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Anatomy of the Czech Labour Market:From Over-Employment to Under-Employment in Ten Years?

Vladislav Flek (), Kamil Galuscak, Jaromir Gottvald, Jaromir Hurnik, Stepan Jurajda, David Navratil (), Petr Mares, Daniel Münich (), Tomas Sirovatka and Jiri Vecernik ()

Working Papers from Czech National Bank

Abstract: In this volume we investigate the macroeconomic aspects of labour market behaviour and its microfoundations. In the first part we deal with aggregate labour market trends and issues relevant to macroeconomic policy. The second part analyses in more detail labour flexibility, namely labour market flows, long-term unemployment and labour force deprivation. The third part addresses wage flexibility and relative wages, with special attention paid to regional unemployment elasticity of wages and returns to education. Worsening labour market performance can be seen especially in a rising NAIRU, declining labour mobility, labour deprivation due to long-term unemployment, skill mismatch and emerging signs of inflexibility in wage structures. Our conclusions are of use for both macroeconomic and labour market policies, signalling, among other messages, limitations on potential output growth stemming from deteriorated labour market performance and a need for institutional and structural changes rather than counter-cyclical policies to solve the unemployment problem in the Czech Republic.

Keywords: Employment; labour flows; labour force marginalisation; NAIRU; returns to education; unemployment; wage curve; wage differentials; wage inflation. (search for similar items in EconPapers)
JEL-codes: E24 J21 J30 J31 J44 J61 J62 J63 J64 J65 (search for similar items in EconPapers)
Date: 2004-12
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