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Job Protection Deregulation in Good and Bad Times.

Author: Romain A Duval; Davide Furceri; João Tovar Jalles
Publisher: Washington, D.C. : International Monetary Fund, 2017.
Edition/Format:   eBook : Document : English
Summary:
This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly constructed "narrative" dataset of major regular job protection reforms covering 26 advanced economies over the past four decades. The analysis relies on country-sector-level data, using as an identifying  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Duval, Romain A.
Job Protection Deregulation in Good and Bad Times.
Washington, D.C. : International Monetary Fund, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Romain A Duval; Davide Furceri; João Tovar Jalles
ISBN: 9781484333464 1484333462
OCLC Number: 1020032124
Description: 1 online resource (45 pages)
Contents: Cover; Contents; I. Introduction; II. Data; A. Employment Protection Legislation Reforms; B. Stylized Facts; C. Other Data; III. Econometric Framework; IV. Main results and robustness checks; A. Baseline; B. Robustness Checks and Instrumental Variables Estimation; V. Conclusion; References; Tables; 1. Major Regular Job Protection Legislation Reforms in 26 Advanced Economies; 2. Reforms and Counter-reforms Over the Business Cycle (%); Figures; 1. EPL Reforms and Counter-Reforms by Groups and Periods; 2. The Effect of EPL Reforms on Sectoral Employment; 3. The Role of Business Cycle Conditions. 4. The Effect of EPL Reforms on Sectoral Employment: Using U.K Layoff Rates5. The Role of Business Cycle Conditions: Using U.K Layoff Rates; 6. The Effect of EPL Reforms on Sectoral Employment: Controlling for Reforms of EPL for Temporary Contracts; 7. The Role of Business Cycle Conditions: Controlling for Reforms of EPL for Temporary Contracts; 8. The Effect of EPL Reforms on Sectoral Employment: Controlling for Unemployment Benefit Reforms; 9. The Role of Business Cycle Conditions: Controlling for Unemployment Benefit Reforms. 10. The Effect of EPL Reforms on Sectoral Employment: Controlling for Product Market Reforms11. The Role of Business Cycle Conditions: Controlling for Product Market Reforms; 12. The Role of Business Cycle Conditions: Using Unemployment; 13. The Role of Business Cycle Conditions: Using a Dummy Variable; 14. The Effect of EPL Reforms on Sectoral Employment: IV Estimates; 15. The Role of Business Cycle: IV Estimates.

Abstract:

This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly constructed "narrative" dataset of major regular job protection reforms covering 26 advanced economies over the past four decades. The analysis relies on country-sector-level data, using as an identifying assumption the fact that stringent dismissal regulations are more binding in sectors that are characterized by a higher "natural" propensity to regularly adjust their workforce. We find that the responses of sectoral employment to large job protection deregulation shocks depend crucially on the state of the economy at the time of reform--they are positive in an expansion, but become negative in a recession. These findings are consistent with theory, and are robust to a broad range of robustness checks including an Instrumental Variable approach using political economy drivers of reforms as instruments. Our results provide a case for undertaking job protection reform in good times, or for designing it in ways that enhance its short-term impact.

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