Download or read book Globalization Trade Imbalances and Labor Market Adjustment written by Rafael Dix-Carneiro and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the role of global trade imbalances in shaping the adjustment dynamics in response to trade shocks. We build and estimate a general equilibrium, multi-country, multi-sector model of trade with two key ingredients: (a) Consumption-saving decisions in each country commanded by representative households, leading to endogenous trade imbalances; (b) labor market frictions across and within sectors, leading to unemployment dynamics and sluggish transitions to shocks. We use the estimated model to study the behavior of labor markets in response to globalization shocks, including shocks to technology, trade costs, and inter-temporal preferences (savings gluts). We find that modeling trade imbalances changes both qualitatively and quantitatively the short- and long-run implications of globalization shocks for labor reallocation and unemployment dynamics. In a series of empirical applications, we study the labor market effects of shocks accrued to the global economy, their implications for the gains from trade, and we revisit the "China Shock" through the lens of our model. We show that the US enjoys a 2.2% gain in response to globalization shocks. These gains would have been 73% larger in the absence of the global savings glut, but they would have been 40% smaller in a balanced-trade world.
Download or read book Globalization Trade Imbalances and Labor Market Adjustment written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Globalization Trade Imbalances and Labor Market Adjustment written by Rafael Dix-Carneiro and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that modeling trade imbalances is crucial to understanding transitional dynamics in response to globalization shocks. We build and estimate a general equilibrium, multi-country, multi-sector model of trade with two key ingredients: (a) endogenous trade imbalances arising from households' consumption and saving decisions; (b) labor market frictions across and within sectors. We use our model to perform several empirical exercises. We find that the “China shock” accounted for 25% of the decline in US manufacturing between 2000 and 2014--twice the magnitude predicted from a model imposing balanced trade. A concurrent rise in US service employment led to a negligible aggregate unemployment response. We then benchmark our model's predictions for the gains from trade against the popular “ACR” sufficient statistics approach. We find that our predictions for the long-run gains from trade and consumption dynamics significantly diverge.
Download or read book The Assessment written by David Greenaway and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades there has been a significant deterioration in the labour-market outcomes of less-skilled labour in most OECD countries. This has manifested itself either in terms of a decline in wages relative to the most skilled, or in terms of the relative likelihood of being in work. Much recent research has focused on the impact of trade and skill-biased technical change as alternative explanations of the phenomenon; some has also investigated the role of cross-border investment and migration. This paper reviews recent research on globalization and labour-market adjustment and sets the scene for the papers that follow.
Download or read book The Labor Market Effects of Globalization and Trade Adjustment Assistance written by George E. Johnson and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report discusses the effects of increasing globalization on the labor market in the United States. The report reviews some of the key facts about the increase in the importance of traded goods in the U.S. economy over the past 40 years. It goes on to examine different approaches to various aspects of the labor market effects of globalization in the medium and long runs in which an economy like that of the U.S. has time to reach full employment. This discussion includes: models of closed and open economy labor markets; trade policy and the benefits of free trade; and international factors, such as international trade. The final sections of this report examine various aspects of the short-run adjustment of the economy to trade shocks, and discuss ongoing research and data needs with respect to globalization and the labor market in the U.S.
Download or read book Labor Market Adjustment to Globalization Automation and Institutional Reform written by Brendan Price and published by . This book was released on 2017 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyzes how national and local labor markets re equilibrate after shocks to labor market institutions (Chapter I), demand (II-III), and supply (IV). Chapter I analyzes Germany's 2005 Hartz IV reform, which lowered the generosity of longterm UI benefits available once short-term benefits run out. Using administrative records, I exploit cross-worker heterogeneity in the timing of when Hartz IV bites to estimate how long-term benefit cuts affect jobless durations, wages, and job characteristics. The job-finding hazard starts rising several months before cuts bind, culminating in a larger "spike at UI exhaustion" under Hartz IV. I find that UI reform reduced the probability of a one-year jobless spell by 12.4 percent, with employment gains driven by full-time jobs. Consistent with lower reservation utility, workers experiencing benefit cuts accept lower-paying jobs. Chapter II (joint with Daron Acemoglu, David Autor, David Dorn, and Gordon Hanson) argues that Chinese import competition, which surged after 2000, was a major force behind both recent reductions in US manufacturing employment and-through input-output linkages and other general equilibrium channels-weak overall job growth. Our central estimates suggest import induced job losses over 1999-2011 in the range of 2.0-2.4 million. Chapter III (joint as above) reassesses the conventional wisdom that IT is revolutionizing productivity while making workers redundant. Examining IT usage in US manufacturing, we find only mixed evidence of faster productivity growth in IT-intensive industries. Surprisingly, output in IT-intensive industries falls relative to other manufacturing industries. Productivity increases, when detectable, reflect even faster employment declines. Chapter IV exploits German high school reforms to estimate the labor market effects of sharp fluctuations in cohort size. These reforms, which eliminated grade 13 at upper-track high schools, led to an idiosyncratically timed "double cohort" in each reforming state, as students graduated under both old and new curricula. Consistent with the fact that a modest share of upper-track students enter firm-based apprenticeships after graduation, new training contracts jump by about 2 percent in double-cohort years. This increase is driven by upper-track graduates; I find no clear evidence that other graduates are crowded out, but the results are imprecise.
Download or read book Globalization and the Labor Market written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Margins of Labor Market Adjustment to Trade written by Rafael Dix-Carneiro and published by . This book was released on 2017 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use both longitudinal administrative data and cross-sectional household survey data to study the margins of labor market adjustment following Brazil's early 1990s trade liberalization. We document how workers and regional labor markets adjust to trade-induced changes in local labor demand, examining various adjustment margins, including earnings and wage changes; interregional migration; shifts between tradable and nontradable employment; and shifts between formal employment, informal employment, and non-employment. Our results provide insight into the regional labor market effects of trade, and have important implications for policies that address informal employment and that assist trade-displaced workers.
Download or read book Labor market adjustments to globalization written by Carsten Eckel and published by . This book was released on 2000 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
Download or read book Global Economic Prospects 2007 written by World Bank and published by World Bank Publications. This book was released on 2006 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the next 25 years developing countries will move to center stage in the global economy. Global Economic Prospects 2007 analyzes the opportunities - and stresses - this will create. While rich and poor countries alike stand to benefit, the integration process will make more acute stresses already apparent today - in income inequality, in labor markets, and in the environment. Over the next 25 years, rapid technological progress, burgeoning trade in goods and services, and integration of financial markets create the opportunity for faster long-term growth. However, some regions, notably Africa, are at risk of being left behind. The coming globalization will also see intensified stresses on the "global commons." Addressing global warming, preserving marine fisheries, and containing infectious diseases will require effective multilateral collaboration to ensure that economic growth and poverty reduction proceed without causing irreparable harm to future generations."
Download or read book External Adjustment written by Maurice Obstfeld and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website
Download or read book Building America s Skilled Technical Workforce written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-06-04 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: Skilled technical occupationsâ€"defined as occupations that require a high level of knowledge in a technical domain but do not require a bachelor's degree for entryâ€"are a key component of the U.S. economy. In response to globalization and advances in science and technology, American firms are demanding workers with greater proficiency in literacy and numeracy, as well as strong interpersonal, technical, and problem-solving skills. However, employer surveys and industry and government reports have raised concerns that the nation may not have an adequate supply of skilled technical workers to achieve its competitiveness and economic growth objectives. In response to the broader need for policy information and advice, Building America's Skilled Technical Workforce examines the coverage, effectiveness, flexibility, and coordination of the policies and various programs that prepare Americans for skilled technical jobs. This report provides action-oriented recommendations for improving the American system of technical education, training, and certification.
Download or read book Globalization and Informal Jobs in Developing Countries written by Marc Bacchetta and published by World Trade Organization. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: World trade has expanded significantly in recent years, making a major contribution to global growth. Economic growth has not led to a corresponding improvement in working conditions and living standards for many workers. In developing countries, job creation has largely taken place in the informal economy, where around 60 per cent of workers are employed. Most of the workers in the informal economy have almost no job security, low incomes and no social protection, with limited opportunities to benefit from globalization. This study focuses on the relationship between trade And The growth of the informal economy in developing countries. Based on existing academic literature, complemented with new empirical research by the ILO And The WTO, The study discusses how trade reform affects different aspects of the informal economy. it also examines how high rates of informal employment diminish the scope for developing countries to translate trade openness into sustainable long-term growth. The report analyses how well-designed trade and decent-work friendly policies can complement each other so as to promote sustainable development and growing prosperity in developing countries.
Download or read book Making Globalization Work written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2007-08-28 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel Prize winner Stiglitz focuses on policies that truly work and offers fresh, new thinking about the questions that shape the globalization debate.
Download or read book Mass Layoffs in written by and published by . This book was released on 1988 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
