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Title: Aggregate Growth and the Efficiency of Labour Reallocation

Author(s): Simon Burgess and Daniel Mawson

Publication Date: March 2003

Keyword(s): growth, labour efficiency and labour market institutions

Programme Area(s): Labour Economics

Abstract: We consider the potential importance of labour market efficiency for aggregate growth. The idea is that efficient labour markets move workers more quickly from low to high productivity sites, thereby raising aggregate productivity growth. We define a measure of labour market efficiency as a structural parameter from a matching function. Using labour market data on 15 OECD countries, we estimate this and show that it has a significant effect on growth. The results are robust to a number of different estimation techniques. The quantitative impact of market efficiency is not trivial.

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Bibliographic Reference

Burgess, S and Mawson, D. 2003. 'Aggregate Growth and the Efficiency of Labour Reallocation'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3848