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The paper analyzes the effects of monetary policy in a dynamic model of a small open economy with cash and credit goods production, where government consumption is financed by seignorage. It shows that the interrelationships between the growth rate of the monetary aggregate and the technological properties of the economy have an important bearing on the existence and uniqueness of equilibrium, the optimal inflation rate, and the occurrence of explosive hyperinflations. In consequence, the paper concludes that monetary policy does matter in the long run.

Inflation --- Macroeconomics --- Money and Monetary Policy --- General Equilibrium and Disequilibrium: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Open Economy Macroeconomics --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Labor Economics: General --- Monetary economics --- Labour --- income economics --- Credit --- Consumption --- Labor --- Currencies --- Prices --- Economics --- Labor economics --- Money --- Income economics

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This paper shows that deindustrialization is explained primarily by trends internal to the advanced economies. These include the combined effects on manufacturing employment of a relatively faster growth of productivity in manufacturing, the associated relative price changes, and shifts in the structure of demand between manufactures and services. North-South trade explains less than one fifth of deindustrialization in the advanced economies. Moreover, the contribution of North-South trade to deindustrialization has been mainly through its effects in stimulating labor productivity in Northern manufacturing. It has had little enduring effect on total manufacturing output in the advanced economies.

Labor --- Macroeconomics --- Industries: Manufacturing --- Production and Operations Management --- Industry Studies: Manufacturing: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Macroeconomics: Production --- Personal Income, Wealth, and Their Distributions --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Manufacturing industries --- Labour --- income economics --- Manufacturing --- Productivity --- Personal income --- Labor productivity --- Economic sectors --- Production --- National accounts --- Economic theory --- Industrial productivity --- Income --- Japan --- Income economics

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This paper investigates the causes of the recent disinflation in Spain. A standard Phillips curve model is used to disentangle the contributions of three possible shocks: an adverse demand shock that raises unemployment, a positive supply shock resulting from relative price adjustments or structural improvements in the labor market, and a credibility shock that lowers inflationary expectations. The main element underlying Spain’s recent disinflation appears to be a fall in inflation expectations, thanks to the country’s commitment to participate in Economic and Monetary Union from the start, and policy actions geared to that end.

Inflation --- Labor --- Production and Operations Management --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Wages, Compensation, and Labor Costs: Public Policy --- Macroeconomics: Production --- Wages, Compensation, and Labor Costs: General --- Macroeconomics --- Labour --- income economics --- Disinflation --- Wage bargaining --- Output gap --- Real wages --- Prices --- Production --- Wages --- Economic theory --- Spain --- Income economics

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This paper argues that the development of human capital in the public sector should be an important ingredient in any proposed set of “second-generation” reforms for Africa. In the post-colonial era the quality of governance has seriously declined, and the stock of human capital in the public sector has been eroded by a flight of human capital from many countries in response to compression of wages. The paper develops a simple theoretical framework to discuss these issues and the continent’s experience with foreign technical assistance in supplementing the low level of domestic human capital.

Labor --- Macroeconomics --- Structure, Scope, and Performance of Government --- International Migration --- Wage Level and Structure --- Wage Differentials --- Economywide Country Studies: Africa --- Wages, Compensation, and Labor Costs: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Public Enterprises --- Public-Private Enterprises --- Labour --- income economics --- Civil service & public sector --- Human capital --- Public sector --- Wages --- Public sector wages --- Real wages --- Economic sectors --- Finance, Public --- Ghana --- Income economics

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The implication of increasing dependency ratios for pay-as-you-go, defined-benefit pension programs are examined. Modifications aimed at smoothing contributions while maintaining benefits intact are analyzed for both open and closed economies.

Labor --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Labor Economics: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Retirement --- Retirement Policies --- Pensions --- Labour --- income economics --- Monetary economics --- Pension spending --- Currencies --- Expenditure --- Money --- Labor economics --- Chile --- Income economics