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Author: Ms.Valerie Cerra Publisher: International Monetary Fund ISBN: 1513536990 Category : Business & Economics Languages : en Pages : 50
Book Description
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: Ms.Valerie Cerra Publisher: International Monetary Fund ISBN: 1513536990 Category : Business & Economics Languages : en Pages : 50
Book Description
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: Mr.Jeffrey R. Franks Publisher: International Monetary Fund ISBN: 1451852576 Category : Business & Economics Languages : en Pages : 42
Book Description
Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6–12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action.
Author: James J. Heckman Publisher: University of Chicago Press ISBN: 0226322858 Category : Law Languages : en Pages : 585
Book Description
Law and Employment analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that were introduced or reformed in Latin America in the past thirty years have had important economic consequences. Nobel Prize-winning economist James J. Heckman and Carmen Pagés document the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this volume shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, Law and Employment provides comparative analysis of Latin American economies against a range of European countries and the United States. The book breaks new ground by quantifying not only the cost of regulation in Latin America, the Caribbean, and in the OECD, but also the broader impact of this regulation.
Author: OECD Publisher: OECD Publishing ISBN: 9264269576 Category : Languages : en Pages : 179
Book Description
This report evaluates the comprehensive labour market reforms undertaken in Portugal in 2011-15. It reviews reforms in employment protection legislation, unemployment benefits, activation, collective bargaining, minimum wages and working time, and assesses the available evidence on their impact.
Author: Gilles Saint-Paul Publisher: Oxford University Press ISBN: 0198293321 Category : Business & Economics Languages : en Pages : 289
Book Description
According to most orthodox economists, labour market rigidities are the key culprit for such high unemployment as has been observed in Europe during the past three decades. But governments that have attempted to follow the standard prescription of removing rigidities have often faced harsh political opposition. This book looks at why labour market institutions such as employment protection, unemployment benefits, and relative wage rigidities exist, what role they play in society, why they seem so persistent, where the pressure to reform them comes from, and whether reform can be politically viable or not. The book ascribes a central role to the existence of underlying microeconomic frictions and to redistributive pressures between rich and poor, and shows how these ingredients may give rise to labour market rents, which in turn explain why a coherent set of rigidities arise as the outcome of the political process. It is also shown that, at the same time, such rents create resistance to reform, and contribute to locking society into a high-unemployment, rigid equilibrium. Finally, the basic principles exposed in the book are used to discuss various strategies for a successful labour market reform.
Author: OECD Publisher: OECD Publishing ISBN: 9264250085 Category : Languages : en Pages : 152
Book Description
Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Brazil, China, Colombia, India, Indonesia, Latvia, Russian Federation and South Africa).
Author: Sangheon Lee Publisher: Elsevier ISBN: 1780632479 Category : Social Science Languages : en Pages : 483
Book Description
This book represents a unique study which reviews employment conditions in Asia and the Pacific in the context of globalization and increasing pressure towards flexibilization. It places a strong focus on the diverging experiences of individual workers in their employment conditions such as employment status, wages/incomes, working time, work organizations and health and safety. Along with thematic studies concerning the roles of workers voice and labour regulation in determining employment conditions, this book includes nine country studies which have been undertaken based on a common research framework for a more rigorous comparison in the region. - A systematic review of employment conditions in the countries which are carefully selected in the region - National-level analysis based on a common research framework - A highly analytical and timely analysis of workers voice and labour regulation with respect to employment conditions
Author: OECD Publisher: OECD Publishing ISBN: 9264300260 Category : Languages : en Pages : 254
Book Description
Spain’s economy is showing clear signs of recovery, after a protracted recession. Despite these positive developments significant challenges remain. Spain has amongst the highest unemployment rates in the OECD and the Spanish economy was still smaller in 2014 than it was in 2007. While the ...
Author: OECD Publisher: OECD Publishing ISBN: 9264308814 Category : Languages : en Pages : 396
Book Description
The labour markets of OECD and emerging economies are undergoing major transformations. The widespread slow-down in productivity and wage growth and high levels of income inequality in many countries are coupled with structural changes linked to the digital revolution, globalisation and ...
Author: Ms.Valerie Cerra
Author: Ms.Valerie Cerra
Author: Mr.Jeffrey R. Franks
Author: James J. Heckman
Author: OECD
Author: Gilles Saint-Paul
Author: OECD
Author: Sangheon Lee
Author: OECD
Author: OECD
Author: Paul Wallace