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When and how to Create a Job
"While the volatility of job reations has been studied extenseively, the survival chances of new jobs are less researched. The question when and how to expand a firm is of importance, both from the firms and from a macro perspective. Adjustment cost theories and arguments about option values of investment in firm expansion make predictions about the timing, sequencing and form of firm expansions. When we analyze 21 years of job creation in Austria, we find that the survival of new jobs (and of new firms) depends upon the state of the business cycle at the time of job creation, on the number of job created, and on firm age. Jobs in new firms last longer than new jobs in continuing firms"--Forschungsinsti8tut zur Zukunft der Arbeit web site.
Labour Supply and Employment in the Euro Area Countries
The functioning of labor and product markets affects the economic environment in which monetary policy is conducted. For example, structural policy measures which enhance labor supply and employment growth increase the pace at which an economy can grow without higher inflation. A greater flexibility of euro area labor markets and wages would reduce adjustment costs and inflation pressures in the case of adverse supply shocks and augment resilience of the economy, facilitating the conduct of the stability-oriented monetary policy of the ECB. In addition, an enhanced flexibility of wages and labor mobility is needed to limit employment losses in the case of adverse country specific shocks, thereby facilitating the functioning of EMU.
Reference Norms, Staggered Wages, and Wage Leadership
This article presents an extension of the Taylor model with staggered wages in which wage setting is also influenced by reference norms. We show that reference norms can considerably increase the persistence of inflation but that the size of this effect depends on the exact definition (e.g., external vs. internal, symmetric vs. asymmetric norms). Using data on collectively bargained wages in Austria from 1980 to 2006 we show that wage setting is strongly influenced by reference norms, that external norms seem to matter more than internal norms, and that there is a clear indication for the existence of wage leadership (asymmetric norms).
The Integration of European Labour Markets
This selection of essays widens the scope for discussion on the design of national labour market and migration policies in the enlarged European Union. They provide some new evidence on recent development on labour market outcomes, and thus, contribute to the ongoing political debate on the economic effects of the enlargement of the European Union. . . it was definitely a gain to spend time in reading this volume. Mathias Czaika, Jahrbücher für Nationalökonomie und Statistik Combining both academic and practitioner perspectives, this book provides authoritative insights into the integration of European labour markets against the background of increasing international labour mobility. A wi...
