| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5536
|
| DP5536 The Real Effects of EMU |
| Philip Lane
|
| 发表日期 | 2006-03-02
|
| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | Countries react differently to large labour reallocation shocks. Some minimize the costs by adapting rapidly, while others suffer long periods of costly adjustment, typically high and persistent unemployment and temporary output losses. We argue that the existence of large amounts of specific human capital slows down the transitions and makes them costly. We illustrate this point by building a theoretical framework in which young agents' careers are heavily determined by the type of initial education, and analyze the transition to a new steady-state after a sectoral demand shift. In the absence of mobility, it can take as much as a generation for the economy to absorb the shock.
An interesting case study is the European Union enlargement, which led to a modernization of many sectors in Eastern countries and to a fast decline of traditional industries and agriculture. Using labour force data from a large economy with rigid labour markets, Poland, and a small open economy with increased flexibility, Estonia, we document our main claim, namely that specialized education reduces workers' mobility and hence their ability to cope with economic changes. We find that holding a vocational degree is associated with much longer unemployment duration spells, relatively large wage penalties when changing jobs and higher likelihood of leaving activity for elder workers. Quantitative exercises suggest that the over-specialization of the labour force in Poland led to much higher and persistent unemployment compared to Estonia during the period of EU enlargement. Traditional labour market institutions (wage rigidity and employment protection) increased, but to a much lesser extent, the unemployment gap. |
| 主题 | International Macroeconomics
; Labour Economics
|
| 关键词 | Matching
Labour reallocation
Specific skills
Enlargement
Vocational education
Unemployment
|
| URL | https://cepr.org/publications/dp5536
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534380
|
推荐引用方式
GB/T 7714 |
Philip Lane. DP5536 The Real Effects of EMU. 2006.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
