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This paper examines how the on-the-job search of workers in the state sector who are seeking jobs in the private sector affects private sector employment, the unemployment level, and the unemployment duration in the transition economies of Central and Eastern Europe. The main finding is that on-the-job searching can account for the coexistence of a quickly growing private sector and a high unemployment level of long duration. The paper also addresses the issue of the optimal (output maximizing) rate of state sector closure and finds that the rate is slower when workers are simultaneously job hunting than when they are not.

Labor --- Macroeconomics --- Unemployment: Models, Duration, Incidence, and Job Search --- Comparative Economic Systems: General --- Public Enterprises --- Public-Private Enterprises --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics: General --- Civil service & public sector --- Labour --- income economics --- Public sector --- Unemployment rate --- Economic sectors --- Finance, Public --- Economic theory --- Labor economics --- Czech Republic --- Income economics

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The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.

Foreign Exchange --- Inflation --- Money and Monetary Policy --- Empirical Studies of Trade --- International Investment --- Long-term Capital Movements --- Open Economy Macroeconomics --- Socialist Systems and Transitional Economies: General --- Comparative Economic Systems: General --- Price Level --- Deflation --- Monetary Policy --- Currency --- Foreign exchange --- Macroeconomics --- Monetary economics --- Exchange rates --- Inflation targeting --- Currency boards --- Exchange rate arrangements --- Prices --- Monetary policy --- Czech Republic

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This paper estimates equilibrium dollar wages for 15 transition economies. Equilibrium dollar wages are interpreted as full employment wages consistent with a country’s physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (i) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming Central and Eastern European (CEE) transition economies, but have been flat in most CIS countries; and (ii) 1996 actual dollar wages remain below estimated equilibrium dollar wages for most but not all transition countries covered.

Finance: General --- Foreign Exchange --- Labor --- Production and Operations Management --- Empirical Studies of Trade --- International Investment --- Long-term Capital Movements --- Open Economy Macroeconomics --- Socialist Systems and Transitional Economies: General --- Comparative Economic Systems: General --- Wages, Compensation, and Labor Costs: General --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- General Financial Markets: General (includes Measurement and Data) --- Labour --- income economics --- Currency --- Foreign exchange --- Macroeconomics --- Finance --- Wages --- Real exchange rates --- Productivity --- Human capital --- Competition --- Production --- Financial markets --- Industrial productivity --- Czech Republic --- Income economics

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This paper discusses several proposals for a wholesale privatization of public enterprises in Eastern Europe. These proposals include the distribution of ”vouchers” to private citizens as well as the use of mutual funds, privatization companies and other forms of financial intermediaries. The paper analyzes the implications for economic efficiency of the different forms of ownership and control that would emerge from the proposals as well as their main macroeconomic consequences.

Comparative Economic Systems: General --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Contracting Out --- Economic sectors --- Finance --- Financial institutions --- Financial Instruments --- Financial services industry --- Government business enterprises --- Industries: Financial Services --- Institutional Investors --- Investment & securities --- Investments: Stocks --- Macroeconomics --- Mutual funds --- Nationalization --- Non-bank Financial Institutions --- Nonbank financial institutions --- Nonprofit Organizations and Public Enterprise: General --- Pension Funds --- Privatization --- Public enterprises --- Public ownership --- Socialist Systems and Transitional Economies: Planning, Coordination, and Reform --- Stocks --- Poland, Republic of

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This compilation of summaries of Working Papers released during January-June 1993 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period. Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201.

Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- International Monetary Arrangements and Institutions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- International Fiscal Issues --- International Public Goods --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Price Level --- Inflation --- Deflation --- Taxation and Subsidies: Incidence --- Production and Organizations: General --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Regulation and Industrial Policy: General --- Other Economic Systems: General --- Financial Markets and the Macroeconomy --- Portfolio Choice --- Investment Decisions --- Macroeconomics: Production --- Economic Integration --- Management of Technological Innovation and R&D --- Economywide Country Studies: Europe --- Game Theory and Bargaining Theory: General --- Market Structure and Pricing: General --- Auctions --- Welfare Economics: General --- Socialist Systems and Transitional Economies: Planning, Coordination, and Reform --- Socialist Systems and Transitional Economies: Factor and Product Markets --- Industry Studies --- Population --- Comparative Economic Systems: General --- Open Economy Macroeconomics --- Taxation, Subsidies, and Revenue: General --- Neoclassical --- Information and Market Efficiency --- Event Studies --- International Financial Markets --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Socialist Systems and Transitional Economies: General --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- National Security and War --- Business Fluctuations --- Cycles --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Tax Evasion and Avoidance --- Monetary Policy --- Demand for Money --- Wages, Compensation, and Labor Costs: General --- Renewable Resources and Conservation: Government Policy --- Nonrenewable Resources and Conservation: Government Policy --- Investment --- Capital --- Intangible Capital --- Capacity --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Macroeconomics: Consumption --- Saving --- Wealth --- One, Two, and Multisector Growth Models --- Unemployment: Models, Duration, Incidence, and Job Search --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- Central Banks and Their Policies --- Comparative Studies of Countries --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Macroeconomic Analyses of Economic Development --- Economywide Country Studies: Asia including Middle East --- Economic Growth of Open Economies --- Social Security and Public Pensions --- Wage Level and Structure --- Wage Differentials --- Labor Contracts --- Socialist Systems and Transitional Economies: Performance and Prospects --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- National Government Expenditures and Related Policies: General --- Neoclassical Models of Trade --- Fiscal Policy --- Socialist Institutions and Their Transitions: Public Economics --- Public finance & taxation --- Labour --- income economics --- Currency --- Foreign exchange --- International economics --- Defense spending --- Expenditure --- Public investment spending --- Exchange rates --- Private investment --- National accounts --- Expenditures, Public --- Saving and investment --- Interest rates --- Public investments --- United States --- Income economics