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Recensione di: De Vincenti C. - Marchetti E. (2005), Temi di Macroeconomia Contemporanea. Nuovi Classici vs Nuovi Keynesiani, Roma, Carocci
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Sapienza Ricerca 2011
No full textThe research aims at exploring causes and consequences of productivity dynamics in a context of imperfect markets. The low levels of productivity growth observed in Italy can be explained by the interplay of several imperfections. An imperfect financial system showed itself as unable to efficiently diversify the risks stemming from innovation. An imperfect labor market characterized by capital-skill complementarities, contractual incompleteness and the presence of different types of worker produced duality and perverse incentives to producers. In an imperfect market for goods the perverse incentives coming from the labor market led, on the supply side, risk averse and financially constrained traditional producer to increase unskilled labor input and to reduce capital accumulation. In the presence of real rigidities in the labor market and of firm-specific capital, when the R&D sector does generate innovations, the endogenous dynamics of the TFP can change the cyclical dynamics triggered by shocks. Looking at TFP as endogenous to the accumulation process, the opposite direction of causality prevented innovation to generate a positive production externality having permanent effects on the level of potential output
High speed and low speed structural reforms in the Italian goods and labor market
No full textIn this paper we investigate some changes in the Italian economy over the two decades before the 2007 financial crisis. Stylized facts show a marked decrease in the unemployment rate starting from the end of the Nineties, and, at the same time, a significant increase in the firms’ market power. Moreover, notwithstanding the decreasing unemployment rate, the real wage has grown less than labor productivity. The institutional reforms of the Italian labor market have mostly influenced recent performance of the Italian economy since they are able to conciliate the increase in markup, the decrease in the unemployment rate and the difference in the growth rate between labor productivity and real wage. Using a simple macroeconomic model, we show that the observed decrease in both unemployment and real wage can be explained by the fact that labor market reforms have been proportionally more incisive than the increase in the firms’ market power
Labor market policies in matching models. do externalities matter?
Full text linkThis paper analyzes the role played by five labor policy instruments (firing tax, hiring subsidies, taxation, unemployment benefits and tax structure) in a matching model with endogenous job destruction, when search externalities are not internalized and the market solution is inefficient. Since the theoretical model does not show univocal effects on equilibrium unemployment of some policy tools (such as hiring subsidies and firing tax), we propose a calibration and a numerical simulation of the model, in order to verify their real impact on unemployment and labor market structure. Results show that if, as is reasonable to assume, there are frictions on the labor market that generate search externalities, a labor market regulation becomes desirable and can be aimed at the internalization of externalities through an appropriate combination of labor policy instruments. In particular, our results have highlighted the crucial role of hiring subsidies and progressive taxation, not only for the achievement of the optimal solution, but also for supporting some forms of passive labor policies, mainly unemployment benefits and employment protection
Firing costs and labor market tightness: Is there any relationship?
No full textEmpirical evidence suggests the existence of a negative relationship between rigidities on the labor market and the level of economic activity. In this paper, we provide a background of this evidence. We build a model where the employed worker chooses the optimal level of firing costs by maximizing her human capital. Performing a comparative statics exercise, we analyze the effects of labor market tightness on the optimal choice of firing costs. Our theoretical model shows the existence of an inverse relation between labor market conditions and the level of firing cost under plausible hypothesis. © 2010 University of Venice
Una rivisitazione del nesso di causalità fra protezione all'impiego e performance del mercato del lavoro
No full textDo labor market conditions affect the strictness of employment protection legislation?
No full textWe provide a theoretical microfoundation for the negative relationship between firing costs and labor market tightness and its effects on labor market performance. The optimal level of firing costs is chosen by the employed worker -- i.e. the insider -- by maximizing her human capital. Performing a comparative statics exercise, we analyze the effects of labor market tightness on the optimal choice of firing costs. The results are clear cut and allow to obtain a decreasing firing costs function in the labor market tightness. Moreover, we show that this negative relationship can give rise to a labor market configuration characterized by multiple equilibria: prolonged average duration of unemployment will produce a labor market with low flows and high strictness of employment protection, and vice versa
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