Unemployment at risk: the policy determinants of labour market exposure to economic shocks

摘要: This paper examines the vulnerability of labour markets to adverse economic shocks. We define market exposure as cumulated amount excess unemployment generated by a shock before returns steady-state. use panel 19 countries covering period 1985–2010 assess influence policies on exposure, which is also calculated country country. find that less generous insurance, more active or lower minimum wage imply trade-off between average and they help low-skilled workers get out at cost increased On other hand, reducing tax wedge conducive both steady-state exposure. — Alain de Serres Fabrice Murtin