Author: Anna Belianska Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 74
Book Description
I examine the impact of macroeconomic uncertainty on labor market outcomes for skilled and unskilled workers and propose a new channel to improve our understanding of the underlying propagation mechanisms. I find that uncertainty shocks are recessionary with the unskilled experiencing a steeper fall in employment. To rationalize these findings, I build a New Keynesian DSGE model with skill heterogeneity and wage rigidities, which, coupled with precautionary labor supply, significantly amplify contractionary effects of uncertainty on the real economy.
Author: Martin Eichenbaum Publisher: University of Chicago Press Journals ISBN: 9780226577661 Category : Business & Economics Languages : en Pages : 0
Book Description
Volume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard’s keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.
Author: Eileen Appelbaum Publisher: Russell Sage Foundation ISBN: 1610440145 Category : Business & Economics Languages : en Pages : 550
Book Description
About 27.5 million Americans—nearly 24 percent of the labor force—earn less than $8.70 an hour, not enough to keep a family of four out of poverty, even working full-time year-round. Job ladders for these workers have been dismantled, limiting their ability to get ahead in today's labor market. Low-Wage America is the most extensive study to date of how the choices employers make in response to economic globalization, industry deregulation, and advances in information technology affect the lives of tens of millions of workers at the bottom of the wage distribution. Based on data from hundreds of establishments in twenty-five industries—including manufacturing, telecommunications, hospitality, and health care—the case studies document how firms' responses to economic restructuring often results in harsh working conditions, reduced benefits, and fewer opportunities for advancement. For instance, increased pressure for profits in newly consolidated hotel chains has led to cost-cutting strategies such as requiring maids to increase the number of rooms they clean by 50 percent. Technological changes in the organization of call centers—the ultimate "disposable workplace"—have led to monitoring of operators' work performance, and eroded job ladders. Other chapters show how the temporary staffing industry has provided paths to better work for some, but to dead end jobs for many others; how new technology has reorganized work in the back offices of banks, raising skill requirements for workers; and how increased competition from abroad has forced U.S. manufacturers to cut costs by reducing wages and speeding production. Although employers' responses to economic pressures have had a generally negative effect on frontline workers, some employers manage to resist this trend and still compete successfully. The benefits to workers of multi-employer training consortia and the continuing relevance of unions offer important clues about what public policy can do to support the job prospects of this vast, but largely overlooked segment of the American workforce. Low-Wage America challenges us to a national self-examination about the nature of low-wage work in this country and asks whether we are willing to tolerate the profound social and economic consequences entailed by these jobs. A Volume in the Russell Sage Foundation Case Studies of Job Quality in Advanced Economies
Author: Sharon Block Publisher: Brookings Institution Press ISBN: 0815738811 Category : Law Languages : en Pages : 263
Book Description
Exploring a new agenda to improve outcomes for American workers As the United States continues to struggle with the impact of the devastating COVID-19 recession, policymakers have an opportunity to redress the competition problems in our labor markets. Making the right policy choices, however, requires a deep understanding of long-term, multidimensional problems. That will be solved only by looking to the failures and unrealized opportunities in anti-trust and labor law. For decades, competition in the U.S. labor market has declined, with the result that American workers have experienced slow wage growth and diminishing job quality. While sluggish productivity growth, rising globalization, and declining union representation are traditionally cited as factors for this historic imbalance in economic power, weak competition in the labor market is increasingly being recognized as a factor as well. This book by noted experts frames the legal and economic consequences of this imbalance and presents a series of urgently needed reforms of both labor and anti-trust laws to improve outcomes for American workers. These include higher wages, safer workplaces, increased ability to report labor violations, greater mobility, more opportunities for workers to build power, and overall better labor protections. Inequality in the Labor Market will interest anyone who cares about building a progressive economic agenda or who has a marked interest in labor policy. It also will appeal to anyone hoping to influence or anticipate the much-needed progressive agenda for the United States. The book's unusual scope provides prescriptions that, as Nobel Laureate Joseph Stiglitz notes in the introduction, map a path for rebalancing power, not just in our economy but in our democracy.
Author: Santiago Levy Algazi Publisher: Inter-American Development Bank ISBN: 1597823058 Category : Business & Economics Languages : en Pages : 323
Book Description
Why has an economy that has done so many things right failed to grow fast? Under-Rewarded Efforts traces Mexico’s disappointing growth to flawed microeconomic policies that have suppressed productivity growth and nullified the expected benefits of the country’s reform efforts. Fast growth will not occur doing more of the same or focusing on issues that may be key bottlenecks to productivity growth elsewhere, but not in Mexico. It will only result from inclusive institutions that effectively protect workers against risks, redistribute towards those in need, and simultaneously align entrepreneurs’ and workers’ incentives to raise productivity.
Author: Zidong An Publisher: International Monetary Fund ISBN: 1513519565 Category : Business & Economics Languages : en Pages : 34
Book Description
Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital are considered separately along with labor as inputs. The estimation is based on our newly developed dataset on public and private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find evidence against perfect substitutability between public and private capital, especially for emerging and LIDCs, with the point estimate of the elasticity of substitution estimated closely around 3.
Author: Ajay Agrawal Publisher: University of Chicago Press ISBN: 0226833127 Category : Business & Economics Languages : en Pages : 172
Book Description
A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
Author: Lequiller François Publisher: OECD Publishing ISBN: 9264214631 Category : Languages : en Pages : 520
Book Description
This is an update of OECD 2006 "Understanding National Accounts". It contains new data, new chapters and is adapted to the new systems of national accounts, SNA 2008 and ESA 2010.
Author: Thomas Piketty Publisher: Harvard University Press ISBN: 0674979850 Category : Business & Economics Languages : en Pages : 817
Book Description
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Author: Daniel Lederman Publisher: World Bank Publications ISBN: 0821384910 Category : Business & Economics Languages : en Pages : 153
Book Description
Does what economies export matter for development? If so, can industrial policies improve on the export basket generated by the market? This book approaches these questions from a variety of conceptual and policy viewpoints. Reviewing the theoretical arguments in favor of industrial policies, the authors first ask whether existing indicators allow policy makers to identify growth-promoting sectors with confidence. To this end, they assess, and ultimately cast doubt upon, the reliability of many popular indicators advocated by proponents of industrial policy. Second, and central to their critique, the authors document extraordinary differences in the performance of countries exporting seemingly identical products, be they natural resources or 'high-tech' goods. Further, they argue that globalization has so fragmented the production process that even talking about exported goods as opposed to tasks may be misleading. Reviewing evidence from history and from around the world, the authors conclude that policy makers should focus less on what is produced, and more on how it is produced. They analyze alternative approaches to picking winners but conclude by favoring 'horizontal-ish' policies--for instance, those that build human capital or foment innovation in existing and future products—that only incidentally favor some sectors over others.
Author: Anna Belianska
Author: Martin Eichenbaum
Author: Eileen Appelbaum
Author: Sharon Block
Author: Santiago Levy Algazi
Author: Zidong An
Author: Ajay Agrawal
Author: Lequiller François
Author: Thomas Piketty
Author: Daniel Lederman