LABOR MARKET INSTITUTIONS AND MACROECONOMIC VOLATILITY IN A PANEL OF OECD COUNTRIES

Fabio Rumler · Johann Scharler

38 citations0/0 files storedScottish Journal of Political Economy

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Monetary Policy and Economic Impact Labor market dynamics and wage inequality Unemployment and Economic Growth

Abstract

ABSTRACT In this paper we analyze empirically how labor 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 the strictness of employment protection legislation appear to be only of limited importance. We also find some evidence suggesting that highly coordinated wage bargaining systems have a dampening impact on inflation volatility.

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References

2005INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY 1999The Science of Monetary Policy: A New Keynesian Perspective 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1994Job Creation and Job Destruction in the Theory of Unemployment 2003An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area 1980The Solution of Linear Difference Models under Rational Expectations 1988Bargaining Structure, Corporatism and Macroeconomic Performance 2000The Role of Shocks and Institutions in the Rise of European Unemployment: the Aggregate Evidence

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