{
  "title": "Crises, Labor Market Policy, and Unemployment",
  "publication": "IMF Working Papers, March 1, 2012",
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  "summary": "Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of finan",
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    {
      "heading": "Summary findings",
      "content": "- Using a sample of 97 countries spanning the period 1980?2008, financial crises have a large negative impact on unemployment in the short term.\n- In the medium term, the negative short-term effect of financial crises rapidly disappears in countries with flexible labor market institutions.\n- In countries with more rigid labor market institutions, the impact of financial crises is less pronounced in the short term but more persistent in the medium term.\n- Large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term."
    },
    {
      "heading": "Differential impacts by labor market flexibility",
      "content": "- Flexible labor market institutions:\n  - Large short-term negative effect of financial crises on unemployment.\n  - Rapid disappearance of that negative effect in the medium term.\n- Rigid labor market institutions:\n  - Less pronounced short-term impact of financial crises on unemployment.\n  - More persistent negative impact in the medium term."
    },
    {
      "heading": "Groups with amplified effects",
      "content": "- Youth unemployment:\n  - Effects of financial crises are even larger in the short term.\n- Long-term unemployment:\n  - Effects of financial crises are larger in the medium term."
    },
    {
      "heading": "Labor market policy effects",
      "content": "- Comprehensive labor market policies that are implemented either as large upfront measures or gradually but significantly:\n  - Have a positive impact on unemployment outcomes.\n  - This positive impact is observed only in the medium term."
    },
    {
      "heading": "Methodology and scope",
      "content": "- Sample: 97 countries.\n- Time period covered: 1980?2008.\n\n---\n\n Content in this bundle\n\n- wp1265\n  - wp1265 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1265 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/crises-labor-market-policy-and-unemployment-25754"
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    "Authors: Davide Furceri, Lorenzo E. Bernal-Verdugo, Dominique M. Guillaume",
    "Published: March 1, 2012",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463938420.001",
    "Using a sample of 97 countries spanning the period 1980?2008, financial crises have a large negative impact on unemployment in the short term.",
    "In the medium term, the negative short-term effect of financial crises rapidly disappears in countries with flexible labor market institutions.",
    "In countries with more rigid labor market institutions, the impact of financial crises is less pronounced in the short term but more persistent in the medium term.",
    "Large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term.",
    "Flexible labor market institutions:",
    "Rigid labor market institutions:",
    "Youth unemployment:",
    "Long-term unemployment:",
    "Comprehensive labor market policies that are implemented either as large upfront measures or gradually but significantly:",
    "Sample: 97 countries.",
    "Time period covered: 1980?2008.",
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