Bruno, RL;
(2006)
Optimal speed of transition with a shrinking labour force and under uncertainty.
The Economics of Transition
, 14
(1)
pp. 69-100.
10.1111/j.1468-0351.2006.00241.x.
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Abstract
In the 1990s – during the restructuring of large state enterprises – Central European economies experienced high unemployment. Social policy expenditures, particularly targeted to the non-employed, grew faster than expected due to the need to finance the out-of-the-labour categories. In 1992, after the Passive Labour Market Policies’ reforms, the pace of transition decelerated. Unemployment dynamics, speed of transition and non-employment policies are modelled based on the assumption that the labour force is shrinking over time. Dismissed workers have the opportunity to choose an outside-option alternative to labour force participation. Individual uncertainty is assumed in a first phase of transition, while aggregate uncertainty – generating opposition to restructuring – is modelled in a second phase. The model predicts a slowdown in the speed of transition.
| Type: | Article |
|---|---|
| Title: | Optimal speed of transition with a shrinking labour force and under uncertainty |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/j.1468-0351.2006.00241.x |
| Publisher version: | https://doi.org/10.1111/j.1468-0351.2006.00241.x |
| 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. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10128703 |
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