Jobless recoveries after financial crises (and the key role of the extensive margin of employment)

Françoise Delmez ()
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Françoise Delmez: UNamur - DeFiPP

No 2019015, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: Using an dynamic panel of 15 developed countries over the 1960-2010 period, this paper compares employment and hours recovery paths after financial vs. non-financial crises. We show that post financial crises recoveries display a stronger uplift of individual hours and a weaker one of the employment rate. The results are robust to controlling for the strength of the recovery in terms of GDP growth per capita, the depth of the preceeding recession, labour-market institutions differences potentially correlated with financial vs non-financial crises and for dynamic panel bias. In conclusion, we argue that considering both margins of employment, in particular the role of extended hours in coping with rising output, improves our understanding of financial crises as a source of jobless recoveries.

Keywords: Financial crises; jobless recoveries; employment; working time (search for similar items in EconPapers)
Date: 2019-04-01
New Economics Papers: this item is included in nep-fdg, nep-his and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:2019015

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