Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets
Bibliographic Data
| ID | 23314722 |
|---|---|
| Authors | Olivier Blanchard (0000-0003-1308-3207, National Bureau of Economic Research), Francesco Giavazzi (National Bureau of Economic Research) |
| Year | 2003 |
| Volume | 118 |
| Issue | 3 |
| Pages | 879-907 |
| Publication date | 2003-08-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Quarterly Journal of Economics (JOURNAL) |
| Journal identifiers | ISSN: 0033-5533 • E-ISSN: 1531-4650 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1162/00335530360698450 |
| OpenAlex | W3125732952 |
| Language | EN |
| Citations received | 119 |
| References cited | 10 |
Product and labor market deregulation reduce and redistribute rents, leading economic players to adjust to this new distribution. It typically comes with distribution and dynamic effects. To study these effects, we build a macroeconomic model on two central assumptions: monopolistic competition in the goods market, which determines the size of rents; and bargaining in the labor market, which determines the distribution of rents. Product market regulation determines entry costs and the degree of competition. Labor market regulation determines the bargaining power of workers. We show the effects of deregulation. We then use our results to discuss the political economy of deregulation, and recent macroeconomic evolutions in Europe.
Bargaining power · Competition (biology) · Deregulation · Distribution (mathematics) · Economic rent · Economics · Factor market · Incentive · Labour economics · Market economy · Market power · Microeconomics · Monetary economics · Monopolistic competition · Monopoly · Product market · Economic Theory and Policy · Labor market dynamics and wage inequality · Merger and Competition Analysis
Competition
Pareto-Improving Unemployment Policies
A Tale of Two Trilemmas
Five trends that matter
Demographic change and the labour share of income
Institutions, chômage et inactivité dans les pays de l'ocde
Politics and Monetary Policy
Demographic changes and the labor income share
Market Regulations, Prices, and Productivity
Corporate Governance, Competition, and Political Parties
Conclusions
Race and Redistribution
The Ideology of Redistribution
Economic Explanations
The Origin of Political Institutions
Political Institutions and Redistribution
Redistribution in the United States and Europe
Prevailing Risk-Sharing Policies and Drivers of Disruption in the World of Work
The Unequal Effects of Liberalization
The Global Decline of the Labor Share
The Fall of the Labor Share and the Rise of Superstar Firms
Fighting Poverty in the US and Europe
Family Values and the Regulation of Labor
Did the German Model Survive the Labor Market Reforms?
Retracted
Labour shares, employment protection and unions in European economies
Unemployment and Finance
Labour Supply Factors and Economic Fluctuations
Education, Market Rigidities and Growth
Public Spending, Market Imperfections, and Unemployment
Price Dynamics in Japan (1981-2001)
Rent‐Sharing and Workers' Bargaining Power
Are your labor shares set in Beijing? The view through the lens of global value chains
Pareto-improving structural reforms
The Unequal Effects of Liberalization
The effect of employment protection and product market regulation on labour market performance
The Impact of Market Regulations on Intra-European Real Exchange Rates
The Discriminatory Effect of Domestic Regulations on International Trade in Services
“Which side are you on?” A historical study of union membership composition in seven Western countries
Acumulación regulatoria y crecimiento económico
Administrative monopoly regulation and employee wages
The impact of labor mobility with fellow townsmen on the wages of rural migrants
Will the implementation of the Anti-Monopoly Law improve enterprise employment? Based on the perspective of domestic market integration
Robust political economy correlates of major product and labor market reforms in advanced economies
Technology, labour regulation, and nonparametric panel data modelling
Reinforcing each other
Does digital technology increase the labor income share of enterprises
Double jeopardy
Crises, Opportunities, and the Evolution of Greece’s Growth Model in the EMU
What did I leave out? Omitted variables in regression and qualitative comparative analysis
The labour share of income
Varieties of top incomes
The handicap for enhanced solidarity across advanced economies
Cross Subsidization and Telecommunications Sector Wages
Does enterprise digitalization increase labor income share? Evidence from Chinese A-share listed enterprises
Public information, education and welfare
How supply and demand shocks affect productivity and unemployment growth
The Italian economic stagnation in a Kaldorian theoretical perspective
Product and labour market imperfections in the Italian manufacturing sector
Busy doing nothing
Wages in Imperfect Markets
How do capital and labor split economic gains in an age of globalization
Do Flexibility Measures Affect the Wage Share? An Empirical Analysis of Selected European Countries
The effects of cohort size on European earnings
Imperfect goods and labor markets, and the union wage gap
The minimum wage, bargaining power, and the top income share
Strengthening Economic Rights and Women’s Occupational Choice
The decline of the labor income share in Mexico, 1990–2015
Do corporate income tax cuts decrease labor share? Regression discontinuity evidence from China
A Framework to Assess Debt Sustainability under the Belt and Road Initiative
Determinants of Joblessness During the Economic Crisis
Unsolicited justice
Oil revenues and labor market reforms
Pueden aplicarse las mismas políticas en las Comunidades Autónomas españolas? Análisis empírico a partir del patrón de crecimiento potencial en Comunidades Autónomas con estructuras productivas similares
Labour productivity, wages and the functional distribution of income in Portugal
Markups and the Euro
Finance-Led Growth in the OECD since the Nineteenth Century
Employment Protection Deregulation and Labor Shares in Advanced Economies
The Impact of Immigration on Competing Natives' Wages
Stock Market Development and Cross-Country Differences in Relative Prices
Monetary Neutrality with Sticky Prices and Free Entry
Synchronising Deregulation in Product and Labour Markets
Non‐wage Labour Costs, Policy Uncertainty and Labour Demand – A Theoretical Assessment
Monopolistic Competition and Different Wage Setting Systems
La modération salariale
Ageing and the Skew Risk in Collective Choices
Do market regulations reduce investment? Evidence from European regions
In den 2000er Jahren ist alles anders? Die abnehmende Bedeutung des sektoralen Strukturwandels für den Rückgang der Lohnquote in Deutschland
Economic freedom influences economic growth and unemployment
The Microeconomic Dimensions of the Eurozone Crisis and Why European Politics Cannot Solve Them
The Economic Future of Europe
Social conflict, property rights, and the capital–labor split
Verteilungseffekte von Finanzialisierung
The Decline in Capital Efficiency and Labour Share
Capital Heterogeneity and the Decline of the Labour Share
Privatization and the Decline of Labour's Share
Currency Crises and the Labour Share
Product Market Reforms, Labour Market Institutions and Unemployment
Employment Protection, Product Market Regulation and Firm Selection
Credit and the Labour Share
| Unique citing works | 119 |
|---|---|
| Citations per year | 5,41 |
| Citation span | 2004 - 2026 (23) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 112 |