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Central Bank Conservatism and Labor Market Regulation

PublikationArtikel (med peer review)
Arbetslöshet, Arbetsmarknad, Henrik Jordahl, Inflation, Oberoende centralbank

Sammanfattning

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.

Jordahl, H. & Laséen, S. (2005). ”Central Bank Conservatism and Labor Market Regulation.”European Journal of Political Economy, 21(2): 345-363.


Liknande innehåll

Working Paper No. 333: Balancing employment protection and what’s good for the company
Working paperPublikation
Stern, C. & Weidenstedt, L.
Publiceringsår

2020

Publicerat i

Ratio Working Paper

Sammanfattning

Like most developed countries, Sweden has institutionalized employment protection legislation, called LAS. LAS is interesting theoretically because parts of it are semi-coercive. The semi-coerciveness makes it possible for firms and unions under collective agreements to negotiate departures from the law, for instance regarding seniority rules and terminations due to employees’ fit and/or misconduct. In this sense, the law is more flexible than the legal text suggests. The present study explores how the semi-coercive institution of employment protection is perceived and implemented by managers of smaller manufacturing companies. The results suggest that managers support the idea of employment protection rules in principle but face a difficult balancing act in dealing with LAS. Thus, the institutional legitimacy of the law is low. LAS ends up producing local cultures of hypocrisy and pretense. The paper gives insights into how institutions aimed at producing good moral behavior sometimes end up producing the opposite.

Moderna tider 4.0
BokPublikation
Grafström, J.
Publiceringsår

2020

Sammanfattning

Vi är många som närmar oss ett vägval: antingen kan vi börja på en yrkesväg som leder till guld och gröna skogar, eller fortsätta trampa en allt smalare och allt mer eftersatt stig. Den här boken vänder sig till dig som är nyfiken på vad det är som förändras i Sverige och världen idag, vad vi kan lära oss av historiska omställningar och vilka branscher som kan påverkas, blomstra – eller dö.

Oavsett om det är teknologisk utveckling eller oförutsedda globala händelser som orsakar branschförändringar är en sak klar: förändringarna sker snabbt. Många kommer inte hinna med tåget. Det här är guiden till framtidens yrken för dig som inte vill bli kvar på perrongen.

The Proportionality Principle in German and European Rules of Industrial Conflict
RapporterPublikation
Waas, B.
Publiceringsår

2019

Publicerat i

Arbetsmarknadsprogrammet

Sammanfattning

This report deals with the significance of the principle of proportionality in the strike law of Germany and the EU. As far as German law is concerned, the legal basis and content of the principle of proportionality will first be outlined, and then the importance of the principle for labour law in general. The main issue, however, is the role played by the principle of proportionality in industrial action law. There the Federal Labour Court has meanwhile raised the principle to the central yardstick for the assessment of industrial action measures. The relevant decisions will be presented, but also the considerable criticism of these will not be concealed. Subsequently, EU law will come to the fore, whereby the legal basis, the content and the scope of application of the principle of proportionality will be dealt first. On that basis, the application of the principle in industrial action law will be examined. In that context, the focus will be in the decisions of the European Court of Justice in the cases Laval and Viking. The following section is then devoted to the comparison of German and European law. The author here demonstrates that there are considerable differences in the application of the principle of proportionality.

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