Download or read book Labour Market Adjustments to Exchange Rate Fluctuations written by Danny Leung and published by . This book was released on 2005 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Labour Market Adjustments to Real Exchange Rate Fluctuations written by Gabriel Bruneau and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An International Comparison of Employment Adjustment to Exchange Rate Fluctuations written by Simon M. Burgess and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the response of employment to exchange rate shocks at the industry level for the G-7 countries. Using a simple empirical framework that places little a priori structure on the pattern of response to shocks, we find the data are consistent with the view that employment in European industries, at least France and Germany, is much less influenced by exchange rate shocks and much slower to adjust to long run steady states. The United States, Japan, Canada, the United Kingdom and Italy all appear to adjust more quickly. German and Japanese employment are quite insensitive to exchange rate fluctuations, consistent with previous research on output and markup responses to exchange rates.
Download or read book Labor markets in an era of adjustment an overview written by Susan Horton and published by World Bank Publications. This book was released on 1991 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This overview of a symposium on labor markets and adjustment concludes that: (1) real wages are more flexible than generally supposed, (2) labor reallocations across sectors have been more or less in the desired direction, and (3) the role of labor unions, generally supposed to be an impediment to adjustment, is more subtle than generally supposed.
Download or read book Ownership Characteristics Real Exchange Rate Movements and Labor Market Adjustment in China written by Risheng Mao and published by . This book was released on 2011 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a firm level multi-industry data set covering 456 Chinese manufacturing sectors to assess the implications of Renminbi (RMB) real exchange rate appreciation for adjustments in employment and wage rates. We stress differences in both industry and firm characteristics within sectors. Our empirical results show that modest (and also larger) RMB real exchange rate appreciation would likely have pronounced effects on both net employment and wage rates. A 10% RMB appreciation would likely cause a net employment decline in Chinese manufacturing industries of between 4.1% and 5.3%, and a wage rate drop of 4% after controlling for other factors. Real exchange rate change effects by industry on net employment and wage rates vary significantly with the ownership characteristics of firms within industries. Employment and wage rates for private enterprises are less responsive to RMB real exchange rate fluctuations than is true for state owned enterprises (SOEs) and foreign invested enterprises (FIEs). This finding is opposite to the widely held belief that the labor market behavior of Chinese SOEs shows stronger labor market rigidities than for private firms. Impacts of exchange rate movements emerge as systematically related to export openness, overall import penetration and profit margins of individual manufacturing industries -- National Bureau of Economic Research web site.
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 The Real Exchange Rate and Employment in China written by Mai Dao and published by International Monetary Fund. This book was released on 2011-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of real exchange rate fluctuations on sectoral and regional employment in China from 1980 to 2008. In contrast to theoretical predictions, employment in both the tradable and non-tradable sectors contracts following a real appreciation. Our results are robust across different sub-samples, levels of sectoral disaggregation, and are more pronounced for regions with higher export exposure. We attribute our findings to the importance of services as intermediate input in exportable production. We test this channel of exchange rate transmission using regional input-output tables linked with employment data at the region-sector level. The results of this paper have important implications for China''s labor market adjustment should the Chinese RMB strengthen in the future. To mitigate the costs of short-run labor market adjustment, appropriate demand management and structural reforms in the non-traded sectors should play an important role.
Download or read book Terms of Trade Exchange Rates and Labor Markets Adjustment in Developing Countries written by Sebastian Edwards and published by . This book was released on 1986 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Labour Markets Wage Indexation and Exchange Rate Policy written by Jouko Vilmunen and published by . This book was released on 1992 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Labor Markets in an Era of Adjustment Case studies written by Susan Horton and published by . This book was released on 1994 with total page 644 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of Dollar Appreciation on Sectoral Labor Market Adjustments written by Magda Kandil and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the extent to which exchange rate fluctuations affect sectoral employment and wages in the United States. We introduce a theoretical rational expectation model that decomposes movements in the exchange rate into anticipated and unanticipated components. The model demonstrates the effects of demand and supply channels on the response of the nominal wage and labor employment to changes in the exchange rate. The evidence indicates that the deflationary effect dominates on industrial nominal wage in manufacturing and transportation industries in the face of dollar appreciation. More importantly, there is evidence of a decrease in employment growth in several industries in response to dollar appreciation, which is statistically significant in construction and at the aggregate level. This evidence is consistent with a decrease in labor demand given the loss of competitiveness of U.S. products following dollar appreciation. There are negative effects of dollar appreciation on labor market conditions in the United States. Nonetheless, dollar appreciation is consistent with an increase in employment growth in the mining sector where the share of imports is the largest among U.S. industries.
Download or read book Macroeconomic Policy written by Martin Weale and published by Routledge. This book was released on 2015-10-05 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This analysis of macroeconomic policy, originally published in 1989, argues that key government objectives, such as reduced inflation, decreased unemployment and an adequate level of national saving can be achieved only by employing both monetary and fiscal policies, in conjunction with supply-side policies expressly designed to improve the workings of the labour market. Part 1 is a comparative analysis showing the effects of monetary and fiscal policy on the economy. Real-wage rigidity in the labour market is shown to have important consequences for the working of both types of policy, because it conditions the economy’s response to tax changes. Part 2 presents an econometric model which combines consistent stock-flow accounts with a full range of expectational effects. Part 3 presents an innovative technique for solving rational expectations models with the need for arbitary terminal conditions.
Download or read book Money and the Natural Rate of Unemployment written by Finn Ostrup and published by Cambridge University Press. This book was released on 2000-04-13 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The prevailing view among economists and policy makers is that money has no impact on production in a longer term characterised by full price and wage flexibility and rational expectations. This book presents a revisionist view of monetary policy and monetary regimes. It presents several new mechanisms, indicating that money affects long-term production. The consequent policy implications are also discussed, including: the uses of monetary policy and monetary regimes in achieving macroeconomic goals; the impact of an independent central bank; the effects of a movement from floating exchange rates to fixed exchange rates in a monetary union. In addition to the theoretical and policy discussions the book also contains a comprehensive survey of the current state of scholarship in this area. Designed as a textbook for advanced undergraduate and graduate students in macroeconomics, labour economics and finance, this book will also appeal to scholars and policy-makers.
Download or read book Job Creation Job Destruction and International Competition written by Michael W. Klein and published by W.E. Upjohn Institute. This book was released on 2003 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looks into the costs and benefits of labour-market reallocation of US manufacturing industries. Includes a review of the literature on implications of gross flows for the costs of labour adjustment to international factors. Concludes that gross job flows may influence gross worker flows, and therefore, human capital investment, wages and worker welfare.
Download or read book Labour Market Reform and the Sustainability of Exchange Rate Pegs written by Olli Castren and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an "escape clause" model of currency crises. We show that the absence of structural reform makes a currency peg more fragile and undermines the credibility of the monetary authority in a dynamic setting. The fragility is captured by a devaluation premium in expectations that increases the average inflation rate when the currency peg is more vulnerable to "busts" than "booms". This interaction between macroeconomic and microeconomic rigidities suggests that a policy reform can only be consistent if it renders either exchange rates or labour markets flexible.
Download or read book Regional Labor Market Adjustments in the United States and Europe written by Mai Dao and published by International Monetary Fund. This book was released on 2014-02-11 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine patterns of regional adjustments to shocks in the US during the past 40 years. Using state-level data, we estimate the dynamic response of regional employment, unemployment, participation rates and net migration to state-relative labor demand shocks. We find that (i) the long-run effect of a state-specific shock on the state employment level has decreased over time, suggesting less overall net migration in response to a regional shock, (ii) the role of the participation rate as absorber of regional shocks has increased, (iii) the response of net migration to regional shocks is stronger, while that of relative unemployment is weaker during aggregate downturns, and (iv) the change in the response intensity of migration is related to the declining trend in regional dispersion of labor market conditions. Finally, using regional data for a set of 21 European countries, we show that while the short-term response of participation rates to labor demand shocks is typically larger in Europe than in the US, the immediate response of net migration in Europe has increased over time.
Download or read book The Impact of International Trade on Wages written by Robert C. Feenstra and published by University of Chicago Press. This book was released on 2008-04-15 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1980s, the U.S. economy has experienced a growing wage differential: high-skilled workers have claimed an increasing share of available income, while low-skilled workers have seen an absolute decline in real wages. How and why this disparity has arisen is a matter of ongoing debate among policymakers and economists. Two competing theories have emerged to explain this phenomenon, one focusing on international trade and labor market globalization as the driving force behind the devaluation of low-skill jobs, and the other focusing on the role of technological change as a catalyst for the escalation of high-skill wages. This collection brings together innovative new ideas and data sources in order to provide more satisfying alternatives to the trade versus technology debate and to assess directly the specific impact of international trade on U.S. wages. This timely volume offers a thorough appraisal of the wage distribution predicament, examining the continued effects of technology and globalization on the labor market.
