Documents Rovelli, Riccardo 5 results

"Adopting a simple Phillips curve framework, we show that different labour market institutions across EU countries are associated with significant differences in the response of inflation to unemployment and exchange rate shocks. More wage coordination and higher union density flatten the Phillips curve and increase the inflation response to the real exchange rate, i.e. the exchange rate pass-through. In addition, using a new approach to the classification of goods and services as "traded" or "non-traded", we show that both these institutional effects are significantly stronger for the more exposed (traded) sector."

"We model empirically the role of labor market institutions in affecting the response of inflation to labor market and exchange rate shocks in the EU. We adopt a simple Phillips curve framework, treating separately the sectors producing traded and non-traded goods. Our results show that labor market institutions have a significant role in affecting cross-country differences in inflation adjustment for the "sheltered" (non-trading) sector; the effects in the "exposed" (trading) sector are also significant but more limited. Increased wage coordination and more expenditure on LM policies (active or total) flatten the Phillips curve in both sectors. More active LM policies also reduce the persistence of inflation. However, but only in the non-trading sector, this effect is more than offset (in 15 countries out of 21) by the presence of stronger wage coordination, which increases the persistence of inflation. Finally, the adjustment of inflation to the real exchange rate, i.e. the exchange rate pass-through, is largely unaffected by institutional variables; only for non-tradables there is a strong negative effect of increased union density."

"We document and compare labour market institutions, policies and outcomes in the EU Member States, for the period between 1999 and 2006. Higher employment rates are in general positively associated with measures of policy generosity, especially with the use of active labour market policies (ALMP), and negatively with institutions and policies which induce rigidity in the labour market. We also find evidence that the relation between ALMP and employment levels is non-monotonic and that it is conditional on the informal institutions prevailing in different countries."

"We conduct a comparative analysis of Labor Market Policies and outcomes for the EU member states, for the period 2000-2005. We document the main differences in Labor Market Policies across EU members, including new member states after 2004. We focus on indicators of policy generosity (expenditures relative to GDP) and relate these and other policy indicators to indicators of labor market outcomes and performance. Our results show that, on a cross-country basis, higher rates of employment are in general associated with: (i) higher expenditures on labor market policies, especially on active policies; (ii) a lower degree of rigidity in labor market institutions and in product market regulation."

"We compare labor market policies, institutions and outcomes for the EU member states, for the period 2000-2005. We document the main differences in Labor Market Policies across EU members, including new member states after 2004. We focus on indicators of policy generosity (expenditures relative to GDP) and relate these and other policy indicators to indicators of labor market outcomes and performance. Our results show that, on a cross-country basis, higher rates of employment are in general associated with: (i) higher expenditures on labor market policies, especially on active policies for countries with a high pro-work attitude; (ii) a lower degree of rigidity in labor market institutions and in product market regulation. "