Labour market institution , institutional interdependencies , model selection , heuristic optimization
Abstract:
Reducing institutional rigidities in product and labour markets is key to lowering unemployment.
The impact of such labour and product market reforms, however, depends
crucially on the country-specific regulatory framework. In this paper, we estimate the
country-specific impact of changes in six categories of institutional regulation conditional
on the country-specific regulatory environment for a dynamic panel of 26 OECD countries.
We overcome existing problems of modelling a large set of institutional interdependencies
by applying a model selection approach which is innovative within this literature. In doing
so, we provide evidence for the existence of higher-order institutional interdependencies.
We further document that especially for changes in employment protection and the unemployment
benefit system the impact on unemployment is mixed across countries, thus
questioning the relevance of best-practice policies.
Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.
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