Labour incomes depend on structural as well as politico-economic factors, because labour market policies partially remedy the financial market imperfections that make labour income shocks difficult to insure, and have different implications for labour and capital income. This paper illustrates...

This paper outlines theoretical insights regarding the motivation and effects of labor market institutions, and reviews empirical studies of relevant evidence from European and other countries’ historical experience. Institutional interference with laissez faire labor market outcomes has both...

This paper addresses aspects of the interaction between labor market institutions and the process of Economic and Monetary Union in Europe. It reviews the nature and possible motivation of institutions which limit both wage and employment flexibility in Europe, with particular attention to the...