Financial crisis and global imbalances: its labour market origins and the aftermath

2012 ◽  
Vol 36 (1) ◽  
pp. 17-42 ◽  
Author(s):  
P. Tridico
Keyword(s):  
Financial Crisis ◽  
Labour Market ◽  
Global Imbalances

Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly

2014 ◽  
Vol 228 ◽  
pp. R58-R64 ◽  
Author(s):  
Mary C. Daly ◽  
John G. Fernald ◽  
Òscar Jordà ◽  
Fernanda Nechio
Keyword(s):  
Financial Crisis ◽  
Labour Market ◽  
Global Financial Crisis ◽  
Technological Changes ◽  
Okun’S Law ◽  
Short Term ◽  
Demand Shock ◽  
Okun's Law ◽  
Global Demand ◽  
The Global Financial Crisis

This note examines labour market performance across countries through the lens of Okun's Law. We find that after the 1970s but prior to the global financial crisis of the 2000s, the Okun's Law relationship between output and unemployment became more homogenous across countries. These changes presumably reflected institutional and technological changes. But, at least in the short term, the global financial crisis undid much of this convergence, in part because the affected countries adopted different labour market policies in response to the global demand shock.

scholarly journals Labour Market Modelling in the Light of the Financial Crisis

2016 ◽  
Author(s):  
Pierre M Lafourcade ◽  
Andrea Gerali ◽  
Jan Bruha ◽  
Dirk Bursian ◽  
Ginters Buss ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Labour Market

scholarly journals The state and class discipline: European labour market policy after the financial crisis

2017 ◽  
Vol 42 (2) ◽  
pp. 333-351 ◽  
Author(s):  
Charles Umney ◽  
Ian Greer ◽  
Özlem Onaran ◽  
Graham Symon
Keyword(s):  
Financial Crisis ◽  
Working Class ◽  
Labour Market ◽  
Labour Market Policy ◽  
Market Institutions ◽  
Market Policy ◽  
Labour Market Policies ◽  
Active Labour Market Policies ◽  
Active Labour ◽  
Before And After

This article looks at two related labour market policies that have persisted and even proliferated across Europe both before and after the financial crisis: wage restraint and punitive workfare programmes. It asks why these policies, despite their weak empirical records, have been so durable. Moving beyond comparative-institutionalist explanations which emphasise institutional stickiness, it draws on Marxist and Kaleckian ideas around the concept of ‘class discipline’. It argues that under financialisation, the need for states to implement policies that discipline the working class is intensified, even if these policies do little to enable (and may even counteract) future stability. Wage restraint and punitive active labour market policies are two examples of such measures. Moreover, this disciplinary impetus has subverted and marginalised regulatory labour market institutions, rather than being embedded within them.

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