Download or read book Unemployment Persistence and Capital Shortage written by Mr.Benedikt Braumann and published by International Monetary Fund. This book was released on 1997-06-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the link between capital stock and unemployment persistence. An overlapping-generations model with endogenous labor supply and imperfect competition is presented. It is used to interpret the unusual persistence of unemployment in Trinidad and Tobago during the last twenty years. Although real wages are 60 percent lower today than in the mid-1980s, unemployment continues to be very high. The paper argues that an important part of the explanation lies in the decline of capital stock in this country after years of very low savings and investment. Policies to address this capital shortage are discussed.
Download or read book Unemployment Persistence and Capital Shortage written by and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Imperfect Competition Capital Shortage and Unemployment Persistence written by Jean-Pascal Bénassy and published by . This book was released on 1996 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Shortages and Asymmetries in UK Unemployment written by Philip Arestis and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The persistence of high unemployment has been one of the most puzzling developments of the past twenty years or so. In the UK, unemployment averaged 2.1% between 1966 and 1973, and since 1974 it has risen to an average of 7.5%. The prevailing view of the persistence of unemployment and of the continuous rise in the NAIRU is that explanations and solutions can only be found on the supply side and not on the demand side of the economy. Most economists regard the problem of job creation mainly as a matter of encouraging more employment with the existing stock of capital. However, any long-run analysis should consider that the capital stock may vary. The relationship between capital stock and employment may be a simple explanation which suggests that investment in new productive capacity increases the number of jobs, while the destruction of existing capacity may destroy jobs. It may also be that the fall in investment encourages asymmetric responses in the labour market and thus the persistence of unemployment. This paper is concerned with the determination of aggregate wages and unemployment in the UK. We try to explain the persistence of unemployment by beginning with theories that concentrate on supply side failures in the labour market. The model is extended by examining the relationship between capital stock and employment. It is argued that the fall in investment over the last twenty years or so is one of the major elements behind the fall in employment and that only a substantial rise in productive capital may reduce unemployment. It is also argued that capital scrapping during the two oil price shocks, combined with low investment subsequently, may have caused long-term unemployment. This is not to say that low skill or other worker characteristics are not important, but that investment-enhancing policies may have prevented long-term unemployment to some extent. Furthermore, we introduce a new dimension to the discussion of money wage determination and unemployment by incorporating non-linearities in the relationship. There are various reasons for expecting that wages adjust with different speed to disequilibrium errors. The asymmetric error correction model applied here, accounts for the different speeds of adjustment in response to deviations of the actual unemployment rate from the attractor, the NAIRU. The empirical investigation tests each of the hypotheses put forward. Firstly, we find that capital shortage increases NAIRU. Secondly, we test and establish that a fall in investment creates long-term unemployment, and thirdly, we provide evidence which suggests that the speed of adjustment in nominal wages depends on unemployment being above or below NAIRU.
Download or read book Imperfect Competition Capital Shortages and Unemployment Persistence written by Jean-Pascal Bénassy and published by . This book was released on 1996 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unemployment and Macroeconomics written by Assar Lindbeck and published by MIT Press. This book was released on 1993 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Balancing theoretical insights with lessons drawn from the experience of many countries, Lindbeck examines employment and unemployment against the background of developed market economies during the past century.
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Foreign Exchange Value of the Dollar written by and published by . This book was released on 1984 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Persistence of Unemployment written by Stephen R.G. Jones and published by McGill-Queen's Press - MQUP. This book was released on 1995-11-01 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deep recession and slow recovery of the Canadian economy in the 1980s and the lengthy recession of the early 1990s raised serious questions about economic policy making. The steady worsening of Canadian unemployment rates led some economists to doubt the traditional view that the national economy is by nature self-correcting and to endorse the concept of hysteresis - the idea that the unemployment rate may display no tendency to return to an unchanging natural rate. Such hysteresis would have important and far-reaching implications for economic policy, particularly monetary policy. Jones provides an overview of leading theories of hysteresis and examines international and Canadian evidence from both microeconomic and macroeconomic perspectives. He extends the econometric analysis of hysteresis at both the micro and macro levels and concludes that while there is some evidence of dependence in Canada, the overall picture is not one of hysteresis.
Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Download or read book Macroeconomic Causes of Unemployment Diagnosis and Policy Recommendations written by Wolfgang Filc and published by Duncker & Humblot. This book was released on 2015-03-03 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference volume deals with one of the most severe economic, social and political problems major European economies face since the early nineties, the problem of lasting high unemployment. Contrary to the current German discussion, solely concentrating on microeconomic explanations and therapy recommendations, this volume presents papers based on various macro-economic points of view, showing different ways out of the employment crisis. Apart from renowned German economists, some well-known international academics participated in the 1998 Berlin symposium, to learn from experience in other countries.The first chapter contains the main standard textbook models and paradigms explaining lasting high unemployment. The question in the second chapter is if it is possible to fight unemployment with the help of macro policy on a purely national basis in the presence of global markets. The third chapter indicates possible effects of misalignments in financial markets on economic growth and employment. The contributions of the fourth chapter present experiences of other countries, which have succeeded in recent years in lowering their unemployment rates. The question at issue is, if these concepts can be transferred to Germany. The topics of the concluding chapter are practical macroeconomic starting points for sustainable employment growth in Europe. The methods contradict supply side arguments for the stabilisation of employment predominant in the German discussion. Attention is focused on relations between the role of monetary and fiscal policy in close conjunction with wage policy. Furthermore it is made evident that in global markets a theoretical macroeconomic concept as a base for sustainable employment is not very promising without enhanced international co-operation.
Download or read book Explaining Unemployment in Spain written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 1994-09-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book OECD Employment Outlook 2020 Worker Security and the COVID 19 Crisis written by OECD and published by OECD Publishing. This book was released on 2020-07-07 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2020 edition of the OECD Employment Outlook focuses on worker security and the COVID-19 crisis.
Download or read book The General Theory of Employment Interest and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Download or read book The Macroeconomics of Imperfect Competition and Nonclearing Markets written by Jean-Pascal Benassy and published by MIT Press. This book was released on 2005-01-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition, Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.
Download or read book How the Financial Crisis and Great Recession Affected Higher Education written by Jeffrey R. Brown and published by University of Chicago Press. This book was released on 2015-01-08 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
Download or read book Theory of Macroeconomic Policy written by Christopher Tsoukis and published by Oxford University Press. This book was released on 2020-10-29 with total page 735 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.
