Do Policies that Reduce Unemployment Raise its Volatility?: Evidence from OECD Countries
In this paper we examine whether past labour market reforms aiming at reducing the rate of unemployment have raised its long-run volatility. Using non-linear panel data models applied to 24 OECD countries between 1985 and 2007, as well as Monte-Carlo techniques, we do not find any evidence of such p...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2013
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1020 |
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| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper we examine whether past labour market reforms aiming at reducing the rate of unemployment have raised its long-run volatility. Using non-linear panel data models applied to 24 OECD countries between 1985 and 2007, as well as Monte-Carlo techniques, we do not find any evidence of such policy trade-off. In contrast, we find that reduced unemployment benefit duration, more competition-inducing product market regulation and looser employment protection legislation are associated with a weaker persistence of unemployment over time, which implies a lower volatility of unemployment in the long run. More specifically, the evidence suggests that even in the case of reforms that may have raised the shortterm sensitivity of unemployment to business cycles (such as with the easing of employment protection), the weaker persistence effect dominates the higher cyclical volatility, implying a net reduction in long-term volatility. |
| Beschreibung: | 1 Online-Ressource (30 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k4c9kmlg08v-en |
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| spelling | de Serres, Alain VerfasserIn aut Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries Alain, de Serres and Fabrice, Murtin = Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? : Une analyse empirique couvrant les pays de l'OCDE / Alain, de Serres et Fabrice, Murtin Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? Paris OECD Publishing 2013 1 Online-Ressource (30 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1020 In this paper we examine whether past labour market reforms aiming at reducing the rate of unemployment have raised its long-run volatility. Using non-linear panel data models applied to 24 OECD countries between 1985 and 2007, as well as Monte-Carlo techniques, we do not find any evidence of such policy trade-off. In contrast, we find that reduced unemployment benefit duration, more competition-inducing product market regulation and looser employment protection legislation are associated with a weaker persistence of unemployment over time, which implies a lower volatility of unemployment in the long run. More specifically, the evidence suggests that even in the case of reforms that may have raised the shortterm sensitivity of unemployment to business cycles (such as with the easing of employment protection), the weaker persistence effect dominates the higher cyclical volatility, implying a net reduction in long-term volatility. Employment Economics Murtin, Fabrice MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k4c9kmlg08v-en Volltext |
| spellingShingle | de Serres, Alain Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries Employment Economics |
| title | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries |
| title_alt | Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? |
| title_auth | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries |
| title_exact_search | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries |
| title_full | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries Alain, de Serres and Fabrice, Murtin = Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? : Une analyse empirique couvrant les pays de l'OCDE / Alain, de Serres et Fabrice, Murtin |
| title_fullStr | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries Alain, de Serres and Fabrice, Murtin = Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? : Une analyse empirique couvrant les pays de l'OCDE / Alain, de Serres et Fabrice, Murtin |
| title_full_unstemmed | Do Policies that Reduce Unemployment Raise its Volatility? Evidence from OECD Countries Alain, de Serres and Fabrice, Murtin = Est-ce que les politiques qui réduisent le chômage augmentent sa volatilité ? : Une analyse empirique couvrant les pays de l'OCDE / Alain, de Serres et Fabrice, Murtin |
| title_short | Do Policies that Reduce Unemployment Raise its Volatility? |
| title_sort | do policies that reduce unemployment raise its volatility evidence from oecd countries |
| title_sub | Evidence from OECD Countries |
| topic | Employment Economics |
| topic_facet | Employment Economics |
| url | https://doi.org/10.1787/5k4c9kmlg08v-en |
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