Does the instability of economic development affect the elasticity of the labour market?

IF 0.4 Q4 ECONOMICS Review of Economic Perspectives Pub Date : 2021-09-01 DOI:10.2478/revecp-2021-0013
M. Daňová, I. Vozarova
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Abstract

Abstract Despite extensive research, the estimates of changes in employment are heterogeneous in different conditions of economic development. In this study, we examined the impact of the instability of economic growth on the elasticity of the labour market in a set of EU27 member states in the period 2000Q1–2019Q4.The sensitivity of the labour market was quantified in parallel by two available methods which are used for this purpose – by calculating the values of the arc elasticity coefficient and by regression analysis. Logarithmic linear regression models were compiled according to the analysis criteria individually for each member state. By comparing the values of the obtained elasticity indicators, differences in the responses of the labour market were identified. Our results show that the heterogeneity of opinions is to some extent natural. The elasticity of the labour market determined by calculating the values of the elasticity coefficient is characterized by a high variability of values. Similarly, the values of the regression coefficient reflect the nature of the macroeconomic development of the period under review. According to our findings, the frequent short-term trends of negative economic development result in a reduced sensitivity of the labour market to the changes in economic performance, manifested by a lower employment elasticity compared to its values in economies with a stable development trend. Based on this, we formulate the connection between the elasticity of the labour market and the positive and negative economic development. We condition the sensitivity of the labour market to the changes in the trend of economic development with the occurrence of longer-lasting trends of negative economic development.
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经济发展的不稳定性是否会影响劳动力市场的弹性?
尽管研究广泛,但对就业变化的估计在不同的经济发展条件下是异质的。在本研究中,我们考察了2000年第一季度至2019年第四季度期间欧盟27个成员国经济增长不稳定性对劳动力市场弹性的影响。劳动力市场的敏感性通过用于此目的的两种可用方法并行量化-通过计算弧弹性系数的值和通过回归分析。根据各成员国的分析标准分别编制对数线性回归模型。通过比较所得弹性指标的值,确定了劳动力市场反应的差异。我们的研究结果表明,意见的异质性在某种程度上是自然的。通过计算弹性系数的值来确定劳动力市场的弹性,其特点是值的高度可变性。同样,回归系数的数值反映了所审查期间宏观经济发展的性质。根据我们的研究结果,频繁出现的短期负面经济发展趋势导致劳动力市场对经济表现变化的敏感性降低,表现为与稳定发展趋势的经济体相比,就业弹性较低。在此基础上,我们建立了劳动力市场弹性与经济正负发展之间的联系。我们将劳动力市场对经济发展趋势变化的敏感性与更持久的消极经济发展趋势的出现联系起来。
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来源期刊
CiteScore
1.40
自引率
0.00%
发文量
10
审稿时长
38 weeks
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