| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10744 |
| 来源ID | Working Paper 10744 |
| Effective Labor Regulation and Microeconomic Flexibility | |
| Ricardo J. Caballero; Kevin N. Cowan; Eduardo M.R.A. Engel; Alejandro Micco | |
| 发表日期 | 2004-09-06 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Microeconomic flexibility, by facilitating the process of creative-destruction, is at the core of economic growth in modern market economies. The main reason for why this process is not infinitely fast, is the presence of adjustment costs, some of them technological, other institutional. Chief among the latter is labor market regulation. While few economists would object to such a view, its empirical support is rather weak. In this paper we revisit this hypothesis and find strong evidence for it. We use a new sectoral panel for 60 countries and a methodology suitable for such a panel. We find that job security regulation clearly hampers the creative-destruction process, especially in countries where regulations are likely to be enforced. Moving from the 20th to the 80th percentile in job security, in countries with strong rule of law, cuts the annual speed of adjustment to shocks by a third while shaving off about one percent from annual productivity growth. The same movement has negligible effects in countries with weak rule of law. |
| 主题 | Macroeconomics ; Consumption and Investment ; Labor Economics ; Labor Supply and Demand ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w10744 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568376 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Kevin N. Cowan,Eduardo M.R.A. Engel,et al. Effective Labor Regulation and Microeconomic Flexibility. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10744.pdf（215KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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