Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized … fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in … as stable employment. In contrast, the constant-effort model fails to replicate the observed cross-country pattern in the …

Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized … fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in … as stable employment. In contrast, the constant-effort model fails to replicate the observed cross-country pattern in the …

This paper explores empirically the economic validity of the relatively limited approach to the regulation of … employment protection pursued in the UK over the last three decades and within the European Union more recently. It does so by … - that possess more stringent employment protection laws. The findings reveal that while productivity growth in the UK was …

provide tools for better understanding changes in the approach to regulation, the reform of public utilities, and the complex … sectors and identifying critical flaws in prevailing views on regulation. Deeply rooted in sector analysis, the book conveys a …