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Labour market dynamics in OECD countries

Nickell, Stephen (1995) Labour market dynamics in OECD countries. CEPDP, 255. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Abstract

The title accurately reflects the subject matter of the paper and we come to the following conclusions. First, we note that well documented difficulties in hiring faced by firms in the tight labour market of a boom provides a perfectly satisfactory explanation of both asymmetric employment cycles and countercyclical job reallocation. Second, employment adjustment costs are significantly inversely correlated with the speed of labour demand adjustment across the OECD economies. Third, the degree of hysteresis in the wage equation is positively related to long-term unemployment and negatively related to the proportion of small firms in the economy (where insider power is lower). The long-term unemployment rate is strongly related to the duration of benefits. Finally, related to employment adjustment costs, benefit durations and negatively related coordination in wage bargaining.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 1995 Stephen Nickell
Library of Congress subject classification: H Social Sciences > HD Industries. Land use. Labor
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 255
Date Deposited: 13 Aug 2008 09:24
URL: http://eprints.lse.ac.uk/20708/

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