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- W3124216068 abstract "There is more resistance to layos in continental Europe than in the U.S. At the same time, there is some evidence that employed European workers are more productive than their American counterparts. We reconcile these two facts by proposing that some institutions, such as Employment Protection Legislation (EPL), induce workers to invest in and develop job speci…c skills, making them more productive and leading to costly displacement as these types of skills are lost upon separation from the employer. It is also well established that mobility patterns - ‡ows in and out of unemployment or even movements from job to job, are reduced in continental Europe relative to the U.S. The possibility to invest in skill im- provement introduces a complementarity between EPL and the investment decision: more stable matches increase the incentive to accumulate speci…c skills; but also more productive matches are broken less frequently; hence there is a multipliereect arising from this com- plementarity. To quantitatively assess all these propositions, we built a tractable asymmetric information matching model featuring all types of transitions out of employment: layos, quits to unemployment and job-to-job transitions. We …nd that EPL does induce workers to invest more in human capital and may help explain greater resistance to layos in Europe. We …nd that ‡ows out of employment are indeed reduced by EPL. However, allowing for skill investment does not generate any strong multiplier due to the fact several new eects are at play keeping unemployment duration at a low level and thus putting downward pressure on the multiplier. The conclusion of all this may be that EPL matters for explaining specializa- tion and low movements out of jobs, but that low movements out of unemployment may be better explained by other institutions such as unemployment bene…ts." @default.
- W3124216068 created "2021-02-01" @default.
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- W3124216068 date "2006-01-01" @default.
- W3124216068 modified "2023-09-23" @default.
- W3124216068 title "Job and Workers Flows in Europe and the US: Speci…c Skills or Employment Protection?" @default.
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