Animal spirits at play?: firm sentiments and labour demand during the COVID-19 pandemic
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Organización Internacional del Trabajo (OIT)
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| Formato: | Artículo científico |
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International Labour Organization
2024
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| _version_ | 1874524934247546885 |
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| author | Bolaji Ridwan Bello (Author) |
| author_facet | Bolaji Ridwan Bello (Author) Bolaji Ridwan Bello (Author) |
| contents | Animal spirits at play?: firm sentiments and labour demand during the COVID-19 pandemic Bolaji Ridwan Bello (Author) Economists have long theorized that sentiments, or spontaneous beliefs that are unjustified by economic fundamentals, are a driver of economic behaviours. In this study, I explore whether such sentiments influenced firms’ behaviours during the COVID-19 outbreak. Using a sample of Italian firms, I observe that in the immediate aftermath of the outbreak, firms’ expectations about post-COVID economic recovery largely reflected beliefs unexplained by firms’ COVID-related experiences. Then, I find that these beliefs were associated with firms' labour market behaviours. Firms that displayed more pessimistic beliefs were more likely to implement cost-cutting labour market measures such as dismissing employees and reducing work hours. 10.1111/ilr.12438 DOI https://doi.org/10.1111/ilr.12438 publication.journalArticle |
| format | Artículo científico |
| id | ilo_995648977102676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2024 |
| publisher | International Labour Organization |
| spellingShingle | Animal spirits at play?: firm sentiments and labour demand during the COVID-19 pandemic Bolaji Ridwan Bello (Author) Animal spirits at play?: firm sentiments and labour demand during the COVID-19 pandemic Bolaji Ridwan Bello (Author) Economists have long theorized that sentiments, or spontaneous beliefs that are unjustified by economic fundamentals, are a driver of economic behaviours. In this study, I explore whether such sentiments influenced firms’ behaviours during the COVID-19 outbreak. Using a sample of Italian firms, I observe that in the immediate aftermath of the outbreak, firms’ expectations about post-COVID economic recovery largely reflected beliefs unexplained by firms’ COVID-related experiences. Then, I find that these beliefs were associated with firms' labour market behaviours. Firms that displayed more pessimistic beliefs were more likely to implement cost-cutting labour market measures such as dismissing employees and reducing work hours. 10.1111/ilr.12438 DOI https://doi.org/10.1111/ilr.12438 publication.journalArticle |
| title | Animal spirits at play?: firm sentiments and labour demand during the COVID-19 pandemic |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/Animal-spirits-at-play-firm-sentiments/995648977102676 |