search query: @author Kraft, K. / total: 16
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| Author: | Kraft, K. |
| Title: | Hiring and dismissal costs in theory and practice: A comparison of institutional constraints and employment adjustment patterns in six OECD countries |
| Journal: | Kyklos
1997 : VOL. 50:3, p. 341-368 |
| Index terms: | EMPLOYMENT LABOUR MARKETS COMPARATIVE RESEARCH USA JAPAN EUROPE |
| Language: | eng |
| Abstract: | This paper reports the results of a comparison of employment adjustment in Japan, the United States and four major EC EC countries. Output and real wages are used in explaining the optimal employment level and change in employment. Short- and long run responses to alterations of the exogenous variables are estimated and compared. Surprisingly, Germany has a quite rapid adjustment of labor while France and Italy show a much slower adjustment pattern. Even in comparison with the United States, Great Britain demonstrates the fastest adjustment to changes in the economic environment. By far the slowest adjustment pattern is realized in Japan. Overall the difference between the US and Europe seems not to be too large and European labor markets are not as sclerotic as occasionally assumed. |
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