Labor market institutions and macroeconomic volatility in a panel of OECD countries
Johann Scharler and
Fabio Rumler ()
No 1005, Working Paper Series from European Central Bank
In this paper we analyse empirically how labour market institutions influence business cycle volatility in a sample of 20 OECD countries. Our results suggest that countries characterized by high union density tend to experience more volatile movements in output, whereas the degree of coordination of the wage bargaining system and strictness of employment protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly coordinated wage bargaining systems have a dampening impact on inflation volatility. JEL Classification: E31, E32
Keywords: business cycles; inflation; labor market institutions (search for similar items in EconPapers)
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Journal Article: LABOR MARKET INSTITUTIONS AND MACROECONOMIC VOLATILITY IN A PANEL OF OECD COUNTRIES (2011)
Working Paper: Labor Market Institutions and Macroeconomic Volatility in a Panel of OECD Countries
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20091005
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