Central Bank Conservatism and Labor Market Regulation
Jordahl, H. & Laséen, S. (2005). ”Central Bank Conservatism and Labor Market Regulation.”European Journal of Political Economy, 21(2): 345-363.
Jordahl, H. & Laséen, S. (2005). ”Central Bank Conservatism and Labor Market Regulation.”European Journal of Political Economy, 21(2): 345-363.
How does central bank conservatism affect labor market regulation? In this paper, we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the cost of regulation. It also increases unemployment variability, making regulation more costly. In combination, the two effects produce a hump-shaped relation between conservatism and labor market regulation. To test this prediction, we use data for 19 OECD countries for the period 1980–1994. Our proxies for regulation are unemployment, different labor market institutions, and indices of labor market regulation. Conservatism is proxied by two common measures of central bank independence. We find support for the prediction of a hump-shaped relation between conservatism and labor market regulation.
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though the transformation of the labour market as a result of the development of ICT
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conditions, it is now more important than ever for EU Member States to improve the
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Sammanfattning:
Medarbetaravtal är en ovanlig kollektivavtalsform där särskilda krav ställs på samarbete mellan tjänstemannafacken och arbetarfacken eftersom avtalet tecknas gemensamt. Det saknas idag kunskap om effekterna av kollektivavtal generellt och medarbetaravtal i synnerhet. Parterna inom pappers- och massaindustrin tecknade 1996 medarbetaravtal vilket möjliggör en jämförelse på branschnivå. Med hjälp av syntetiska kontrollgrupper undersöker vi hur arbetskraftskostnad och produktivitet påverkas av den unika kollektivavtalslösningen. I rapporten kommer vi fram till att det i dagsläget är svårt att visa på några tydliga effekter vilket inte är helt förvånande med tanke på hur medarbetaravtalen som finns är utformade. Mer kunskap kring de ekonomiska effekterna av olika typer av kollektivavtal är en förutsättning för informerad diskussion kring framtidens kollektivavtal. Det krävs ytterligare studier i de fall ett mer renodlat medarbetaravtal skulle tecknas i framtiden.