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首页> 外文期刊>Journal of Economic Dynamics and Control >Deregulation shock in product market and unemployment
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Deregulation shock in product market and unemployment

机译：产品市场放松管制和失业的冲击

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摘要

In a dynamic general equilibrium model with endogenous markups and labor market frictions, we investigate the effects of increased product market competition. Unlike most macroeconomic models of search, we endogenize the labor supply along the extensive margin. We find numerically that a model with endogenous labor force participation decision produces a decline in the unemployment rate which is almost three times larger than that in a model with fixed labor force. For a calibration capturing alternatively the European and the US labor markets, a deregulation episode, which lowers the markup by 3 percentage points, results in a fall in the unemployment rate by 0.17 and 0.05 percentage point, respectively, while the labor share is almost unaffected in the long-run. The sensitivity analysis reveals that product market deregulation is more effective in countries where product and labor market regulations are high, unemployment benefits are small and labor force is more responsive.
机译：在具有内生性加价和劳动力市场摩擦的动态一般均衡模型中，我们研究了产品市场竞争加剧的影响。与大多数宏观经济搜索模型不同，我们在广泛的边际范围内对劳动力供给进行了内生化。我们从数字上发现，具有内生劳动力参与决策的模型产生的失业率下降几乎是具有固定劳动力模型的失业率下降的三倍。对于替代性地捕捉欧洲和美国劳动力市场的校准，放松管制的过程将加价幅度降低了3个百分点，导致失业率分别下降了0.17和0.05个百分点，而劳动力份额几乎未受影响从长远来看。敏感性分析显示，在产品和劳动力市场法规较高，失业救济较小且劳动力反应更快的国家中，放松产品市场管制更为有效。

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