THE LABOUR MARKET REFORMS: AN ECONOMIC PERSPECTIVE
Abstract
This paper reviews some Spanish labour market institutions focusing on their economic implications and on the effects of recent labour market reforms on the functioning of the labour market. It reaches two main conclusions: first, some labour market institutions raise the equilibrium unemployment rate and the degree of persistence of shocks to unemployment, and, secondly, recent labour market reforms have not substantially contributed to improve the functioning of the Spanish labour market.
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