Unemployment

Layard, Richard; Nickell, Stephen; Jackman, Richard B.

doi:10.1093/acprof:oso/9780199279166.001.0001

Cited by 406 publications

(229 citation statements)

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“…The relative price (p q), which measures the di¤erence between the producer real wage and the consumer real wage, is usually referred to as the price wedge, and plays an important role in theoretical wage bargaining models. Its coe¢ cient, , can be interpreted as a measure of "real wage resistance" (see Layard et al, 1991) indirect taxes). The bargaining solution (3) also implies that an increase in labour productivity, h, will increase wages, since higher productivity increases the pro…tability of …rms, making them more likely to accept higher wage claims from the unions.…”

Section: Ecb Working Paper Series No 1067mentioning

confidence: 99%

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

Duarte

Marques

2012

Empir Econ

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Wage Dynamics NetworkThis paper contains research conducted within the Wage Dynamics Network (WDN). The WDN is a research network consisting of economists from the European Central Bank (ECB) and the national central banks (NCBs) of the EU countries. The WDN aims at studying in depth the features and sources of wage and labour cost dynamics and their implications for monetary policy. The specific objectives of the network are: i) identifying the sources and features of wage and labour cost dynamics that are most relevant for monetary policy and ii) clarifying the relationship between wages, labour costs and prices both at the firm and macro-economic level.The WDN is chaired by Frank Smets (ECB). Giuseppe Bertola (Università di Torino) and Julian Messina (Universitat de Girona) act as external consultants and Ana Lamo (ECB) as Secretary.The refereeing process of this paper has been co-ordinated by a team composed of Gabriel Fagan (ECB, chairperson), Philip Vermeulen (ECB), Giuseppe Bertola, Julian Messina, Jan Babecký (CNB), Hervé Le Bihan (Banque de France) and Thomas Mathä (Banque centrale du Luxembourg).The paper is released in order to make the results of WDN research generally available, in preliminary form, to encourage comments and suggestions prior to final publication. The views expressed in the paper are the author's own and do not necessarily reflect those of the ESCB. ECB Working Paper Series No 1067July 2009 Abstract 4 Non-technical summary 5

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Section: Ecb Working Paper Series No 1067mentioning

confidence: 99%

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

Duarte

Marques

2012

Empir Econ

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“…One advantage is that late placement makes it easier to avoid participants that can easily find a job on their own. A possible disadvantage of late placement is that the treatment effect might be smaller, which would be the case if it becomes more difficult to restore the unemployed persons' competitiveness in the labor market the more it has been allowed to deteriorate, (Layard et al, 1991). It is likely that the disadvantages of late placement vary between programs since they aim at giving the participants different treatments.…”

Section: Introductionmentioning

confidence: 99%

The relative efficiency of labor market programs: Swedish experience from the 1990s

Carling

Richardson

2004

Labour Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu W O R K I N G P A P E R 2 0 0 1 : 2 Terms of use: Documents in EconStor mayThe relative efficiency of labor market programs: Swedish experience from the 1990´sKenneth Carling, Katarina Richardson Abstract This paper estimates the relative efficiency of eight Swedish labor market programs in reducing the unemployment duration for participants. The analysis uses a hazard regression model and a uniquely large and rich administrative data set that contains all adult workers who became unemployed during 1995-1997. We find that programs in which the participants obtain subsidized work experience and training provided by firms, have better outcome than classroom vocational training. The relative efficiency is similar across demographic and skill groups and independent of the timing of the placement. A careful examination of the assignment process to programs reveals no self-selection, but substantial administrative-selection. However, the administrative-selection appears to be unrelated to the outcome and, thus, should not bias the results.

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“…It is well known (see e.g. Layard et al, 1991) that labour markets in the United States and Canada have the distinctive feature of overlapping, long-term wage agreements, which are only partially indexed, whereas other economies have some combination of short-term contracts, high indexation, or centralized bargaining. The stylized facts regarding the centralization (or coordination) of wage bargaining are that in Anglo-Saxon countries there is no coordination of wage bargaining, whereas in the Nordic countries and Austria there is a high degree of explicit coordination, with the rest of the countries falling in between these extremes (OECD, 1997).…”

Section: Addressing the Endogeneity Of Excessive Wagesmentioning

confidence: 99%

“…Rent sharing is at the core of the firm-union bargaining models (e.g. Layard et al, 1991). 2 Similarly, changes in both profits and wages can be caused by changes in the structural features of the labour market.…”

Section: Introductionmentioning

confidence: 99%

'Excessive' wages and the return on capital

Katsimi¹,

Kalyvitis²,

Moutos³

2011

Cambridge Journal of Economics

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Received wisdom suggests that "excessive" wages, defined as the part of real wages that do not follow labour productivity developments, are adversely associated with the return on capital. This paper argues that excessive wages and profits are better thought as responses to changes in the economic, political and institutional environment and there is no a priori reason for a negative relationship between them. We thus investigate whether there is a causal effect of excessive wages on capital return using aggregate panel data for 19 OECD countries for the period 1970-2000. We account for the endogeneity of excessive wages by exploiting variations in institutional and labour market characteristics. Our main finding is that excessive wages do not affect the return on capital. This result remains robust to alternative empirical specifications and to alternative definitions of profitability and excessive wages, and questions the standard advice by international economic organizations on wage moderation. JEL classification: E24, E25

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Unemployment

Cited by 406 publications

References 312 publications

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

The relative efficiency of labor market programs: Swedish experience from the 1990s

'Excessive' wages and the return on capital

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