Labor‐Market Institutions and Long‐Term Effects of Youth Unemployment
利用1960-2010年OECD国家面板数据，发现青年时期失业率每高1个百分点，会导致25-29岁失业率上升0.14个百分点、30-34岁上升0.03个百分点，且就业保护立法越严格的国家这种持久影响越强。
Graduating from a school during a time of adverse economic conditions has a persistent, harmful effect on workers’ subsequent employment opportunities. An analysis of panel data from OECD countries during the 1960–2010 periods reveals that a worker who experiences a 1 percentage point higher unemployment rate while the worker is 16–24 years old has a 0.14 percentage point higher unemployment rate at ages 25–29 years and 0.03 percentage points higher at ages 30–34 years. The persistence of this negative effect is stronger in countries with stricter employment protection legislation. A composite index for labor‐market rigidity is constructed and the index is shown to have positive correlation with the persistence. Moderating macroeconomic fluctuations is more important in countries that have more persistent labor‐market entry effects on subsequent outcomes.