Spillover , labour market reforms , third-country effects , indirect effects , dynamic general equilibrium models
Abstract:
I extend the model-based literature on spillover effects of labour market reforms on
foreign (un-)employment by allowing for third-country effects. When the workhorse
two-country model is enlarged to include a third country, a reform causes an additional
indirect effect through a terms-of-trade shift between the foreign countries. To quantify
the increase or reduction in the overall spillover by means of this channel, simulations
based on empirically realistic scenarios are carried out. Thereby, the indirect effect
turns out to be too small to overturn the direct effect or to increase it considerably.
Differences in the reform spillover effects between foreign countries are mainly due to
differences in characteristics which in
uence the size of the direct impact.
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