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来源类型Working Paper
规范类型报告
DOI10.3386/w10744
来源IDWorking 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
URLhttps://www.nber.org/papers/w10744
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568376
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Ricardo J. Caballero,Kevin N. Cowan,Eduardo M.R.A. Engel,et al. Effective Labor Regulation and Microeconomic Flexibility. 2004.
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