This paper analyses the Beveridge Curve across twelve European countries from 1985 to 2013. We employ some novel measures of employment protection legislation and unemployment benefits, and assess the role of globalisation. Structural relationships seem to be stable throughout the 2008-2013 period, suggesting that the Great Recession mainly implied moves along the Curve, while stronger globalisation shifts the Curve outwards. Among institutional variables we find a significant role for the tax wedge, active labour-market policies, union density and employment protection legislation. Unemployment benefits also matter. The unemployment-vacancies trade-off is improved by a higher net retention rate and more strictness in the benefit provision protocol. Both effects can be rationalised in terms of higher search efficiency.

The Beveridge Curve In and Out (?) of the Recession. A Look at European Institutions

DESTEFANIS, Sergio Pietro;RUGGIERO, NAZZARENO
2016

Abstract

This paper analyses the Beveridge Curve across twelve European countries from 1985 to 2013. We employ some novel measures of employment protection legislation and unemployment benefits, and assess the role of globalisation. Structural relationships seem to be stable throughout the 2008-2013 period, suggesting that the Great Recession mainly implied moves along the Curve, while stronger globalisation shifts the Curve outwards. Among institutional variables we find a significant role for the tax wedge, active labour-market policies, union density and employment protection legislation. Unemployment benefits also matter. The unemployment-vacancies trade-off is improved by a higher net retention rate and more strictness in the benefit provision protocol. Both effects can be rationalised in terms of higher search efficiency.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11386/4682251
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