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Abstract by the authors: We address the failures of the implementation of the European Company Directive and their far-reaching consequences, and discuss options for necessary amendments and improvements. We present empirical data on the characteristics of European companies and their distribution across EU Member States, and discuss major unexpected results of transposition and implementation as well as many evident problems. We then develop options for amendments, including definition of structural changes, mandatory introduction of employee involvement and extension of the ‘before and after’ principle. Finally, we analyse the history of the review process and explain why amendments have not and will most likely not be introduced despite obvious failures and deficiencies.
Abstract by the authors: Greece and Serbia are historically different, yet regionally connected. Their weak institutional foundations and long-term economic turbulence have prevented them from overcoming crises, leading to the institutionalization of adverse working conditions. We focus on the outcomes of the systemic crisis in Greece and the transition crisis in Serbia, using semi-structured interviews and focus groups with managers and employees in small- and medium-sized enterprises in two time periods. We argue that, although the crisis has different origins in the two countries, it has consolidated adverse working conditions. Our research explores the institutionalization of adverse working conditions and offers an understanding of the lived reality of institutions, examining variations in the origins, pressures and outcomes of different types of crises on business practices from an individual perspective.
Abstract by the author: This article tests divergent theories of welfare development and varieties of capitalism by comparing the socio-economic outcomes of 16 developed countries before and after the recent crisis. Similarities and differences are assessed using six indicators, namely inequality, low pay, union density, unemployment, involuntary part-time work and job strain. The findings show substantial variation in country group averages for indicators such as inequality, low pay, union density and involuntary part-time work. Different welfare production regimes, however, were not always distinguishable in terms of their impact on the overall direction of change, as many countries were worse off after the crisis, or the degree of change from one year to the next, as the greatest negative percentage changes were reported for the least expected group of countries. In general, the findings indicate that in some areas of social and economic life, many countries have not yet returned to pre-crisis levels.
Abstract by the authors: The unemployment rate in the United States peaked at 10 percent in October 2009 four months after the end of the Great Recession. Since then the reported unemployment rate has fallen to 3.8 percent (as of February 2019), below what many economists view as full employment. (…) That Obama “inherited” a recession while Trump “inherited” a recovery seems to escape most political pundits. While the unemployment rate remains a widely cited statistic, changes in the unemployment rate do not necessarily reflect an improvement in the labor market. For example, a decrease in the unemployment rate often comes about as job searchers exit from the labor market. In order to provide a more accurate description of the state of the labor market, analysts are increasingly turning to other metrics such as the employment/population (E/P) ratio and the civilian labor force participation (LFP) rate.
Abstract by the authors: Since the beginning of the recession period in Europe, unemployment has greatly affected the young adult population. In this context, Spain is regarded as an extreme case, due to its exceptionally high youth unemployment rates. This article seeks to identify the determinants that have led certain groups of Spanish young people to suffer labour market trajectories with higher levels of unemployment and instability during the Great Recession than others. (…) Results show that the highly differentiated career paths are associated with different social profiles and differences in the presence of unemployment. Moreover, interesting differences among the most unstable career paths appear. For the most vulnerable social profiles the employment trajectory prior to the crisis seems to point towards the existence of an entrapment in low-skilled jobs that alternate with situations of unemployment. For those with a slightly better position their employment situation after the initiation of the crisis seems to have been impacted by their brief labour market trajectory before the crisis and their resulting work experience gap.
Abstract by the authors: Studies show that the unemployed face serious disadvantages in the labour market and that the social stigma of unemployment is one explanation. In this paper, we focus on the unemployed’s expectations of being stigmatized (stigma consciousness) and the consequences of such negative expectations on job search attitudes and behaviour. Using data from the panel study “Labour Market and Social Security” (PASS), we find that the unemployed with high stigma consciousness suffer from reduced well‑being and health. Regarding job search, the stigmatized unemployed are more likely to expect that their chances of re‑employment are low, but in contrast, they are more likely to place a high value on becoming re‑employed. Instead of becoming discouraged and passive, we find that stigmatized unem‑ ployed individuals increase their job search effort compared to other unemployed individuals. However, despite their higher job search effort, the stigma‑conscious unemployed do not have better re‑employment chances.
Abstract by the authors: There is a strong correlation between corporate interest rates, their spreads relative to Treasuries, and the unemployment rate. We model how corporate interest rates affect equilibrium unemployment and vacancies, in a Diamond-Mortesen-Pissarides search and matching model. Our simple model permits the exploration of U.S. business cycle statistics through the lens of financial shocks. We calibrate the model using U.S. data without targeting business cycle statistics. Volatility in the corporate interest rate can explain a quantitatively meaningful portion of the labor market. Data on corporate firms support the hypothesis that firms facing more volatile financial conditions have more volatile employment.
Abstract by the author: This paper, argues the author, examines how the Job Guarantee proposal [in the USA] uniquely meets two major social requirements. It is a policy response whose merits include much more than its macroeconomic stabilization features, as discussed in the literature. It is also, in a sense, a method of inoculation against the vile effects of unemployment. The paper discusses several preventive features of the program.
Abstract by the authors: This paper provides a meta-analysis of microeconometric evaluation studies on the effectiveness of active labor market policies. The analysis is built upon a systematically assembled data set of causal impact estimates from 57 experimental and quasi-experimental studies, providing 654 estimates published between January 1990 and December 2017. We distinguish between the short and longer term impacts in our analysis; at 6, 12, 24, and 36 months after program start. After correcting for publication bias and country-specific macroeconomic characteristics, subsidized labor and public employment programs have negative short-term impacts, which gradually turn positive in the longer run. Schemes with enhanced services including job-search assistance and training programs do not have these negative short-term effects, and stay positive from 6 until 36 months after program start.
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