Capital accumulation, labour market institutions and unemployment in the medium run
通过分析20个OECD国家的面板数据，比较了资本积累、劳动力市场制度和宏观经济冲击对中期失业的影响，发现资本积累和实际利率的影响比劳动力市场制度更大且更稳健。
According to the mainstream view, labour market institutions (LMIs) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market institutions, however, has recently been called into question. The Keynesian view holds periods of high real interest rates and insufficient capital accumulation responsible for unemployment. Empirical work in this tradition has paid little attention to the role of LMIs. This paper contributes to the debate by highlighting the role of autonomous changes in capital accumulation as a macroeconomic shock. In the empirical analysis, medium-term unemployment is explained by capital accumulation, LMIs and a number of macroeconomic shocks in a panel analysis covering 20 OECD countries. The economic effects of changes in LMI, variations in capital accumulation and other macro shocks are compared. Capital accumulation and the real interest rate are found to have statistically significant effects that are robust to the inclusion of control variables and show larger effects than LMI. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.