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| Author: | Cheron, A. Hairault, J. Langot, F. |
| Title: | Age-dependent employment protection |
| Journal: | Economic Journal
2011 : DEC, VOL 121:557 p. 1477-1504 |
| Index terms: | older workers unemployment human capital job security dismissal |
| Language: | eng |
| Abstract: | This study explores age-dependent employment protection by extending the theory of equilibrium unemployment so that it takes into account a finite working life-time. The potential employment gains achieved from employment protection are high for older workers. However, higher firing taxes for older workers raise job destruction rates for younger generations. Furthermore, when companies cannot age-direct their search ex ante, the impact of each generation of unemployed workers on the average return on vacancies results in equilibrium inefficiency, in which the optimal age-profile of firing taxes is hump-shaped. The results of the case where human capital of older workers is more specific than general are enhanced. |
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