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Labor market reforms and unemployment dynamics

Murtin, F; Robin, J-M; (2018) Labor market reforms and unemployment dynamics. Labour Economics , 50 pp. 3-19. 10.1016/j.labeco.2016.05.025. Green open access

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Abstract

We quantify the contribution of labor market reforms to unemployment dynamics in nine OECD countries (Australia, France, Germany, Japan, Portugal, Spain, Sweden, UK, US). We estimate a dynamic stochastic search-matching model with heterogeneous workers and aggregate productivity shocks. The heterogeneous-worker mechanism proposed by Robin (2011) explains unemployment volatility by productivity shocks well in all countries. Placement and employment services, UI benefit reduction and product market deregulation are found to be the most prominent policy levers for unemployment reduction. Business cycle shocks and LMPs explain about the same share of unemployment volatility (except for Japan, Portugal and the US).

Type: Article
Title: Labor market reforms and unemployment dynamics
Location: Sci Po Paris, Paris, FRANCE
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.labeco.2016.05.025
Publisher version: http://doi.org/10.1016/j.labeco.2016.05.025
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Unemployment dynamics, Turnover, Labor market institutions, Job search, Matching function
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10062670
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