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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.
Labor market. --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Supply and demand --- Labor market --- E-books --- Labor --- Macroeconomics: Consumption --- Saving --- Wealth --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Incomplete Markets --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Particular Labor Markets: General --- Labor Demand --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Labor markets --- Labor market institutions --- Job destruction --- Germany
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The SDN will assess the youth unemployment problem in advanced European countries, with a special focus on the euro area. It will document the main trends in youth and adult unemployment in 22 European countries before and after the global financial crisis. It will identify the main drivers of youth and adult unemployment, focusing in particular on the role of the business cycle and structural characteristics of the labor market. It will outline the main elements of a comprehensive strategy to address the problem.
Unemployed youth --- Business cycles --- Manpower policy --- Economic cycles --- Economic fluctuations --- Cycles --- Unemployed --- Youth --- Employment --- E-books --- Labor --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Demand and Supply of Labor: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages, Compensation, and Labor Costs: Public Policy --- Labour --- income economics --- Unemployment rate --- Labor markets --- Minimum wages --- Labor market --- Economic theory --- Minimum wage --- Spain
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Poverty and unemployment remained high in Botswana. The shortcomings of the labor market policies are responsible for a high unemployment rate. This selected issues paper sheds considerable light on ways that Botswana can enhance inclusive growth and reduce the high level of structural unemployment. Botswana was identified as having been able to sustain the highest economic growth compared with others in its league. Assessors suggest a prudent labor market for an overall sustained economic growth.
Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Botswana --- Economic conditions. --- Labor --- Macroeconomics --- Poverty and Homelessness --- Aggregate Factor Income Distribution --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labor Force and Employment, Size, and Structure --- Labour --- income economics --- Poverty & precarity --- Income inequality --- Labor markets --- Unemployment --- Unemployment rate --- Income distribution --- National accounts --- Labor market --- Human capital --- Income
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We present cross-country evidence on the impact of remittances on labor market outcomes. Remittances appear to have a strong impact on both labor supply and labor demand in recipient countries. These effects are highly significant and greater in size than those of foreign direct investment or offcial development aid. On the supply side, remittances reduce labor force participation and increase informality of the labor market. In addition, male and female labor supply show significantly different sensitivities to remittances. On the demand side, remittances reduce overall unemployment but benefit mostly lower-wage, lowerproductivity nontradables industries at the expense of high-productivity, high-wage tradables sectors. As a consequence, even though inequality declines as a result of larger remittances, average wage and productivity growth declines, the latter more strongly than the former leading to an increase in the labor income share. In fragile states, in contrast, remittances impose a positive externality, possibly because the tradables sector tends to be underdeveloped. Our findings indicate that reforms to foster inclusive growth need to take into account the role of remittances in order to be successful.
Emigrant remittances --- Immigrant remittances --- Remittances, Emigrant --- Foreign exchange --- Exports and Imports --- Labor --- Factor Income Distribution --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Remittances --- Labor Force and Employment, Size, and Structure --- Labor Demand --- Labor Standards: Labor Force Composition --- Demand and Supply of Labor: General --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- International economics --- Labor force participation --- Labor markets --- Balance of payments --- International finance --- Labor market --- Economic theory --- United States
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Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
Human services --- Korea --- Economic conditions. --- Services, Human --- Government spending policy --- Finance --- Korea (South) --- Social policy. --- E-books --- Expenditures, Public --- Public spending policy --- Spending policy, Government --- Economic policy --- Finance, Public --- Full employment policies --- Unfunded mandates --- Government policy --- Labor --- Macroeconomics --- Demography --- Aggregate Factor Income Distribution --- Demand and Supply of Labor: General --- Personal Income, Wealth, and Their Distributions --- Economic Growth and Aggregate Productivity: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Labour --- income economics --- Economic growth --- Population & demography --- Income inequality --- Labor markets --- Personal income --- Inclusive growth --- Aging --- National accounts --- Population and demographics --- Income distribution --- Labor market --- Income --- Economic development --- Population aging --- Korea, Republic of
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Japan's potential growth rate is steadily falling with the aging of its population. This paper explores the extent to which raising female labor participation can help slow this trend. Using a cross-country database we find that smaller families, higher female education, and lower marriage rates are associated with much of the rise in women's aggregate participation rates within countries over time, but that policies are likely increasingly important for explaining differences across countries. Raising female participation could provide an important boost to growth, but women face two hurdles in participating in the workforce in Japan. First, few working women start out in career-track positions, and second, many women drop out of the workforce following childbirth. To increase women’s attachment to work Japan should consider policies to reduce the gender gap in career positions and to provide better support for working mothers.
Women --- Employment --- Human females --- Wimmin --- Woman --- Womon --- Womyn --- Females --- Human beings --- Femininity --- E-books --- Labor --- Macroeconomics --- Women''s Studies' --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics Policies --- Labor Force and Employment, Size, and Structure --- Time Allocation and Labor Supply --- Labor Discrimination --- Economics of Gender --- Non-labor Discrimination --- Labor Economics: General --- Education: General --- Demand and Supply of Labor: General --- Gender studies --- women & girls --- Labour --- income economics --- Education --- Labor markets --- Gender --- Labor force --- Labor economics --- Labor market --- Economic theory --- Japan
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The Southern African Customs Union (SACU) is the oldest customs union in the world, with significant opportunities ahead for creating higher economic growth and increased welfare benefits to the people of the region, by fulfilling its vision to become an economic community with a common market and monetary union. This volume describes policy options to address the barriers to equitable and sustainable development in the region and outlines a plan for deeper regional integration.
Customs unions --- Regionalism --- Business & Economics --- Economic History --- Free trade areas --- Tariff unions --- Human geography --- Nationalism --- Interregionalism --- Commercial policy --- International economic integration --- Second best, Theory of --- Tariff --- Africa, Southern --- Economic integration. --- E-books --- Exports and Imports --- Labor --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Unemployment: Models, Duration, Incidence, and Job Search --- Financial Aspects of Economic Integration --- Fiscal Policy --- Trade: General --- Demand and Supply of Labor: General --- Trade Policy --- International Trade Organizations --- International economics --- Labour --- income economics --- Public finance & taxation --- Monetary economics --- Monetary unions --- Labor markets --- Unemployment --- Unemployment rate --- Fiscal policy --- Economic integration --- Labor market --- Exports --- Expenditures, Public --- South Africa
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China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as the main driver of China's growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.
Exports --- Business & Economics --- Economic History --- Globalization --- Economic aspects --- Political aspects --- China --- Economic conditions. --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- E-books --- China, People's Republic of --- Banks and Banking --- Exports and Imports --- Labor --- Macroeconomics --- Production and Operations Management --- Aggregate Factor Income Distribution --- Labor Economics: General --- Interest Rates: Determination, Term Structure, and Effects --- Personal Income, Wealth, and Their Distributions --- Trade: General --- Demand and Supply of Labor: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Labour --- income economics --- International economics --- Finance --- Banking --- Currency --- Foreign exchange --- Real interest rates --- Personal income --- Income --- Total factor productivity --- Financial services --- National accounts --- Labor supply --- International trade --- Labor economics --- Interest rates --- Industrial productivity --- Labor market
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This paper examines the macroeconomic interaction between informality and gender inequality in the labor market. A dynamic stochastic general equilibrium model is built to study the impact of gender-targeted policies on female labor force participation, female formal employment, gender wage gap, as well as on aggregate economic outcomes. The model is estimated using Bayesian techniques and Indian data. Although these policies are found to increase female labor force participation and output, lack of sufficient formal job creation due to labor market rigidities leads to an increase in unemployment and informality, and further widens gender gaps in formal employment and wages. Simultaneously implementing such policies with formal job creating policies helps remove these adverse impacts while also leading to significantly larger gains in output.
Labor market --- Sex discrimination in employment --- Women --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Employment --- Supply and demand --- Macroeconomics --- Economics --- E-books --- Labor --- Women''s Studies' --- Gender Studies --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Economics of Gender --- Non-labor Discrimination --- Labor Discrimination --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Demand and Supply of Labor: General --- Labor Economics: General --- Gender studies --- women & girls --- Labour --- income economics --- Social discrimination & equal treatment --- Gender studies, gender groups --- Gender inequality --- Labor markets --- Labor supply --- Gender diversity --- Gender --- Sex discrimination --- Sex role --- Labor economics --- India
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Using data from the World Economic Forum’s Global Competitiveness Report as an example, this paper compares structural indicators for 25 countries in Emerging Europe, the Caucasus, and Central Asia with a generic country with similar charactersitics that is 40 percent richer as well as a country with the average EU income. This comparison suggests that improvements will be particularly crucial in the areas of institutions, financial market development, infrastructure, goods and labor market efficiency and areas related to innovation. For the generally more ambitious goal of reaching average EU income, the reform needs are correspondingly larger. The methodology focuses on (approximate) comparisons between countries and does not try to establish the link between structural reforms and growth. While we test for changes in empirical specifications, caveats relate to the quality of structural indicators, possible non-linearities, and reform complementarities. The approach can be applied to other indicators and at a more granular level.
Finance: General --- Labor --- Macroeconomics --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Institutions and the Macroeconomy --- Structure and Scope of Government: General --- National Government Expenditures and Related Policies: General --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Personal Income, Wealth, and Their Distributions --- Demand and Supply of Labor: General --- Financial Markets and the Macroeconomy --- Education: General --- Financial Crises --- Labour --- income economics --- Finance --- Education --- Economic & financial crises & disasters --- Personal income --- Structural reforms --- Labor markets --- Financial sector development --- National accounts --- Macrostructural analysis --- Financial markets --- Global financial crisis of 2008-2009 --- Financial crises --- Income --- Labor market --- Financial services industry --- Global Financial Crisis, 2008-2009 --- Georgia
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