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The macroeconomic impact of structural policies on labour market outcomes in OECD countries: A reassessment

Author

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  • Peter Gal

    (OECD)

  • Adam Theising
Abstract
This paper presents a first set of updates and extensions of the large body of existing evidence about the aggregate labour market impact of structural policies, in the context of enhancing the OECD’s supply-side framework for the quantification of reform packages. In line with previous findings, elements of the tax benefit system, activation policies and wage setting institutions are found to be robust policy determinants of the aggregate employment and unemployment rates. Looking beyond the overall employment impact, outcomes for vulnerable groups such as the low educated, the youth and the elderly tend to be more affected by certain structural policies, including specific measures targeted at them. Finally, more competition-friendly product market regulations are also found to impact aggregate employment rates positively and significantly, although less robustly. L'impact macroéconomique des politiques structurelles sur le marché du travail dans les pays de l'OCDE : Une mise à jour Cette étude vise à mettre à jour et compléter les résultats de la littérature existante concernant l'impact des politiques structurelles sur le marché du travail, et ceci dans le contexte de l’amélioration du cadre de modélisation pour la quantification de l’impact des réformes sur l’offre globale. Conformément aux résultats des études antérieures, nous trouvons que les éléments du système de prélèvements et de transferts fiscal, les politiques d'activation et les modes de détermination des salaires sont des déterminants robustes du taux d'emploi et du taux de chômage. Au-delà de l'impact global sur l'emploi, les résultats pour les groupes vulnérables tels que les travailleurs peu qualifiés, les jeunes et les travailleurs âgés ont tendance à être plus touchées par certaines politiques structurelles, y compris des mesures spécifiques ciblées sur eux. Enfin, nous trouvons aussi qu’une réglementation des marchés de produits moins restrictive pour la concurrence encourage le taux d'emploi de manière significative, bien que de façon moins robuste.

Suggested Citation

  • Peter Gal & Adam Theising, 2015. "The macroeconomic impact of structural policies on labour market outcomes in OECD countries: A reassessment," OECD Economics Department Working Papers 1271, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1271-en
    DOI: 10.1787/5jrqc6t8ktjf-en
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    More about this item

    Keywords

    chômage; emploi; employment; labour force; labour market policies; participation au marché du travail; politiques du marché du travail; unemployment;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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