Do labor market institutions matter for business cycles?∗ - European ...

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8 TABLES AND FIGURES 22 8 Tables and Figures EPL EPL LEVEL LEVEL 4,5 4 3,5 6 5 3 2,5 2 1,5 1 0,5 0 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 CAN JAP NL PT US 4 3 2 1 0 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 Figure 1: EPL and LEVEL indices. Changes over time. E P L:lab or m arket in d ex <strong>for</strong> strictn ess of em ploym ent p rotection legislation varyin g b etween 0 an d 4 and L EV E L: th e d egree of b argain ing centralization, m easu red on a 0-5 scale AUT IT NZ SW CH UK
8 TABLES AND FIGURES 23 6 x 10−4 vol(y) x 10 −4 vol(n) 4 2 0 −10 −9 −8 −7 −6 −5 −4 −3 −2 −1 m acro econ om ic factor 1.5 x 10−3 vol(pi) 1 0 −10 −9 −8 −7 −6 −5 −4 −3 −2 −1 m acro econom ic factor 1.5 x 10−3 vol(w) 1 1 0.5 0.5 0 −10 −9 −8 −7 −6 −5 −4 −3 −2 −1 0 −10 −9 −8 −7 −6 −5 −4 −3 −2 −1 0.015 0.01 m acro econ om ic factor vol(u) 0.5 m acro econom ic factor 1 cor(y,n) 0.005 0 0 −10 −8 −6 −4 −2 0 −0.5 −10 −8 −6 −4 −2 0 m acro econ om ic factor m acro econom ic factor 1 cor(w,y/n) 1 0.5 0.5 0 0 cor(y,y/n) −0.5 −10 −8 −6 −4 −2 0 m acro econ om ic factor −0.5 −10 −8 −6 −4 −2 0 m acro econom ic factor 0.5 0 cor(n,y/n) 0.4 0.2 cor(y,pi) 0 −0.5 −0.2 −1 −10 −8 −6 −4 −2 0 m acro econ om ic factor −0.4 −10 −8 −6 −4 −2 0 m acro econom ic factor Figure 2: Business cycle statistics and macroeconomic indicators.
Page 1 and 2: Do labor market institutions matter
Page 3 and 4: 1 INTRODUCTION 3 a "flow restrictio
Page 6 and 7: 3 CROSS SECTIONAL EVIDENCE 6 and se
Page 8 and 9: 3 CROSS SECTIONAL EVIDENCE 8 3.2 Co
Page 10 and 11: 4 LABOR MARKETS REFORMS AND BUSINES
Page 18 and 19: 6 CONCLUSIONS 18 6 Conclusions This
Page 20 and 21: 7 REFERENCES 20 Gertler M. and A. T
Page 24 and 25: 8 TABLES AND FIGURES 24 0.2 0 -0.2
Page 26 and 27: 8 TABLES AND FIGURES 26 0.6 EPL ref
Page 28 and 29: 8 TABLES AND FIGURES 28 0.7 WB1 ref
Page 30 and 31: 8 TABLES AND FIGURES 30 Table 2: Co
Page 32 and 33: 8 TABLES AND FIGURES 32 Table 5: Sp
Page 34 and 35: 8 TABLES AND FIGURES 34 Table 7b: C
Page 36 and 37: 8 TABLES AND FIGURES 36 Table 8: Tr

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