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Unemployment, labor market institutions and structural change in Eastern Europe

Author: Burda, Michael C. INSEAD Area: Economics and Political Science Series: Working Paper ; 92/68/EPS Publisher: Fontainebleau : INSEAD, 1992.Language: EnglishDescription: 44 p.Type of document: INSEAD Working PaperAbstract: The "flow approach" to labor markets suggests that unemployment is an important complement to the transformation of Eastern Europe and that institutions will help determine the long run rate of unemployment in these economies. Considerable institutional variation across countries is observed, especially with respect to unemployment benefits. Multiple equilibria may arise from many sources, including interaction of fiscal policy with the labor market. An aggregate matching function is successfully estimated with monthly gross flow data with Czech and Slovak employment districts. The conclusion of a control-theoretic analysis supports a "mixed bang"; that is neither big-bang nor benign neglect is optimal
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The "flow approach" to labor markets suggests that unemployment is an important complement to the transformation of Eastern Europe and that institutions will help determine the long run rate of unemployment in these economies. Considerable institutional variation across countries is observed, especially with respect to unemployment benefits. Multiple equilibria may arise from many sources, including interaction of fiscal policy with the labor market. An aggregate matching function is successfully estimated with monthly gross flow data with Czech and Slovak employment districts. The conclusion of a control-theoretic analysis supports a "mixed bang"; that is neither big-bang nor benign neglect is optimal

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