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Why Labour Market Response Differed in the Great Recession: The Impact of Institutions and Policy

Karl Aiginger (), Gerard Thomas Horvath () and Helmut Mahringer
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Helmut Mahringer: WIFO

No 396, WIFO Working Papers from WIFO

Abstract: This paper investigates the performance of labour markets during the recent crisis for 28 industrialised countries, specifically the reaction of employment and unemployment indicators relative to output changes. We construct a composite indicator for output as well as labour market performance. The determinants of cross-country differences we chose are regulation, flexicurity elements and contracts. We find a robust positive impact of labour market regulation, while the impacts of flexicurity strategies and contracts are difficult to pin down econometrically. Finally we venture a tentative look at the ongoing recovery.

Keywords: financial crisis; great recession; labour market performance; labour market regulation; short-time work agreements; flexicurity; Okun's law (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec and nep-lab
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Journal Article: Why Labor Market Response Differed in the Great Recession: The Impact of Institutions and Policy (2012) Downloads
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