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Against the background of political turmoil in the Middle-East, Europe faces an unprecedented surge in asylum applications. In analyzing the economic impact of this inflow, this paper draws from the experience of previous economic migrants and refugees, mindful of the fact that the characteristics of economic migrants can be different from refugees. In the short-run, additional public expenditure will provide a small positive impact on GDP, concentrated in the main destination countries of Germany, Sweden and Austria. Over the longer-term, depending on the speed and success of the integration of refugees in the labor market, the increase in the labor force can have a more lasting impact on growth and the public finances. Here good policies will make an important difference. These include lowering barriers to labor markets for refugees, for example through wage subsidies to employers, and, in particular, reducing legal barriers to labor market participation during asylum process, removing obstacles to entrepreneurship/self-employment, providing job training and job search assistance, as well as language skills. While native workers often have legitimate concerns about the impact of immigrants on wages and employment, past experience indicates that any adverse effects are limited and temporary.

Labor --- Macroeconomics --- Demography --- Emigration and Immigration --- International Migration --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Demand and Supply of Labor: General --- Education: General --- Demographic Economics: General --- Labor Economics: General --- Migration, immigration & emigration --- Labour --- income economics --- Education --- Population & demography --- Migration --- Labor markets --- Population and demographics --- Emigration and immigration --- Labor market --- Population --- Labor economics --- Germany

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This Selected Issues paper discusses the findings of the IMF staff research focusing on labor market dynamics, economic growth, the financial sector, private investment, and monetary policy in Japan. Japan’s labor market has fared relatively well considering the occasional substantial output losses, with unemployment remaining low. Although Japan’s employment responsiveness to the cyclical position has been relatively low, it has been rising over time reflecting the higher share of the nonregular workforce. The lower employment response to output compared with other countries during the Great Recession reflects the quick implementation of an employment subsidy program, a more flexible wage system, and strong employment protection.

Fiscal policy --- Monetary policy --- Banks and Banking --- Inflation --- Labor --- Public Finance --- Demography --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: General --- Fiscal Policy --- Interest Rates: Determination, Term Structure, and Effects --- Demand and Supply of Labor: General --- Labour --- income economics --- Macroeconomics --- Finance --- Public finance & taxation --- Population & demography --- Labor markets --- Wages --- Deposit rates --- Prices --- Public debt --- Financial services --- Interest rates --- Labor market --- Japan

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This paper reviews two main issues pertaining to Austrian economy: (1) Austria's long-term fiscal sustainability in light of current tax and expenditure trends, and (2) Austria's macroeconomic challenges and opportunities due to immigration. To maintain fiscal sustainability over the longer run, Austria needs to implement a strategy based on structural expenditure consolidation. Attention to the structure of Austrian taxes and expenditure is germane because this displays important differences vis-á-vis European peers. In 2015, Austria has recorded about 90,000 asylum applicants, making it one of the top three host countries relative to its population. Austria attracts immigrant populations that improve the characteristics of its labor force.

Labor --- Public Finance --- Demography --- Emigration and Immigration --- National Government Expenditures and Related Policies: General --- International Migration --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- National Government Expenditures and Health --- Demand and Supply of Labor: General --- Public finance & taxation --- Migration, immigration & emigration --- Population & demography --- Labour --- income economics --- Health economics --- Expenditure --- Migration --- Aging --- Health care spending --- Revenue administration --- Population and demographics --- Health --- Expenditures, Public --- Emigration and immigration --- Population aging --- Labor market --- Revenue --- Austria

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The paper uses a large survey (GSOEP) to analyze the labor market performance of immigrants in Germany. It finds that new immigrant workers earn on average 20 percent less than native workers with otherwise identical characteristics. The gap is smaller for immigrants from advanced countries, with good German language skills, and with a German degree, and larger for others. The gap declines gradually over time. Less success in obtaining jobs with higher occupational autonomy explains half of the wage gap. Immigrants are also initially less likely to participate in the labor market and more likely to be unemployed. While participation fully converges after 20 years, immigrants always remain more likely to be unemployed than the native labor force.

Labor --- Emigration and Immigration --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- International Migration --- Economics of Minorities and Races --- Non-labor Discrimination --- Time Allocation and Labor Supply --- Wage Level and Structure --- Wage Differentials --- Geographic Labor Mobility --- Immigrant Workers --- Education: General --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Migration, immigration & emigration --- Labour --- income economics --- Education --- Migration --- Wage gap --- Labor markets --- Population and demographics --- Emigration and immigration --- Labor market --- Germany

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This 2016 Article IV Consultation highlights that economic recovery in France is solidifying. The economy is projected to expand by 1.5 percent in 2016, primarily driven by strong consumer spending. There are also signs of a cyclical recovery in investment, and the slump in residential construction appears to be bottoming out. By contrast, net exports are declining as demand from trading partners has slowed. Private sector job creation has remained lackluster, and the unemployment rate has hovered at about 10 percent. The government has continued to advance important reforms to help create the conditions for improved economic performance. As for budget policies, there are ongoing efforts to contain spending growth at all levels of government while easing taxes.

Economic development --- France --- Economic conditions. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance: General --- Labor --- Macroeconomics --- Public Finance --- Statistics --- Demand and Supply of Labor: General --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Labor Economics: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Labour --- income economics --- Public finance & taxation --- Econometrics & economic statistics --- Finance --- Labor markets --- Expenditure --- Public debt --- Unemployment --- Labor market --- Expenditures, Public --- Debts, Public --- Labor economics