Labour Market Skills Endogenous Productivity And Business Cycles
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Labour Market Skills Endogenous Productivity And Business Cycles
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Author :
language : en
Publisher:
Release Date : 2022
Labour Market Skills Endogenous Productivity And Business Cycles written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled workers. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and growth dynamics. First, as the composition of labour market skills leads to supply segmentation, the relative scarcity of skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the growth rate of output. Second, skill heterogeneity in the labour market generates asymmetric outcomes and amplifies measures of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and Beveridge curves. Skill-specific labour market heterogeneity leads to a flattening of the Phillips curve as wages and unemployment are affected differently across skill types. Also, the model generates sideward shifts of the Beveridge curve following business cycle shocks that are related to the degree of skill heterogeneity.
Labour Market Skills Endogenous Productivity And Business
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Author : Mirko Abbritti
language : en
Publisher:
Release Date : 2023
Labour Market Skills Endogenous Productivity And Business written by Mirko Abbritti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics. To this aim, we set up a model with incomplete asset markets, asymmetric search and matching frictions across skilled and unskilled workers, and endogenous productivity through R&D investment and intangible capital accumulation. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and growth dynamics. First, the relative scarcity of skilled workers increases the natural rate of unemployment and reduces total factor productivity with long-run effects on the growth rate of output. Second, skill heterogeneity in the labour market generates asymmetric outcomes and amplifies measures of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and Beveridge curves. Skill-specific labour market heterogeneity leads to a flattening of the Phillips curve as wages and unemployment are affected differently across skill types. Also, the model generates sideward shifts of the Beveridge curve following business cycle shocks that are related to the degree of skill heterogeneity.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
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.
Local Economic And Employment Development Leed Better Use Of Skills In The Workplace Why It Matters For Productivity And Local Jobs
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-11-02
Local Economic And Employment Development Leed Better Use Of Skills In The Workplace Why It Matters For Productivity And Local Jobs written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-02 with categories.
This joint OECD-ILO report provides a comparative analysis of case studies focusing on improving skills use in the workplace across eight countries.
Business Cycle Characteristics Of The Australian Labour Market With An Endogenous Participation Rate
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Author : Andrew Evans
language : en
Publisher:
Release Date : 2016
Business Cycle Characteristics Of The Australian Labour Market With An Endogenous Participation Rate written by Andrew Evans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business cycles categories.
We use a SVAR model to analyse gross flows of workers between the states of employment, unemployment and non-participation in the Australian labour market. We determine the cyclicality of stocks, gross flows and state transition rates by examining their responses to business cycle shocks. We use the derived cyclicality of transition rates to characterise labour force inflows and outflows as being consistent in aggregate with either the Discouraged-Worker Effect or the Added-Worker Effect. We find evidence that the total participation rate is procyclical which means that the Discouraged-Worker Effect is dominant overall, but also find that the Added-Worker Effect is dominant in several particular types of transition. We also apply shocks to gross flows between employment and unemployment and find that unemployment inflows are more important than outflows to the evolution of the unemployment rate. We find that participation decisions make only a small contribution to unemployment relative to flows between employment and unemployment.
Making Globalization Work
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Author : Joseph E. Stiglitz
language : en
Publisher: W. W. Norton & Company
Release Date : 2007-09-17
Making Globalization Work written by Joseph E. Stiglitz and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09-17 with Political Science categories.
"A damning denunciation of things as they are, and a platform for how we can do better."—Andrew Leonard, Salon Building on the international bestseller Globalization and Its Discontents, Joseph E. Stiglitz offers here an agenda of inventive solutions to our most pressing economic, social, and environmental challenges, with each proposal guided by the fundamental insight that economic globalization continues to outpace both the political structures and the moral sensitivity required to ensure a just and sustainable world. As economic interdependence continues to gather the peoples of the world into a single community, it brings with it the need to think and act globally. This trenchant, intellectually powerful, and inspiring book is an invaluable step in that process.
The Labor Market And Economic Adjustment
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Author : Pierre-Richard Agénor
language : en
Publisher: International Monetary Fund
Release Date : 1995-11-01
The Labor Market And Economic Adjustment written by Pierre-Richard Agénor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-11-01 with Business & Economics categories.
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.
Labor Market Institutions And The Cost Of Recessions
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Author : Mr.Tom Krebs
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-03
Labor Market Institutions And The Cost Of Recessions written by Mr.Tom Krebs and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-03 with Business & Economics categories.
This paper studies the effect of two labor market institutions, unemployment insurance (UI) and job search assistance (JSA), on the output cost and welfare cost of recessions. The paper develops a tractable incomplete-market model with search unemployment, skill depreciation during unemployment, and idiosyncratic as well as aggregate labor market risk. The theoretical analysis shows that an increase in JSA and a reduction in UI reduce the output cost of recessions by making the labor market more fluid along the job finding margin and thus making the economy more resilient to macroeconomic shocks. In contarst, the effect of JSA and UI on the welfare cost of recessions is in general ambiguous. The paper also provides a quantitative appliation to the German labor market reforms of 2003-2005, the so-called Hartz reforms, which improved JSA (Hartz III reform) and reduced UI (Hartz IV reform). According to the baseline calibration, the two labor market reforms led to a substantial reduction in the output cost of recessions and a moderate reduction in the welfare cost of recessions in Germany.
Global Productivity
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Author : Alistair Dieppe
language : en
Publisher: World Bank Publications
Release Date : 2021-06-09
Global Productivity written by Alistair Dieppe and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-09 with Business & Economics categories.
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Technology Shocks And Aggregate Fluctuations
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Author : Mr.Pau Rabanal
language : en
Publisher: International Monetary Fund
Release Date : 2004-12-01
Technology Shocks And Aggregate Fluctuations written by Mr.Pau Rabanal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-01 with Business & Economics categories.
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.