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Wages Worker Mobility And The Macroeconomy
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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 Wages, Worker Mobility, and the Macroeconomy by : Kevin William Fawcett
Download or read book Wages, Worker Mobility, and the Macroeconomy written by Kevin William Fawcett and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays on wages, worker mobility and the macroeconomy. Chapter 1 develops an equilibrium model of the labor market with on-the-job search, wage-tenure contracts, and heterogeneity in match productivity. The model predicts an inverse relationship between match productivity and post-unemployment wages where workers in high productivity matches earn a low wage initially, but experience significant wage growth over tenure. The model is considered in the context of labor market entry for young adults. Unemployment risk in the transition process reduces worker mobility and limits the ability of workers to recover from a low quality initial match. Quantitatively, workers that initially form low quality matches expect to produce 8.0% less and consume 5.2% less in their first three years in the labor market relative to workers that initially form high quality matches. Chapter 2 studies efficiency in the model developed in Chapter 1. The social planner's match formation strategy perfectly insures employed workers against unemployment risk and results in an 11.3% increase in permanent consumption relative to the competitive equilibrium. Two self-financed policies in the forms of an extension of unemployment insurance and a hiring subsidy are considered as alternative strategies to increase worker welfare. The optimal policies increase permanent consumption by 5.1% and 1.3% respectively relative to the competitive equilibrium, however both policies are associated with a decrease in average output per worker. Chapter 3, joint with Shouyong Shi, develops an equilibrium model of the labor market where workers have incomplete information about their ability. Search outcomes yield information for updating the belief about the ability, which affects optimal search decisions in the future. Firms respond to updated beliefs by altering vacancy creation and optimal wage contracts. To study equilibrium interactions between learning and search, this paper integrates learning into a search equilibrium with on-the-job search and wage-tenure contracts. The model is calibrated to quantify the extent to which learning and on-the-job search can explain empirical facts related to wage decreases in job-to-job transitions, duration dependence in unemployment, and frictional wage dispersion.
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 Efficiency Wages and Labor Mobility in an Open Economy by : Pierre-Richard Agenor
Download or read book Efficiency Wages and Labor Mobility in an Open Economy written by Pierre-Richard Agenor and published by . This book was released on 2006 with total page 40 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 What's Up with U.S. Wage Growth and Job Mobility? by : Mr.Stephan Danninger
Download or read book What's Up with U.S. Wage Growth and Job Mobility? written by Mr.Stephan Danninger and published by International Monetary Fund. This book was released on 2016-06-28 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the global financial crisis, US wage growth has been sluggish. Drawing on individual earnings data from the 2000–15 Current Population Survey, I find that the drawn-out cyclical labor market repair—likely owing to low entry wages of new workers—slowed down real wage growth. There are, however, also signs of structural changes in the labor market affecting wages: for full-time, full-employed workers, the Wage-Phillips curve—the empirical relationship between wage growth and the unemployment rate—has become horizontal after 2008. Similarly, job-turnover rates have continued to decline. Job-to-job transitions—associated with higher wage growth—have slowed across all skill and age groups and beyond what local labor market conditions would imply. This raises concerns about the allocative ability of the labor market to adjust to changing economic conditions.
Book Synopsis Worker Mobility in the U.S. Economy by : Jeffrey Zornitsky
Download or read book Worker Mobility in the U.S. Economy written by Jeffrey Zornitsky and published by . This book was released on 1986 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Macroeconomics of Open Economies Under Labour Mobility by : George M Agiomirgianakis
Download or read book The Macroeconomics of Open Economies Under Labour Mobility written by George M Agiomirgianakis and published by Routledge. This book was released on 2019-05-29 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1999, this study recognises the importance of international labour mobility for modern economics. This is in large part due to its effects on the size, age structure and skills of the labour force, the human flow between countries and the expected rise in scale as a result of income differentials, demographic pressures and differential labour-force growth rates along with developments in transport and communications. These migrations are increasingly volatile and unpredictable, whilst being concentrated in regions like Australia, the USA, Sub-Saharan Africa and Western Europe. Given the extensive literature on the microeconomic view, George M. Agiomirgianakis aims to extend the debate on open economy macroeconomics through an exploration of international labour mobilities and their effects on open economies with flexible exchange rates.
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.
Book Synopsis Sectoral Labor Mobility and Optimal Monetary Policy by : Alessandro Cantelmo
Download or read book Sectoral Labor Mobility and Optimal Monetary Policy written by Alessandro Cantelmo and published by International Monetary Fund. This book was released on 2017-03-06 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an estimated two-sector New-Keynesian model with durable and nondurable goods, an inverse relationship between sectoral labor mobility and the optimal weight the central bank should attach to durables inflation arises. The combination of nominal wage stickiness and limited labor mobility leads to a nonzero optimal weight for durables inflation even if durables prices were fully flexible. These results survive alternative calibrations and interestrate rules and point toward a non-negligible role of sectoral labor mobility for the conduct of monetary policy.
Book Synopsis Labor Mobility and the World Economy by : Federico Foders
Download or read book Labor Mobility and the World Economy written by Federico Foders and published by Springer Science & Business Media. This book was released on 2011-09-18 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increasing number of landings of illegal migrants on the coast of Italy and Spain, but also the recent riots, car-burnings, and street battles that occurred all across France and that have been attributed to the migrant community, seem to indicate that migration is likely to stay high on the European policy agenda for some time. The flow of migrants from poor to rich countries does not, however, constitute a typically European problem. V. S. public policy has also been facing a continued (legal and illegal) inflow of labor from different regions, notably Mexico and other Latin American countries. And similar developments in other advanced countries (Australia, Canada) as weil as in selected fast-growing emerging markets in Eastern Europe and East Asia imply that these countries too are being compelled to adjust their public policies in order to relieve migratory pressures and deal with their consequences. The world economy already saw rising cross-border labor flows in the 1990s and most forecasts predict that South-North and South-South migration will re main at relatively high levels over the next decades and possibly even turn into a major global challenge for policy makers in the 21st century.
Book Synopsis Macroeconomic Adjustment and the Labor Market in Four Latin American Countries by :
Download or read book Macroeconomic Adjustment and the Labor Market in Four Latin American Countries written by and published by World Bank Publications. This book was released on with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Adjustment with Segmented Labor Markets by : Pierre-Richard Agenor
Download or read book Macroeconomic Adjustment with Segmented Labor Markets written by Pierre-Richard Agenor and published by . This book was released on 2006 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 Essays on the Macroeconomics of Labor Markets by : Sadhika Bagga
Download or read book Essays on the Macroeconomics of Labor Markets written by Sadhika Bagga and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies different macroeconomic trends observed in the US labor market over the last three to four decades and understands the link between them. The first chapter focuses on understanding the decline in labor market dynamism in the US. It begins by documenting that worker mobility and wages, relative to productivity, have decreased in the US amid a rise in employer market power. It then proposes a theory of the labor market linking these trends, in which a decline in employer competition, characterized by a lower number of firms per worker, drives the decline in worker mobility and wages. The model has two main ingredients: first, there exists a finite number of employers that differ in productivity, and second, employers exert market power by excluding their offers from the set of outside options faced by their employees. The combined effect of these features, in response to a decreasing number of firms per worker, is to reduce the value of workers' outside options, thereby reducing wages and worker mobility in equilibrium. Overall, the calibrated model accounts for 2/3rd of the decline in employer-to-employer transitions rate and a fifth of the decline in wages relative to productivity from the 1980s to the 2010s. Finally, it evaluates the model's key predictions using the public-use data from the Census and documents that labor markets characterized by a lower number of firms per worker are associated with reduced measures of worker mobility and average wages. The second chapter takes a ‘measurement’ perspective to understand the decline in labor market dynamism. The starting point of the chapter is the observation that over the last four decades, employment composition has shifted towards large firms in the US. This has occurred amidst a decline in employer-to-employer transitions or external dynamism. A natural question is, are workers in large firms climbing job ladders internally rather than externally? Using data from various supplements of the Current Population Survey, it finds evidence of the prevalence of internal job ladders within large firms. It documents that job stayers in large firms, relative to small ones, realize a larger annual pay growth and a higher probability of internal job switching. Accounting for internal job ladders amplifies labor market dynamism and offsets part of the decline in external employer-to-employer switching rates. At the same time, there has been a decreasing trend in the rate of internal job switching, suggesting that the forces affecting declining external dynamism could have also had implications on internal job ladders. Finally, it hypothesizes that the decline in internal dynamism could be driven by the firm's endogenous response to decreasing labor market competition. The third chapter studies secular trends in nominal wage rigidity in the US using the 1996-00 and 2008-13 panels of the Survey of Income and Program Participation (SIPP). Using the empirical methodology of Barattieri, Basu & Gottschalk (2014), it purges measurement errors from self-reported wages by disentangling the structure breaks in individual wage series from noise. It finds evidence of, one, an increase in the frequency of wage adjustment among hourly job-stayers from 1996-2013, and two, a higher proportion of wage cuts during the Great Recession relative to the subsequent recovery. These findings are robust when the methodology is applied to salaried workers. They can be seen in light of increasing labor market flexibility in the US over the recent decades
Book Synopsis Globalisation and Labour Market Adjustment by : D. Greenaway
Download or read book Globalisation and Labour Market Adjustment written by D. Greenaway and published by Springer. This book was released on 2008-04-17 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although economists have long pointed to the aggregate gains from increased economic integration, the popular perception of globalization is much more pessimistic. Workers feel less secure in their jobs and fear wage losses and unemployment. This book explores these issues, and asks whether the concerns are warranted.
Book Synopsis International Labor Mobility by : Bharati Basu
Download or read book International Labor Mobility written by Bharati Basu and published by Routledge. This book was released on 2004-03 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the role of international labor mobility in the presence of endogenously created unemployment and increasing returns to scale technology.
Book Synopsis Government Employment and Wages and Labor Market Performance by : Mr.Dimitri G. Demekas
Download or read book Government Employment and Wages and Labor Market Performance written by Mr.Dimitri G. Demekas and published by International Monetary Fund. This book was released on 1999-04-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government wage, benefit, and employment decisions are not taken on a profit-maximizing basis and have a substantial impact on aggregate labor market performance and unemployment. In a two-sector labor market model with free mobility of labor, an increase in government wages or benefits reduces private sector employment, and government employment is not an effective counter-cyclical instrument. Empirical tests for Greece confirm that the expansion of the public sector in the 1980s contributed to the deterioration of labor market performance.
Book Synopsis Macroeconomic Adjustment and the Labor Market in Four Latin American Countries by : Ramon Eugenio Lopez
Download or read book Macroeconomic Adjustment and the Labor Market in Four Latin American Countries written by Ramon Eugenio Lopez and published by World Bank Publications. This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expanding wage differentials during adjustment imposes a greater burden on the poorest workers, making adjustment policies less sustainable politically. And nominal devaluation is probably ineffective with a segmented labor market. Deregulating the labor market makes adjustment programs more effective and equitable.
