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Unemployment In A Small Open Economy
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Book Synopsis Unemployment in a Small Open Economy by : David G. Mayes
Download or read book Unemployment in a Small Open Economy written by David G. Mayes and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unemployment is now the key issue for economic policy in the OECD and Europe in particular. By examining data from the period 1962-1996 for two highly different small open OECD economies, Finland and New Zealand, in a VEC model this paper seeks to cast light on three questions: the degree to which unemployment has been the result of slow adjustment to large external shocks; the degree to which differences in labour market structures can lead to different responses to shocks; the importance of the exchange rate and the external sector in resolving the problem. The approach uses a fairly general model of the labour market that includes wages, unemployment, the capital stock and the terms of trade. It uses cointegration analysis to establish long-run relationships among the four variables. In the case of Finland we find that the short-run response of unemployment to shocks (to the long-run relationship) is large relative to the response of real wage and the terms of trade. In New Zealand on the other hand both real wages and the terms of trade, in particular, adjust more rapidly. As a result the burden of short-run adjustment in the New Zealand economy appears to fall more heavily on (relative) prices. Since the unemployment rate in both countries displays hysteresis, these results suggest that relative price adjustment in the New Zealand economy is more effective in preventing adverse aggregate shocks from becoming adverse unemployment shock.
Book Synopsis Wages, Profitability, and Growth in a Small Open Economy by : Mr.Bankim Chadha
Download or read book Wages, Profitability, and Growth in a Small Open Economy written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1990-05-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines issues raised by the evolution of a rapidly growing small open economy—Singapore—from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approached the limits of its resource constraints in the labor market. In order to analyze the process of restructuring a model of endogenous growth for a small open economy that is driven by increases in labor productivity from learning and that allows for the dynamic acquisition of comparative advantage is developed. In this framework the effects of various policies and exogenous shocks on the direction and pace of restructuring are investigated.
Book Synopsis Specific Factors, Unemployment, and Immiserizing Growth in a Small Open Economy by : Anjana Battacharyya
Download or read book Specific Factors, Unemployment, and Immiserizing Growth in a Small Open Economy written by Anjana Battacharyya and published by . This book was released on 1987 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analysis of Unemployment in a Small Open Economy: the Case of Ireland by : Imelda Flannery
Download or read book Analysis of Unemployment in a Small Open Economy: the Case of Ireland written by Imelda Flannery and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Prices, Wages and Employment in the Open Economy by : Lars Calmfors
Download or read book Prices, Wages and Employment in the Open Economy written by Lars Calmfors and published by . This book was released on 1978 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy and Exchange Rate in a Small Open Economy with Unemployment by : Jay Rhee
Download or read book Optimal Monetary Policy and Exchange Rate in a Small Open Economy with Unemployment written by Jay Rhee and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we consider a small open economy under the New Keynesian model with unemployment of Gali (2011a, b) to discuss the design of the monetary policy. Our findings can be summarized in three parts. First, even with the existence of unemployment, the optimal policy is to minimize variance of domestic price inflation, wage inflation, and the output gap when both domestic price and wage are sticky. Second, stabilizing unemployment rate is important in reducing the welfare loss incurred by both technology and labor supply shocks. Therefore, introducing the unemployment rate as an another argument into the Taylor-rule type interest rate rule will be welfare-enhancing. Lastly, controlling CPI inflation is the best option when the policy is not allowed to respond to unemployment rate. Once the unemployment rate is controlled, however, stabilizing power of CPI inflation-based Taylor rule is diminished.
Book Synopsis Open-Economy Macroeconomics by : Helmut Frisch
Download or read book Open-Economy Macroeconomics written by Helmut Frisch and published by Springer. This book was released on 2016-07-27 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Author :Martin F. J. Prachowny Publisher :Kingston, Ont. : Institute for Economic Research, Queen's University ISBN 13 : Total Pages :32 pages Book Rating :4.:/5 (773 download)
Book Synopsis Inflation and Unemployment in a Disequilibrium Model of a Small Open Economy by : Martin F. J. Prachowny
Download or read book Inflation and Unemployment in a Disequilibrium Model of a Small Open Economy written by Martin F. J. Prachowny and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1976 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Unemployment in Open Economies by : Pia Wei
Download or read book Unemployment in Open Economies written by Pia Wei and published by Springer. This book was released on 2011-05-12 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Employment in Open Economies by : Assar Lindbeck
Download or read book Inflation and Employment in Open Economies written by Assar Lindbeck and published by North-Holland. This book was released on 1979 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Analysis for Small Open Economies by : Martin F. J. Prachowny
Download or read book Macroeconomic Analysis for Small Open Economies written by Martin F. J. Prachowny and published by Oxford University Press, USA. This book was released on 1984 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Introducing Financial Frictions and Unemployment Into a Small Open Economy Model by : Lawrence J. Christiano
Download or read book Introducing Financial Frictions and Unemployment Into a Small Open Economy Model written by Lawrence J. Christiano and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Which are the main frictions and driving forces of business cycle dynamics in a small open economy? To answer this question we extend what is becoming the standard new Keynesian model in three dimensions. First, we incorporate frictions in the financing of the capital stock. Second, we model employment frictions in the labor market using a search and matching framework, allowing for endogenous job separations. Third, we extend the model into a small open economy setting. We estimate the model using Bayesian techniques on Swedish data. Our main results are: i) A financial shock to entrepreneurial wealth is pivotal for explaining business cycle fluctuations accounting for substantial amounts of the variance in investment and GDP. ii) The marginal efficiency of investment shock has very limited importance when we match financial market data. iii) Our model does not need any high frequency wage markup shocks to match the data. Furthermore, the labor supply shock is unimportant in explaining GDP. iv) The data indicates that there are costs of hiring, but no costs of vacancy postings per se.
Book Synopsis A Two-sector Model for Inflacion and Unemployment in a Small Open Economy by : Lars Calmfors
Download or read book A Two-sector Model for Inflacion and Unemployment in a Small Open Economy written by Lars Calmfors and published by . This book was released on 1976 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Slumps by : Edmund S. Phelps
Download or read book Structural Slumps written by Edmund S. Phelps and published by Harvard University Press. This book was released on 1994 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Book Synopsis Efficiency Wages and Labor Mobility in an Open Economy by : Pierre-Richard Agénor
Download or read book Efficiency Wages and Labor Mobility in an Open Economy written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1993-10-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the role of labor market segmentation and relative wage rigidity in the transmission process of macroeconomic shocks in a two-sector optimizing model of a small open economy. The analysis is first conducted in the context of perfect intersectoral labor mobility. The discussion is then extended to consider the existence of short-run constraints on labor movements. The results highlight the role of efficiency considerations in the behavior of sectoral wages. A deflationary policy induces a reallocation of labor across sectors, but has no long-run effect on the unemployment rate.
Book Synopsis Macroeconomic Adjustment with Segmented Labor Markets by : Pierre-Richard Agénor
Download or read book Macroeconomic Adjustment with Segmented Labor Markets written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1994-05-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the macroeconomic effects of fiscal and labor market policies in developing countries. The basic framework considers a small open economy with a large informal production sector and a heterogeneous work force. The labor market is segmented as a result of efficiency considerations and minimum wage laws. The basic model is then extended to account for unemployment benefits, income taxation, and imperfect labor mobility across sectors. The analysis indicates, among other results, that a reduction in unemployement benefits has a positive effect on output of tradable goods by lowering both the level of efficiency wages and the relative rent captured by skilled workers.
Book Synopsis International Borrowing, Specialization and Unemployment in a Small Open Economy by : P. N. Osakwe
Download or read book International Borrowing, Specialization and Unemployment in a Small Open Economy written by P. N. Osakwe and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
