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Author : Anja Decressin
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book On Sand and the Role of Grease in Labor Markets written by Anja Decressin and published by International Monetary Fund. This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Erica L. Groshen
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)
Download or read book Identifying Inflation's Grease and Sand Effects in the Labor Market written by Erica L. Groshen and published by . This book was released on 2007 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation has been accused of causing distortionary prices and wage fluctuations (sand) as well as lauded for facilitating adjustments to shocks when wages are rigid downwards (grease). This paper investigates whether these two effects can be distinguished from each other in a labor market by the following identification strategy: inflation-induced deviations among employer's mean wage-changes represent unintended intramarket distortions (sand), while inflation-induced, inter-occupational wage-changes reflect intended alignments with intermarket forces (grease). Using a unique 40-year panel of wage changes made by large mid-western employers, we find a wide variety of evidence to support the identification strategy. We also find some indications that occupational wages in large firms gained flexibility in the past four years. These results strongly support other findings that grease and sand effects exist, but also suggest that they offset each other in a welfare sense and in unemployment effects. Thus, at levels up to five percent, the net impact of inflation is beneficial but statistically indistinguishable from zero. It turns detrimental after that. When positive, net benefits never exceed a tenth of gross benefits.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451861532
Total Pages : 35 pages
Book Rating : 4.4/5 (518 download)
Download or read book Wage Flexibility in Turbulent Times written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews several methods to measure wage flexibility, and their suitability for evaluating the extent of such flexibility during times of structural change, when wage distributions and wage curves can be particularly volatile. The paper uses nonparametric estimation to capture possible nonlinearities in the wage curve and relaxes the assumption of a stable wage distribution over time by linking the shape of the wage change distribution to macroeconomic variables. The proposed methodology is applied to Polish micro data. The estimates confirm that wages are less elastic in a high-unemployment/low-wage environment. Based on a comparison of actual and counterfactual wage distributions, the effects of nominal wage rigidities on real wages, and thus, on the labor market and the real economy, were limited until 1998, but have been quite significant thereafter.
Author : Inter-American Development Bank
Publisher : IDB
ISBN 13 : 9781931003506
Total Pages : 330 pages
Book Rating : 4.0/5 (35 download)
Download or read book Good Jobs Wanted written by Inter-American Development Bank and published by IDB. This book was released on 2003 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation There is a widespread perception that the structural reforms implemented in Latin America in the 1990s have failed to spur employment growth. This perception is fueled by rising unemployment, slow wage growth, rising wage inequalities and a heightened sense of economic insecurity. This year's edition of Economic and Social Progress in Latin America investigates whether this disappointing outcome can be explained by an abnormal adjustment to rapid changes in goods and capital markets, increased female participation in the workplace, technological change, and secular changes in the sector composition of output. In particular, the book examines whether there are important demands for change that are being thwarted by inappropriate institutions and rigidities. The report documents unemployment and underemployment, employment creation and destruction, productivity growth, and the wage level and inequality. It includes a CD-ROM with data on labor markets in the region.
Author : Mads Kieler
Publisher : International Monetary Fund
ISBN 13 : 1451851537
Total Pages : 51 pages
Book Rating : 4.4/5 (518 download)
Download or read book The ECB'S Inflation Objective written by Mads Kieler and published by International Monetary Fund. This book was released on 2003-04-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ECB's objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium-term inflation has encumbered the communication of monetary policy; and (3) a target toward the upper end of the ECB's price-stability range would seem, at least with the current membership of EMU, to strike a judicious balance between the benefits of price stability, on the one hand, and the need to assist relative price and wage adjustment across EMU and safeguard against deflation, on the other hand.
Author :
Publisher :
ISBN 13 :
Total Pages : 218 pages
Book Rating : 4.:/5 (9 download)
Download or read book IMF Research Bulletin written by and published by . This book was released on 2004 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jörg Decressin
Publisher : International Monetary Fund
ISBN 13 : 1589067290
Total Pages : 33 pages
Book Rating : 4.5/5 (89 download)
Download or read book Gauging Risks for Deflation written by Mr.Jörg Decressin and published by International Monetary Fund. This book was released on 2009-01-27 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses deflation risks and policy options. The paper highlights that slumping collateral values have exacerbated the credit crunch, and monetary policy has lost effectiveness in stabilizing output. A model-based analysis for the G3 economies (United States, euro area, and Japan) also suggests that, on the assumption that the financial distress is gradually resolved, the most likely outcome is that the global economy will stay clear of sustained deflation. However, if financial sector problems are not remedied or further shocks add to current stresses, there is a significant probability of more negative deflationary outcomes, with a deeper and more prolonged recession. The chapter underscores the crucial role of financial sector policies in remedying deflationary pressures directly and indirectly, by enhancing the effectiveness of monetary and fiscal policies. Monetary policy can help in some areas; however, supportive fiscal policies are likely to be needed to prevent a deflationary episode becoming entrenched. Monetary policy measures include operating in a broad range of financial markets to relieve credit rationing, and to lower risk spreads and term premiums. Finally, to reinforce long-run inflation expectations, central bank communications should emphasize the commitment to return inflation to objectives with all due speed.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451810369
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Germany written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-10-31 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2002 Article IV Consultation highlights that Germany’s economy is poised for a fragile recovery, after having barely grown since mid-2000. The earlier price shocks and interest rate hikes that contributed to the current slowdown have now unwound. However, sluggish global growth, stock market declines, weak credit growth, and the withdrawal implied by planned fiscal consolidation may stand in the way of a strong recovery. Real GDP growth in 2002 is estimated at about 0.5 percent, with the general government deficit set to exceed 3 percent of GDP.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451812981
Total Pages : 120 pages
Book Rating : 4.4/5 (518 download)
Download or read book Monetary and Exchange Rate Policies of the Euro Area written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-10-29 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
Author : Mr.Taimur Baig
Publisher : International Monetary Fund
ISBN 13 : 1589062272
Total Pages : 66 pages
Book Rating : 4.5/5 (89 download)
Download or read book Deflation written by Mr.Taimur Baig and published by International Monetary Fund. This book was released on 2003-06-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulnerability, which they apply to the 35 largest industrial and emerging market economies. Finally, the paper offers several policy options for protecting against deflation and for coping with it should it strike.
Author : Ana María Loboguerrero
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (528 download)
Download or read book Inflation and Labor Market Flexibility written by Ana María Loboguerrero and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jakob De Haan
Publisher : MIT Press
ISBN 13 : 0262262452
Total Pages : 277 pages
Book Rating : 4.2/5 (622 download)
Download or read book The European Central Bank written by Jakob De Haan and published by MIT Press. This book was released on 2005-04-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure. The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.
Author : Erica L. Groshen
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 (512 download)
Download or read book Identifying Inflation's Grease and Sand Effects in the Labor Market written by Erica L. Groshen and published by . This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation has been accused of causing distortionary price and wage fluctuations (sand) as well as lauded for facilitating adjustments to shocks when wages are rigid downwards (grease). This paper investigates whether these two effects can be distinguished from each other in a labor market by the following identification strategy: inflation-induced deviations among employers' mean wage changes represent unintended intramarket distortions (sand), while inflation-induced, inter-occupational wage changes reflect intended alignments with intermarket forces (grease). Using a unique 40-year panel of wage changes made by large mid-western employers, we find a wide variety of evidence to support the identification strategy. We also find some indications that occupational wages in large firms gained flexibility in the past four years. These results strongly support other findings that grease and sand effects exist, but also suggest that they offset each other in a welfare sense and in unemployment effects. Thus, at levels up to five percent, the net impact of inflation on unemployment is beneficial but statistically indistinguishable from zero. It turns detrimental after that. When positive, net benefits never exceed a tenth of gross benefits.
Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241769
Total Pages : 374 pages
Book Rating : 4.2/5 (262 download)
Download or read book The Costs and Benefits of Price Stability written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Author : Rolf J. Langhammer
Publisher : Springer Science & Business Media
ISBN 13 : 3540282017
Total Pages : 261 pages
Book Rating : 4.5/5 (42 download)
Download or read book Monetary Policy and Macroeconomic Stabilization in Latin America written by Rolf J. Langhammer and published by Springer Science & Business Media. This book was released on 2007-08-07 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and financial crises, which, in certain moments, have even spilled over and affected other emerging markets. This has resulted in huge costs in terms of lost potential growth, and, as is inevitable, the markets most affected by this have been the least capable of defending themselves. In a region plagued by still considerable rates of social exclusion, with some of the highest rates of income concentration in the whole globe, the human costs of these crises have been very substantial. Starting in the early 1990s, the slow implementation of reforms, plus the resumption of more sustained growth—to a substantial degree linked to the increase in commodity prices, especially since the early 2000s—seems to have resulted in a more stable situation. Initially, in early reformers like Chile, later in the larger economies of the region, like Brazil and Mexico, a consensus— embraced by both sides of the political spectrum—towards integration in global markets, both in their trade and financial components, floating exchange rates, independent monetary authorities, and sustainable fiscal policies has emerged.
Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 9780226044712
Total Pages : 482 pages
Book Rating : 4.0/5 (447 download)
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2005-02 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation targeting is now a highly popular framework for the making of monetary policy. This volume addresses the many dimensions of inflation targeting that until now have been quietly set to one side while the focus has been on macroeconomic outcomes alone.
Author : Edwin M Truman
Publisher : Columbia University Press
ISBN 13 : 0881324507
Total Pages : 278 pages
Book Rating : 4.8/5 (813 download)
Download or read book Inflation Targeting in the World Economy written by Edwin M Truman and published by Columbia University Press. This book was released on 2003-10-27 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reviews the literature on the contribution of low inflation to economic growth and the subsequent widespread adoption of inflation targeting as a monetary policy framework. Edwin Truman addresses the challenges and risks associated with such a framework. Building on these foundations, the study focuses on two major international economic policy issues: (1) the implications of differing national regimes of inflation targeting for international economic policy cooperation; and (2) the adoption of inflation targeting by emerging-market economies which often lack stable monetary policy environments and credible policy authorities—a situation which, among other things, can complicate the use of the inflation targeting framework as the basis for IMF-supported stabilization programs.
