engleski

Okun's Law Revisited: The Impact of Labour Market Institutions on Unemployment in Chosen OECD Countries 2004-2013

By using data for 25 OECD countries from 2004 to 2013, we have evaluated how labor market institutions (active labor market policy measures, unemployment insurance, trade union density, tax wedge and the minimum wage) affect two labor market indicators – the harmonized unemployment rate and the share of long-term unemployed persons in the total number of the unemployed. The key implication states that unemployment insurance is undoubtedly the only labor market institution that affects labor market functioning in terms of increasing the unemployment rate and the share of long-term unemployed persons in the total number of unemployed.

labor market institutions, unemployment, OECD countries, panel analysis

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