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Employment and Output Adjustment in the OECD: A Disaggregate Analysis of the Role of Job Security Provisions

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  • Simon Burgess
  • Michael Knetter
  • Claudio Michelacci

Abstract

Job security provisions are frequently cited as inhibiting the functioningof labour markets in Europe. However, as with many forms of non‐priceregulation, it is difficult to assess how tightly these regulations bindand influence labour market outcomes. We use an industry–country panelof OECD countries over 20 years to estimate adjustment paths for employmentand output conditional on wages, the capital stock and exchange rates. Wefind that job security provisions are correlated with the speed ofadjustment of employment and output (restrictive legislation slowingadjustment down), and that controlling for industry effects is importantin isolating this effect.

Suggested Citation

  • Simon Burgess & Michael Knetter & Claudio Michelacci, 2000. "Employment and Output Adjustment in the OECD: A Disaggregate Analysis of the Role of Job Security Provisions," Economica, London School of Economics and Political Science, vol. 67(267), pages 419-435, August.
    • Handle: RePEc:bla:econom:v:67:y:2000:i:267:p:419-435
    DOI: 10.1111/1468-0335.00216
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    Cited by:

    1. Tomohiko Noda & Daisuke Hirano, 2024. "The effect of enterprise unions on employment adjustment speed in Japanese firms," British Journal of Industrial Relations, London School of Economics, vol. 62(3), pages 645-669, September.

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