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UID:499e1d8edc93bb0ad4a5e1d992c381ce
CATEGORIES:Seminars
CREATED:20190214T154806
SUMMARY:Lunch Seminar: Elisa Guglielminetti - Banca d'Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nThe General Equilibrium Effects of Labor Market Institutions (joint wit
 hAndrea Gerali and Danilo Liberati)\n\n\nAbstract:\nLabor market institutio
 ns (LMIs) are key determinants of the equilibrium unemployment rate but the
  specific impact of each of them is often unclear. In this paper we study t
 he interaction of four different LMIs: i) employment protection on regular 
 contracts (EPR), ii) employment protection on temporary contracts (EPT), ii
 i) collective bargaining coverage (CBC) and iv) unemployment benefits repla
 cement rate (RR). Cross-country stylized facts show that LMIs interact in a
  non trivial way, pushing up unemployment when imposing restrictions on the
  adjustment of both heads and wages. Strong EPR is associated with higher u
 nemployment only when extensive CBC or high RR limit firms' ability to adju
 st wages downwards. The effects of partial reforms easing employment protec
 tion by the introduction of temporary contracts are ambiguous. To rationali
 ze these findings we build a DSGE model with labor market frictions which e
 mbeds the previous LMIs. Firms may stipulate regular and temporary contract
 s in segmented markets. The first ones are subject to firing costs in case 
 of endogenous separation, while the latter have limited duration and can be
  endogenously converted into permanent jobs at expiration. CBC prevents the
  wage to fully adjust to idiosyncratic productivity shocks, increasing the 
 probability of separation and inducing firms to substitute regular with tem
 porary jobs. In line with the data the model predicts that the effects of e
 ach LMI on equilibrium output and employment depend on the degree of flexib
 ility of the overall institutional context.\n\n\n\n\n\n\n
DTSTAMP:20260405T192609Z
DTSTART:20190312T130000Z
DTEND:20190312T140000Z
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