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Labor Market Policies And Imf Advice In Advanced Economies During The Great Recession
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Book Synopsis Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession by : Mr.Olivier J Blanchard
Download or read book Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession written by Mr.Olivier J Blanchard and published by International Monetary Fund. This book was released on 2013-03-29 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper does two things. First, it articulates what are the main implications of theoretical and empirical research for design of labor market policies and labor market institutions. Second, in this light, the paper analyzes the IMF’s labor market recommendations since the beginning of the crisis, both in general, and more specifically in program countries
Book Synopsis Designing Labor Market Institutions in Emerging and Developing Economies by : Mr.Romain A Duval
Download or read book Designing Labor Market Institutions in Emerging and Developing Economies written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2019-05-21 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses theoretical aspects and evidences related to designing labor market institutions in emerging market and developing economies. This note reviews the state of theory and evidence on the design of labor market institutions in a developing economy context and then reviews its consistency with actual labor market advice in a selected set of emerging and developing economies. The focus is mainly on three broad sets of institutions that matter for both workers’ protection and labor market efficiency: employment protection, unemployment insurance and social assistance, minimum wages and collective bargaining. Text mining techniques are used to identify IMF recommendations in these areas in Article IV Reports for 30 emerging and frontier economies over 2005–2016. This note has provided a critical review of the literature on the design of labor market institutions in emerging and developing market economies, and benchmarked the advice featured in IMF recommendations for 30 emerging market and frontier economies against the tentative conclusions from the literature.
Book Synopsis Labor and Product Market Reforms in Advanced Economies by : Angana Banerji
Download or read book Labor and Product Market Reforms in Advanced Economies written by Angana Banerji and published by International Monetary Fund. This book was released on 2017-03-13 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.
Book Synopsis More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies by : Mr.Gee Hee Hong
Download or read book More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2018-03-09 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nominal wage growth in most advanced economies remains markedly lower than it was before the Great Recession of 2008–09. This paper finds that the bulk of the wage slowdown is accounted for by labor market slack, inflation expectations, and trend productivity growth. In particular, there appears to be greater slack than meets the eye. Involuntary part-time employment appears to have weakened wage growth even in economies where headline unemployment rates are now at, or below, their averages in the years leading up to the recession.
Book Synopsis A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies by : Mr.Romain A Duval
Download or read book A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2018-01-25 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes a new database of major labor and product market reforms covering 26 advanced economies over the period 1970-2013. The focus is on large changes in product market regulation in seven individual network industries, employment protection legislation for regular and temporary workers, and the replacement rate and duration of unemployment benefits. The main advantage of this dataset is the precise identification of the nature and date of major reforms, which is valuable in many empirical applications. By contrast, the dataset does not attempt to measure and compare policy settings across countries, and as such is no substitute for other publicly available indicators produced, for example, by the ILO, the OECD or the World Bank. It should also be seen as work in progress, for researchers to build on and improve upon. Based on the dataset, major reforms appear to have been more frequent in product markets than in labor markets in the last decades, and were predominantly implemented during the 1990s and 2000s.
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 Drivers of Labor Force Participation in Advanced Economies: Macro and Micro Evidence by : Francesco Grigoli
Download or read book Drivers of Labor Force Participation in Advanced Economies: Macro and Micro Evidence written by Francesco Grigoli and published by International Monetary Fund. This book was released on 2018-06-25 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite significant headwinds from population aging in most advanced economies (AEs), labor force participation rates show remarkably divergent trajectories both across countries and across different groups of workers. Participation increased sharply among prime-age women and, more recently, older workers, but fell among the young and prime-age men. This pa- per investigates the determinants of these trends using aggregate and individual-level data. We find that the bulk of the dramatic increase in the labor force attachment of prime-age women and older workers in the past three decades can be explained by changes in labor mar- ket policies and institutions, structural transformation, and gains in educational attainment. Technological advances such as automation, on the other hand, weighed on the labor supply of prime-age and older workers. In light of the dramatic demographic shifts expected in the coming decades in many AEs, our findings underscore the need to invest in education and training, reform the tax system, reduce early retirement incentives, improve the job-matching process, and help individuals combine family and work life in order to alleviate the pressures from aging on labor supply.
Book Synopsis Employment Protection Deregulation and Labor Shares in Advanced Economies by : Gabriele Ciminelli
Download or read book Employment Protection Deregulation and Labor Shares in Advanced Economies written by Gabriele Ciminelli and published by International Monetary Fund. This book was released on 2018-08-16 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.
Book Synopsis Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession by : Mr.Olivier J. Blanchard
Download or read book Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2013-03-29 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper does two things. First, it articulates what are the main implications of theoretical and empirical research for design of labor market policies and labor market institutions. Second, in this light, the paper analyzes the IMF’s labor market recommendations since the beginning of the crisis, both in general, and more specifically in program countries
Book Synopsis Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies by : Mr.Romain A Duval
Download or read book Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2021-02-26 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroeconomic conditions. Our results are broadly consistent with predictions from recent DSGE models with endogenous producer entry and labor market frictions.
Book Synopsis Working through the Crisis by : Arup Banerji
Download or read book Working through the Crisis written by Arup Banerji and published by World Bank Publications. This book was released on 2013-12-18 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the experience of workers in developing countries during the global financial crisis of 2009, asseses the recovery, and provides new evidence on the policy response that countries undertook in response to the crisis.
Book Synopsis From the Great Recession to Labour Market Recovery by : I. Islam
Download or read book From the Great Recession to Labour Market Recovery written by I. Islam and published by Springer. This book was released on 2010-12-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.
Author :Mr.Lorenzo E. Bernal-Verdugo Publisher :International Monetary Fund ISBN 13 :146393842X Total Pages :29 pages Book Rating :4.4/5 (639 download)
Book Synopsis Crises, Labor Market Policy, and Unemployment by : Mr.Lorenzo E. Bernal-Verdugo
Download or read book Crises, Labor Market Policy, and Unemployment written by Mr.Lorenzo E. Bernal-Verdugo and published by International Monetary Fund. This book was released on 2012-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of financial crises is less pronounced but more persistent in countries with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term.
Book Synopsis Labor Force Participation and Monetary Policy in the Wake of the Great Recession by : Christopher J. Erceg
Download or read book Labor Force Participation and Monetary Policy in the Wake of the Great Recession written by Christopher J. Erceg and published by International Monetary Fund. This book was released on 2013-12-16 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal times” (that is, in response to small or transitory shocks) but drops markedly in the wake of a large and persistent aggregate demand shock. Finally, we show that these considerations can have potentially crucial implications for the design of monetary policy, especially under circumstances in which adjustments to the short-term interest rate are constrained by the zero lower bound.
Book Synopsis Inequality and Labor Market Institutions by : Ms.Florence Jaumotte
Download or read book Inequality and Labor Market Institutions written by Ms.Florence Jaumotte and published by International Monetary Fund. This book was released on 2015-07-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN examines the role of labor market institutions in the rise of income inequality in advanced economies, alongside other determinants. The evidence strongly indicates that de-unionization is associated with rising top earners’ income shares and less redistribution, while eroding minimum wages are related to increases in overall income inequality. The results, however, also suggest that a lack of representativeness of unions may be associated with higher inequality. These findings do not necessarily constitute a blanket recommendation for higher unionization and minimum wages, as country-specific circumstances and potential trade-offs with other policy objectives need to be considered. Addressing inequality also requires a multipronged approach, which should include taxation reform and curbing excesses associated with financial deregulation.
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.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :148437679X Total Pages :215 pages Book Rating :4.4/5 (843 download)
Book Synopsis World Economic Outlook, October 2018 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, October 2018 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2018-10-09 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth for 2018–19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and it has become less balanced. Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded. Global growth is projected at 3.7 percent for 2018–19—0.2 percentage point lower for both years than forecast in April. The downward revision reflects surprises that suppressed activity in early 2018 in some major advanced economies, the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging market and developing economies arising from country-specific factors, tighter financial conditions, geopolitical tensions, and higher oil import bills. The balance of risks to the global growth forecast has shifted to the downside in a context of elevated policy uncertainty. Several of the downside risks highlighted in the April 2018 World Economic Outlook (WEO)—such as rising trade barriers and a reversal of capital flows to emerging market economies with weaker fundamentals and higher political risk—have become more pronounced or have partially materialized. Meanwhile, the potential for upside surprises has receded, given the tightening of financial conditions in some parts of the world, higher trade costs, slow implementation of reforms recommended in the past, and waning growth momentum.
