Long Term Labor Market Adjustment To Transitory Shocks

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Long-term Labor Market Adjustment to Transitory Shocks

Author : Ana Margarida Fernandes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis Long-term Labor Market Adjustment to Transitory Shocks by : Ana Margarida Fernandes

Download or read book Long-term Labor Market Adjustment to Transitory Shocks written by Ana Margarida Fernandes and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates worker and firm impacts of foreign shocks, and the income support provided by assistance programs. It exploits quasi-experimental variation in firms’ foreign demand resulting from the global financial crisis, using employer-employee data for Brazil in 2004-2017, linked with firm customs and financial data, and administrative data covering the universe of cash transfer, unemployment insurance, and training beneficiaries. Negative employment effects take over a decade to dissipate fully, wage effects persist, and firm restructuring involves occupational adjustment, increasing permanently skilled workers while reducing unskilled workers. Brazilian workers suffer smaller employment losses in highly informal locations and concentrated sectors. Underlying labor scarring is firm scarring caused by selection (exit) and (revenue, employment and productivity) downsizing. Unemployment insurance and cash transfers yield limited wage loss replacement (6 percent). Training does not increase. The evidence shows that a temporary shock induces persistent effects: firm restructuring scars incumbent workers and increases long-run inequality. Firm scarring may be even more severe in less flexible labor markets. Using data from Ecuador, analysis finds that firms do not adjust workforce composition, but they permanently reduce capital which increases scarring.

Regional Labor Market Adjustments in the United States and Europe

Author : Mai Dao
Publisher : International Monetary Fund
ISBN 13 : 1475598599
Total Pages : 38 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Regional Labor Market Adjustments in the United States and Europe by : Mai Dao

Download or read book Regional Labor Market Adjustments in the United States and Europe written by Mai Dao and published by International Monetary Fund. This book was released on 2014-02-11 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock on the state employment level has decreased over time, suggesting less overall net migration in response to a regional shock, (ii) the role of the participation rate as absorber of regional shocks has increased, (iii) the response of net migration to regional shocks is stronger, while that of relative unemployment is weaker during aggregate downturns, and (iv) the change in the response intensity of migration is related to the declining trend in regional dispersion of labor market conditions. Finally, using regional data for a set of 21 European countries, we show that while the short-term response of participation rates to labor demand shocks is typically larger in Europe than in the US, the immediate response of net migration in Europe has increased over time.

Labor Market Adjustments to Shocks in Australia

Author : Mr.Adil Mohommad
Publisher : International Monetary Fund
ISBN 13 : 1484301765
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Labor Market Adjustments to Shocks in Australia by : Mr.Adil Mohommad

Download or read book Labor Market Adjustments to Shocks in Australia written by Mr.Adil Mohommad and published by International Monetary Fund. This book was released on 2017-05-24 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.

Regional Labor Market Adjustments in the United States

Author : Mai Dao
Publisher : International Monetary Fund
ISBN 13 : 1498380433
Total Pages : 51 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Regional Labor Market Adjustments in the United States by : Mai Dao

Download or read book Regional Labor Market Adjustments in the United States written by Mai Dao and published by International Monetary Fund. This book was released on 2014-11-25 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine patterns of regional adjustments to shocks in the US during the past four decades. We find that the response of interstate migration to relative labor market conditions has decreased, while the role of the unemployment rate as absorber of regional shocks has increased. However, the response of net migration to regional shocks is stronger during aggregate downturns and increased particularly during the Great Recession. We offer a potential explanation for the cyclical pattern of migration response based on the variation in consumption risk sharing.

Adjusting to Transitory Shocks

Author : Ana Margarida Fernandes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis Adjusting to Transitory Shocks by : Ana Margarida Fernandes

Download or read book Adjusting to Transitory Shocks written by Ana Margarida Fernandes and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates worker and firm impacts of foreign shocks, and the income support provided by assistance programs. It exploits quasi-experimental variation in firms' foreign demand resulting from the global financial crisis, using employer-employee data for Brazil in 2004-2017, linked with firm customs and financial data, and administrative data covering the universe of cash transfer, unemployment insurance, and training beneficiaries. Negative employment effects take over a decade to dissipate fully, wage effects persist, and firm restructuring involves occupational adjustment, increasing permanently skilled workers while reducing unskilled workers. Brazilian workers suffer smaller employment losses in highly informal locations and concentrated sectors. Underlying labor scarring is firm scarring caused by selection (exit) and (revenue, employment and productivity) downsizing. Unemployment insurance and cash transfers yield limited wage loss replacement (6 percent). Training does not increase. The evidence shows that a temporary shock induces persistent effects: firm restructuring scars incumbent workers and increases long-run inequality. Firm scarring may be even more severe in less flexible labor markets. Using data from Ecuador, analysis finds that firms do not adjust workforce composition, but they permanently reduce capital which increases scarring.

The Labor Market and Economic Adjustment

Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
ISBN 13 : 1451854781
Total Pages : 98 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Labor Market and Economic Adjustment by : Pierre-Richard Agénor

Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.

The Effect of Labor Market Shocks Across the Life Cycle

Author : Kjell G. Salvanes
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Effect of Labor Market Shocks Across the Life Cycle by : Kjell G. Salvanes

Download or read book The Effect of Labor Market Shocks Across the Life Cycle written by Kjell G. Salvanes and published by . This book was released on 2022 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adverse economic shocks occur frequently and may cause individuals to reevaluate key life decisions in ways that have lasting consequences for themselves and the broader economy. These life decisions are fundamentally tied to specific periods of an individual's career, and economic shocks may therefore have substantially different impacts on individuals -- and the broader economy -- depending on when they occur. We exploit mass layoffs and establishment closures to examine the impact of adverse shocks across the life cycle on labor market outcomes and major life decisions: human capital investment, mobility, family structure, and retirement. Our results reveal substantial heterogeneity on labor market effects and life decisions in response to economic shocks across the life cycle. Individuals at the beginning of their careers invest in human capital and relocate to new local labor markets, individuals in the middle of their careers reduce fertility and adjust family formation decisions, and individuals at the end of their careers permanently exit the workforce and retire. As a consequence of the differential interactions between economic shocks and life decisions, the very long-term career implications of labor shocks vary considerably depending on when the shock occurs. We also document important heterogeneity across genders and education levels, both with respect to the immediate impact as well as the sum total of all these effects in the very long-term. We conclude that effects of adverse labor shocks are both more varied and more extensive than has previously been recognized, and that focusing on average effects among workers across the life cycle misses a great deal.

Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Sticky Feet

Author : Claire H. Hollweg
Publisher : World Bank Publications
ISBN 13 : 1464802637
Total Pages : 123 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Sticky Feet by : Claire H. Hollweg

Download or read book Sticky Feet written by Claire H. Hollweg and published by World Bank Publications. This book was released on 2014-07-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report quantifies labor mobility costs in developing countries and simulates the implied adjustment paths of employment and wages following a change in trade policy. High mobility costs are shown to reduce the potential gains to trade reform.

Labor Market Adjustments to Shocks in Australia

Author : Mr.Adil Mohommad
Publisher : International Monetary Fund
ISBN 13 : 1484301935
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Labor Market Adjustments to Shocks in Australia by : Mr.Adil Mohommad

Download or read book Labor Market Adjustments to Shocks in Australia written by Mr.Adil Mohommad and published by International Monetary Fund. This book was released on 2017-05-26 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.

Understanding the Educational and Career Pathways of Engineers

Author : National Academy of Engineering
Publisher : National Academies Press
ISBN 13 : 0309485606
Total Pages : 223 pages
Book Rating : 4.3/5 (94 download)

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Book Synopsis Understanding the Educational and Career Pathways of Engineers by : National Academy of Engineering

Download or read book Understanding the Educational and Career Pathways of Engineers written by National Academy of Engineering and published by National Academies Press. This book was released on 2019-01-26 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Engineering skills and knowledge are foundational to technological innovation and development that drive long-term economic growth and help solve societal challenges. Therefore, to ensure national competitiveness and quality of life it is important to understand and to continuously adapt and improve the educational and career pathways of engineers in the United States. To gather this understanding it is necessary to study the people with the engineering skills and knowledge as well as the evolving system of institutions, policies, markets, people, and other resources that together prepare, deploy, and replenish the nation's engineering workforce. This report explores the characteristics and career choices of engineering graduates, particularly those with a BS or MS degree, who constitute the vast majority of degreed engineers, as well as the characteristics of those with non-engineering degrees who are employed as engineers in the United States. It provides insight into their educational and career pathways and related decision making, the forces that influence their decisions, and the implications for major elements of engineering education-to-workforce pathways.

Technology Shocks and Aggregate Fluctuations

Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal

Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

Uncertainty and Unemployment

Author : Sangyup Choi
Publisher : International Monetary Fund
ISBN 13 : 1498356303
Total Pages : 26 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Uncertainty and Unemployment by : Sangyup Choi

Download or read book Uncertainty and Unemployment written by Sangyup Choi and published by International Monetary Fund. This book was released on 2015-02-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the role of uncertainty shocks in explaining unemployment dynamics, separating out the role of aggregate and sectoral channels. Using S&P500 data from the first quarter of 1957 to third quarter of 2014, we construct separate indices to measure aggregate and sectoral uncertainty and compare their effects on the unemployment rate in a standard macroeconomic vector autoregressive (VAR) model. We find that aggregate uncertainty leads to an immediate increase in unemployment, with the impact dissipating within a year. In contrast, sectoral uncertainty has a long-lived impact on unemployment, with the peak impact occurring after two years. The results are consistent with a view that the impact of aggregate uncertainty occurs through a “wait-and-see” mechanism while increased sectoral uncertainty raises unemployment by requiring greater reallocation across sectors.

Mass Layoffs in ...

Author :
Publisher :
ISBN 13 :
Total Pages : 500 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis Mass Layoffs in ... by :

Download or read book Mass Layoffs in ... written by and published by . This book was released on 1988 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The evolution of regional labor market disparities

Author : Daniel Werner
Publisher : wbv Media GmbH & Company KG
ISBN 13 : 3763940766
Total Pages : 279 pages
Book Rating : 4.7/5 (639 download)

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Book Synopsis The evolution of regional labor market disparities by : Daniel Werner

Download or read book The evolution of regional labor market disparities written by Daniel Werner and published by wbv Media GmbH & Company KG. This book was released on 2013-08-15 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Zahlreiche Länder, so auch Deutschland, zeichnen sich durch ausgeprägte regionale Disparitäten auf dem Arbeitsmarkt aus. Regionalökonomische Studien liefern unterschiedlichste Ansätze, um die Existenz solcher Unterschiede zu erklären. Aber nur wenige Arbeiten geben Aufschluss über die Dynamik regionaler Arbeitsmarktdisparitäten: Nehmen diese im Zeitablauf zu, verringern sie sich oder bleiben sie stabil? Auch blenden die bisherigen Studien aus, welche Rolle Beschäftigtengruppen mit unterschiedlichem Qualifikationsniveau in diesem Prozess spielen. Die Arbeit von Daniel Werner schließt diese Lücken. Detailliert untersucht Werner zudem die Anpassungsprozesse nach regionalen Arbeitsmarktschocks. Sein Fazit: Die Mobilität der Arbeitskräfte - und hier insbesondere das Pendeln - ist der wichtigste Ausgleichsmechanismus.

The Economic and Fiscal Consequences of Immigration

Author : National Academies of Sciences, Engineering, and Medicine
Publisher : National Academies Press
ISBN 13 : 0309444454
Total Pages : 643 pages
Book Rating : 4.3/5 (94 download)

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Book Synopsis The Economic and Fiscal Consequences of Immigration by : National Academies of Sciences, Engineering, and Medicine

Download or read book The Economic and Fiscal Consequences of Immigration written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-07-13 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.

Adjusting to Globalization

Author : David Greenaway
Publisher : Wiley-Blackwell
ISBN 13 : 9781405131698
Total Pages : 176 pages
Book Rating : 4.1/5 (316 download)

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Book Synopsis Adjusting to Globalization by : David Greenaway

Download or read book Adjusting to Globalization written by David Greenaway and published by Wiley-Blackwell. This book was released on 2005-05-20 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume investigates the ways in which firms and workers are adjusting to globalization. A collection of cutting-edge essays investigating the ways in which firms and workers are adjusting to globalization. Written by leading researchers in the field. Covers such issues as: outsourcing; the productivity effects of entry to export markets; job losses and wage insurance; and the protection of intellectual property. Presents original research on adjusting to globalization. Provides important insights into the microeconomics effects of globalization. Highlights key issues for policy makers.