Abstract This paper provides robust estimates of the impact of both product and labor market regulations on unemployment using data from 24 European countries over the period 1998–2013. Controlling for country fixed effects, endogeneity, and a large set of covariates, results show that product market deregulation overall reduces the unemployment rate. This finding is robust across all specifications and in line with theoretical predictions. However, not all types of reforms have the same effect: deregulation of state controls and in particular involvement in business operations tend to push up the unemployment rate. Labor market deregulation, proxied by the employment protection legislation index, is detrimental to unemployment in the short run, while a positive impact (i.e., a reduction in the unemployment rate) occurs only in the long run. Analysis by sub-indicators shows that reducing protection against collective dismissals helps in reducing the unemployment rate. The unemployment rate equation is also estimated for different categories of workers. Although men and women are equally affected by product and labor market deregulations, workers distinguished by age and educational attainment are affected differently. In terms of employment protection, young workers are almost twice as strongly affected as older workers. Regarding product market deregulation, highly educated individuals are less impacted than low- and middle-educated workers.

中文翻译：

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产品和劳动力市场法规对失业的影响：来自欧洲国家的证据

摘要本文使用1998年至2013年期间来自24个欧洲国家的数据，对产品和劳动力市场法规对失业的影响进行了有力的估计。控制国家固定效应，内生性和大量协变量，结果表明，产品市场放松管制总体上降低了失业率。该发现在所有规格中均很可靠，并且与理论预测一致。但是，并非所有类型的改革都有相同的效果：放松对国家控制的管制，尤其是参与商业活动往往会推高失业率。就业保护立法指数所代表的劳动力市场放松管制在短期内不利于失业，而长期来看只有产生积极影响（即失业率降低）。分指标的分析表明，减少对集体解雇的保护有助于降低失业率。还估计了不同类别工人的失业率方程。尽管男人和女人同样受到产品和劳动力市场放松管制的影响，但按年龄和学历区分的工人受到的影响却有所不同。在就业保护方面，青年工人受到的影响几乎是老年工人的两倍。关于产品市场的放松管制，受过高等教育的个人受到的影响要少于中文化程度较低的工人。尽管男人和女人同样受到产品和劳动力市场放松管制的影响，但按年龄和学历区分的工人受到的影响却有所不同。在就业保护方面，青年工人受到的影响几乎是老年工人的两倍。关于产品市场的放松管制，受过高等教育的个人受到的影响要少于中文化程度较低的工人。尽管男人和女人同样受到产品和劳动力市场放松管制的影响，但按年龄和学历区分的工人受到的影响却有所不同。在就业保护方面，青年工人受到的影响几乎是老年工人的两倍。关于产品市场的放松管制，受过高等教育的个人受到的影响要少于中文化程度较低的工人。