers improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy in which the minimum wage is enforced only in the formal sector and wages in one segment of the labor market are competitively determined, efficiency wage considerations do not alter the standard neoclassical presumption. A reduction in unemployment benefits is also shown to have a positive effect on output of tradable goods by lowering both the level of efficiency wages and the employment rent of skilled workers.
Employment Protection Deregulation And Labor Shares In Advanced Economies
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Author : Gabriele Ciminelli
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-16
Employment Protection Deregulation And Labor Shares In Advanced Economies written by Gabriele Ciminelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-16 with Business & Economics categories.
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.