Using annual aggregate data from 15 OECD countries, we estimate the effects of the following policies on the “non-accelerating inflation rate of unemployment” (NAIRU): restrictions on firing, growth in government “productive” expenditure, growth in social security benefits, and lax immigration policy. We consider Greece separately, but treat the other 14 countries as a group. Two effects seem to be robust to changes in the sample: restrictions on firing and growth in social security benefits raise the NAIRU. In particular, in the case of Greece, we estimate that the presence of firing restrictions (since 1983) has raised the NAIRU, and hence the average unemployment rate, by about 4 percentage points.
This article has been written by Dimitris Hatzinikolaou and Pantelis Kammas. The full article here.
I am not economists. I am an Agronomist with a PH.D in Soil Science in the University of Reading UK. I do feel to :
1. Express my cogradulations to all Greek famous economist who study and write about Greek Economy.
2. Please as a world leaders team from Greece write, publish, inform thinking Greek citizens (and even Ministers and Prime Minister) about current issues of Greek Economy and what should be done because I doubt whether Greek citizens are properly and cirrectly informed by the Government, Political Parties and MEDIA.
Thanking
Sid. THEOCHAROPOULOS