Labour Market Adjustments to Financing Conditions under Sectoral Rigidities in the Euro Area
Labour Market Adjustments to Financing Conditions under Sectoral Rigidities in the Euro Area
复制标题
欧元区部门刚性下劳动力市场对融资条件的调整
DOI：
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
S. Weber
中科院分区：
文献类型：
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作者：
Arno Hantzsche;S. Savsek;S. Weber
本文实证分析了1999年第一季度至2015年第四季度15个欧元区国家的劳动力市场指标对融资条件变化的反应。使用本地预测方法，我们估计了部门劳动力市场调整的三个边际——就业、工作时间和实际工资——的脉冲响应。与文献中最近的结果一致，我们发现紧缩性融资冲击抑制了劳动力市场的所有三个指标。此外，反应是不对称的，这取决于冲击的迹象，不同的程度取决于部门构成，并对就业保护立法和工会密度等劳动力市场制度敏感。最后，劳动力市场制度似乎主要影响调整幅度的相对强度，而不是工资账单的总体反应。
This paper analyses empirically the response of labour market indicators to changing financing conditions in a panel of 15 euro area countries from 1999Q1 to 2015Q4. Using a local projections approach, we estimate impulse responses of three margins of sectoral labour market adjustment – employment, hours worked and real wages. Consistent with recent results in the literature, we find contractionary financing shocks to depress all three indicators of the labour market. Furthermore, responses are asymmetric depending on the sign of the shock, different in magnitude depending on the sectoral composition, and sensitive to labour market institutions such as employment protection legislation and union density. Finally, labour market institutions seem to mainly affect the relative strength of the adjustment margins and not so much the overall response of the wage bill.