The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States

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Publisher : International Monetary Fund
ISBN 13 : 1451857535
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States by : Mr.Alun H. Thomas

Download or read book The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States written by Mr.Alun H. Thomas and published by International Monetary Fund. This book was released on 1994-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the responsiveness of wages and labor force movements to employment shocks across British and U.S. regions and across Europe using a multivariate vector autoregression technique. The paper finds inflexible real wages in all three areas in that each area’s real wage responds very little to employment shocks. However, the response of the labor force to employment shocks is much greater in the United States compared to Europe. The strong labor force response in the United States prevents any persistence in relative regional unemployment rates whereas the lack of mobility in Europe results in persistent unemployment rate differentials across British regions and European nations. Europe must therefore adopt measures to reduce barriers to immobility if it is to succeed in moderating the persistence in relative unemployment rates.

The Response of Wages and Labor Supply Movements to Employment Shocks Accross Europe and the United States

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Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (868 download)

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Book Synopsis The Response of Wages and Labor Supply Movements to Employment Shocks Accross Europe and the United States by : Alun Huw Thomas

Download or read book The Response of Wages and Labor Supply Movements to Employment Shocks Accross Europe and the United States written by Alun Huw Thomas and published by . This book was released on 1994 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The response of wages and labor supply movements to employment shocks across Europa and the United States

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (143 download)

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Book Synopsis The response of wages and labor supply movements to employment shocks across Europa and the United States by : Alun Huw Thomas

Download or read book The response of wages and labor supply movements to employment shocks across Europa and the United States written by Alun Huw Thomas and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United Nations

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Author :
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (753 download)

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Book Synopsis The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United Nations by : Alun H. Thomas

Download or read book The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United Nations written by Alun H. Thomas and published by . This book was released on 1994 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regional Labor Market Adjustments in the United States and Europe

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Author :
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.

The Economic and Fiscal Consequences of Immigration

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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.

Labour Market Evolution

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Publisher : Routledge
ISBN 13 : 1134839278
Total Pages : 337 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Labour Market Evolution by : George Grantham

Download or read book Labour Market Evolution written by George Grantham and published by Routledge. This book was released on 2002-02-07 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: How have modern labour markets developed? Both labour economists and economic historians agree that it is necessary to look at labour markets in their historical context. Labour Market Evolution does just this. The contributors examine the operation and development of labour markets in Western Europe and North America since 1500. They address the key questions in this complicated process using new quantitative evidence. First, how closely connected were geographically distant labour markets? Second, how flexible were markets in the past - did wages change in response to demand shocks? Did workers move across space and occupations in response to cyclical or seasonal conditions. Third, were relationships between employees and employers short-term or long-term? Why did relationships change, and what were the implications for the flexibility and integration of markets? In examining these factors, this volume draws on modern labour economic theory and up-to-date quantitative techniques to show how current traditions and systems have evolved.

Welfare Policies in the UNECE Region

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Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Welfare Policies in the UNECE Region by : Alberto Alesina

Download or read book Welfare Policies in the UNECE Region written by Alberto Alesina and published by . This book was released on 2006 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses why UNECE countries have chosen different social welfare policies, focusing on why the American welfare system is less generous than the typical European one, and examines the causes and implications of these differences. It also explores variations in welfare policies within western European countries by comparing their effectiveness, successes and failures.

Cross-Cutting Themes in Employment Experiences During the Crisis

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Publisher : International Monetary Fund
ISBN 13 : 1498336639
Total Pages : 47 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Cross-Cutting Themes in Employment Experiences During the Crisis by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Cross-Cutting Themes in Employment Experiences During the Crisis written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2010-08-10 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce such costs and improve labor markets. This paper analyzes the recent employment experiences of six economies: Germany, Korea, Mexico, New Zealand, Spain, and Sweden. These economies represent a wide range of labor market institutions, policy responses, and outcomes to the crisis. The divergence of labor market outcomes and of the effectiveness of policies during the crisis can be explained by the interaction between the nature of the shocks and differences in the structure and institutions of each country’s economy. The worst job losses compared to the drop in output followed permanent shocks, particularly in dual labor markets and in the presence of wage rigidities. Policies to avoid job cuts were much more effective when they were well-targeted and responded to temporary shocks. In contrast, policies to facilitate labor movements were more appropriate following permanent shocks.

At Home and Abroad

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Publisher : Russell Sage Foundation
ISBN 13 : 1610440676
Total Pages : 327 pages
Book Rating : 4.6/5 (14 download)

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Book Synopsis At Home and Abroad by : Francine D. Blau

Download or read book At Home and Abroad written by Francine D. Blau and published by Russell Sage Foundation. This book was released on 2002-04-11 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the latter part of the 20th century, the U.S. labor market performed differently than the labor markets of the world's other advanced industrialized societies. In the early 1970s, the United States had higher unemployment rates than its Western European counterparts. But after two oil crises, rapid technological change, and globalization rocked the world's economies, unemployment fell in the United States, while increasing dramatically in other nations. At the same time, wage inequality widened more in the United States than in Europe. In At Home and Abroad, Cornell University economists Francine D. Blau and Lawrence M. Kahn examine the reasons for these striking dissimilarities between the United States and its economic allies. Comparing countries, the authors find that governments and unions play a far greater role in the labor market in Europe than they do in the United States. It is much more difficult to lay off workers in Europe than in the United States, unemployment insurance is more generous in Europe, and many fewer Americans than Europeans are covered by collective bargaining agreements. Interventionist labor market institutions in Europe compress wages, thus contributing to the lower levels of wage inequality in the European Union than in the United States. Using a unique blend of microeconomic and microeconomic analyses, the authors assess how these differences affect wage and unemployment levels. In a lucid narrative, they present ample evidence that, as upheavals shook the global economy, the flexible U.S. market let wages adjust so that jobs could be maintained, while more rigid European economies maintained wages at the cost of losing jobs. By helping readers understand the relationship between different economic responses and outcomes, At Home and Abroad makes an invaluable contribution to the continuing debate about the role institutions can and should play in creating jobs and maintaining living standards.

Unemployment and Inflation

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Author :
Publisher : Routledge
ISBN 13 : 1351537903
Total Pages : 433 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Unemployment and Inflation by : MichaelJ. Piore

Download or read book Unemployment and Inflation written by MichaelJ. Piore and published by Routledge. This book was released on 2017-07-05 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.

IMF Staff papers

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Publisher : International Monetary Fund
ISBN 13 : 1451957068
Total Pages : 244 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1995-01-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

Financial Disruptions and the Cyclical Upgrading of Labor

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Publisher : International Monetary Fund
ISBN 13 : 1475595867
Total Pages : 45 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Disruptions and the Cyclical Upgrading of Labor by : Brendan Epstein

Download or read book Financial Disruptions and the Cyclical Upgrading of Labor written by Brendan Epstein and published by International Monetary Fund. This book was released on 2017-06-08 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid total factor productivity (TFP) shocks job-to-job flows amplify the volatility of unemployment, but the aggregate implications of job-to-job flows amid financial shocks are less understood. To develop such understanding we model a general equilibrium labor-search framework that incorporates on-the-job (OTJ) search and distinctly accounts for the differential impact of TFP and financial shocks. Surprisingly, we find that the interaction of OTJ search with financial shocks is sufficiently different from its interaction with TFP shocks so that, under standard calibrations, our model generates aggregate dynamics exceedingly in line with the behavior of key U.S. macro data across several decades and in the wake of the Global Financial Crisis as well. Importantly, as in the data, the model yields relatively high volatilities of consumption, labor income, and unemployment. As such, our work contributes to resolving two limitations of current general equilibrium labor-search theory: under standard calibrations models without OTJ search generate implausibly low unemployment volatility, while models with OTJ search generate unemployment volatility closer to the data but at the expense of implausibly low consumption and labor-income volatility.

Labor Markets and Business Cycles

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Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Labor Markets and Business Cycles by : Robert Shimer

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

Shocks and Structural Breaks

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Publisher : International Monetary Fund
ISBN 13 : 1451922655
Total Pages : 30 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Shocks and Structural Breaks by : Mr.Eswar Prasad

Download or read book Shocks and Structural Breaks written by Mr.Eswar Prasad and published by International Monetary Fund. This book was released on 1994-11-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of the labor market reforms launched in the early 1980s by the Conservative government led by Mrs. Thatcher. It is argued that the increase in the growth of labor productivity in manufacturing after 1980 as well as the improvement in the responsiveness of employment to variations in output can be largely attributed to the success of the reforms in reducing industrial disputes and removing a number of structural impediments in the labor market. However, the reforms did not succeed in moderating real wage growth or improving the tradeoff between wage inflation and unemployment. This is attributed to certain aspects of the wage bargaining system and the influence of relative wage norms in the process of wage determination.

Labor Supply Shocks, Labor Force Entry, and Monetary Policy

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)

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Book Synopsis Labor Supply Shocks, Labor Force Entry, and Monetary Policy by : Takushi Kurozumi

Download or read book Labor Supply Shocks, Labor Force Entry, and Monetary Policy written by Takushi Kurozumi and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Aggregate Effects in Local Labor Markets of Supply and Demand Shocks

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Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Aggregate Effects in Local Labor Markets of Supply and Demand Shocks by : Timothy J. Bartik

Download or read book Aggregate Effects in Local Labor Markets of Supply and Demand Shocks written by Timothy J. Bartik and published by . This book was released on 1999 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on state-level labour market data from the Outgoing Rotation Group of the Current Population Survey from 1979 to 1997, discusses the wage and displacement effects of supply and demand shocks.