The impact of macroeconomic policies on employment yields from output growth in sub‐Saharan African countries is examined in this study. Data for 37 countries are used for the period 1991–2016 and sustainable employment yields are obtained by comparing employment elasticities for own‐account (vulnerable) and employers (formal) groups. The two‐stage least squares method is used to estimate employment elasticities for the panel datasets for three sub‐periods (1991–1999, 2000–2009, 2010–2016), and the feasible generalised least squares method is used to estimate the effects of policies on employment elasticities based on a pooled dataset for the three sub‐periods. Policy efforts are shown to be more effective if moved towards more flexible and targeted tax regimes, more rigid labour markets, and liberalised trade. On the other hand, investment and industrial policies do not appear to exert unidirectional effects on employment, especially given wide variations in government sizes and relative shares of domestic/foreign investment among the countries. There is also evidence that policy influences are more practicable with more formal employment groups. Patterns of macroeconomic policy directions are therefore critical to their effectiveness as labour market adjustment tools in the region.

中文翻译：

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撒哈拉以南非洲的宏观经济政策和可持续的就业产出

本研究考察了撒哈拉以南非洲国家宏观经济政策对产出增长带来的就业产出的影响。使用1991-2016年期间37个国家的数据，并通过比较自有账户（弱势群体）和雇主的就业弹性来获得可持续的就业收益率（正式）团体。两阶段最小二乘法用于估计三个子时段（1991–1999、2000–2009、2010–2016）的面板数据集的就业弹性，而可行的广义最小二乘法用于估计基于三个子时期的汇总数据集的就业弹性政策。如果朝着更灵活，更有针对性的税制，更僵化的劳动力市场和自由贸易的方向发展，政策工作将显示出更高的效率。另一方面，投资和产业政策似乎不会对就业产生单向影响，特别是考虑到政府规模和各国之间国内/外国投资的相对份额差异很大。也有证据表明，政策影响对于更正式的就业群体而言更切实可行。