Institutions and Labor Market Outcomes

该项目研究劳动力市场制度如何影响劳动力市场结果，如失业水平，失业期和工资。在过去25年里，欧洲和美国的劳动力市场经验在存在显著差异的劳动力市场制度的情况下存在差异，这激发了许多关于这一主题的早期研究。本研究发现，以往的研究忽略了劳动力市场制度影响劳动力市场结果的一个关键渠道。特别是，这项研究发现，招聘过程中固有的不确定性是理解就业保护和工资压缩等劳动力市场制度如何影响结果的关键。这一发现也使我们能够理解欧洲和美国劳动力市场在过去25年中的差异演变。随着制造业的作用开始减弱，资源被转移到新的活动中。在这些新活动中创造就业机会比利用制造业活动中固有的现有技术创造就业机会具有更大的不确定性。因此，正是在这一时期，欧洲式的劳动力市场制度开始对欧洲劳动力市场相对于美国的表现产生重大影响。

This project studies how labor market institutions affect labor market outcomes such as the level of unemployment, the duration of unemployment spells and wages. The divergence of European and American labor market experiences over the last twenty-five years in the presence of sharply different labor market institutions has motivated many earlier studies on this topic. This research finds that previous studies have overlooked a key channel through which labor market institutions affect labor market outcomes. In particular, this research finds that the uncertainty inherent in the hiring process is key to understanding how labor market institutions such as employment protection and wage compression affect outcomes. This finding also allows us to understand the differential evolution of European and American labor markets over the last twenty-five years. As the role of manufacturing began to diminish resources were shifted into new activities. Job creation in these new activities involved much more uncertainty than job creation using the established technologies that were embedded in activity in the manufacturing sector. As a result it is during this period that the European style labor market institutions started to have a large effect on the performance of European labor markets relative to the United States.