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... (2014)). However, these papers either do not feature entry and exit or do not attempt to match their relative contributions for labor market dynamics over the business cycle. In many existing models, firm default and exit are key drivers of firm dynamics, whereas the data shows that this margin is qua ...
... (2014)). However, these papers either do not feature entry and exit or do not attempt to match their relative contributions for labor market dynamics over the business cycle. In many existing models, firm default and exit are key drivers of firm dynamics, whereas the data shows that this margin is qua ...
Land for private sector development (PSD) – Checklist
... The purpose of this checklist is to help developing countries quickly identify the most important issues which might affect the development of the retail sector. The need for such a checklist arose from the fact that the importance of the retail sector to PSD is often overlooked by governments and d ...
... The purpose of this checklist is to help developing countries quickly identify the most important issues which might affect the development of the retail sector. The need for such a checklist arose from the fact that the importance of the retail sector to PSD is often overlooked by governments and d ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... growth in a credit-constrained environment. In contrast, if guarantees are granted on an unconditional basis or if the regulatory framework is inefficient, the monitoring and disciplinary role of banks will be nonexistent. Therefore, financial liberalization will simply lead to overinvestment and corr ...
... growth in a credit-constrained environment. In contrast, if guarantees are granted on an unconditional basis or if the regulatory framework is inefficient, the monitoring and disciplinary role of banks will be nonexistent. Therefore, financial liberalization will simply lead to overinvestment and corr ...
Country experiences – international The New Zealand Experience
... overall path of output. If the government was not reducing its call on resources, monetary policy would need to be less stimulatory than currently planned. Taking all of these factors into account, Treasury forecasts indicate spare capacity in the economy to be gradually taken up and for inflation t ...
... overall path of output. If the government was not reducing its call on resources, monetary policy would need to be less stimulatory than currently planned. Taking all of these factors into account, Treasury forecasts indicate spare capacity in the economy to be gradually taken up and for inflation t ...
Growth Effects of 1992 - Graduate Institute of International and
... However, since the assumption disobeys a standing order in modern macro theory -'if it moves, maximize it'- an optimizing model is sketched in Appendix A. This constant investment rate assumption can be plotted as SS in Figure 1( this curve is s times GDP). From the economy-wide perspective, investm ...
... However, since the assumption disobeys a standing order in modern macro theory -'if it moves, maximize it'- an optimizing model is sketched in Appendix A. This constant investment rate assumption can be plotted as SS in Figure 1( this curve is s times GDP). From the economy-wide perspective, investm ...
Achieving Capital Account Convertibility in China
... Middle-income trap is a term first coined by some World Bank economists to describe the situation in which an economy is stuck in the middle-income range and fails to graduate to high-income status (Gill and Kharas 2007). Between 1960 and 2008, only 13 out of 88 middle-income economies successfully ...
... Middle-income trap is a term first coined by some World Bank economists to describe the situation in which an economy is stuck in the middle-income range and fails to graduate to high-income status (Gill and Kharas 2007). Between 1960 and 2008, only 13 out of 88 middle-income economies successfully ...
The contribution of aviation to the economy
... Summing employment figures inclusive of indirect jobs across all sectors leads to a far larger number than total employment. 5 The impact of aviation investment on a particular region does not necessarily imply a similar impact at the national level. For example, businesses set up on and around an a ...
... Summing employment figures inclusive of indirect jobs across all sectors leads to a far larger number than total employment. 5 The impact of aviation investment on a particular region does not necessarily imply a similar impact at the national level. For example, businesses set up on and around an a ...
Business Cycles, Unemployment, & Inflation
... 4. The unemployment rate is affected by the business cycle. The unemployment rate generally falls when the growth rate of real GDP is above average and generally increases when the growth rate of real GDP is below average. 5. Job creation and destruction, as well as voluntary job separations, lead t ...
... 4. The unemployment rate is affected by the business cycle. The unemployment rate generally falls when the growth rate of real GDP is above average and generally increases when the growth rate of real GDP is below average. 5. Job creation and destruction, as well as voluntary job separations, lead t ...
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... different under these two approaches. Taking the measurement of multifactor productivity as an example, based on equation (5), the productivity index ln(At/At-1) is calculated by subtracting the weighted average of the rates of change in the concerned inputs ln(Xit/Xit-1) from the rate of change in ...
... different under these two approaches. Taking the measurement of multifactor productivity as an example, based on equation (5), the productivity index ln(At/At-1) is calculated by subtracting the weighted average of the rates of change in the concerned inputs ln(Xit/Xit-1) from the rate of change in ...
Economic environment - World Trade Organization
... 10.5 hour working day. According to the authorities, public consultation has been completed and the comments and suggestions received are under analysis. The final draft of the law will be submitted to the Executive Council and Legislative Assembly for consideration. ...
... 10.5 hour working day. According to the authorities, public consultation has been completed and the comments and suggestions received are under analysis. The final draft of the law will be submitted to the Executive Council and Legislative Assembly for consideration. ...
View Chapter 4, Growth, Unemployment, and Inflation
... tonnes of paper in a week. Here, labour productivity would be 60 tonnes per unit of labour or per worker. If, in three years, that figure rises from 60 to 70 tonnes per worker, there has been an increase in labour productivity. To a large extent, economic growth is about just such increases in produ ...
... tonnes of paper in a week. Here, labour productivity would be 60 tonnes per unit of labour or per worker. If, in three years, that figure rises from 60 to 70 tonnes per worker, there has been an increase in labour productivity. To a large extent, economic growth is about just such increases in produ ...
Labour reallocation and productivity dynamics: financial causes, real
... While our results are quite general, it is easy to identify obvious recent examples of these mechanisms at work. The credit booms in Spain and Ireland in the decade to 2007 coincided with the rapid growth of employment in construction and real estate services at the expense of the more productive ma ...
... While our results are quite general, it is easy to identify obvious recent examples of these mechanisms at work. The credit booms in Spain and Ireland in the decade to 2007 coincided with the rapid growth of employment in construction and real estate services at the expense of the more productive ma ...
A THEORY OF DUAL LABOR MARKETS WITH APPLICATION TO INDUSTRIAL POLICY, DISCRIMINATION
... have a strong incentive to make workers value their jobs. They can only do this by paying more than the "going wage." It is the deviation of workers' wages from their opportunity costs that gives rise to our model's imperfectly competitive features. ...
... have a strong incentive to make workers value their jobs. They can only do this by paying more than the "going wage." It is the deviation of workers' wages from their opportunity costs that gives rise to our model's imperfectly competitive features. ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).