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This paper considers the adjustment of physical capital within a country in the long run and in the short run. It uses a unique data set on income, labor, human capital, and private and public physical capital in the Spanish regions over the past two decades. In the long run, the movement of physical capital is consistent with its estimated relative rates of return. In the short run, an adverse shock to a region results in a sharp drop in employment and a gradual decline of physical capital; the system returns to its initial capital/labor ratio after four years. The sharp drop in employment is consistent with the view that wages are rigid. The analysis of adjustment in the short run relies on a vector autoregression methodology in which shocks are identified as the interaction between oil prices and the share of manufacturing in a region’s employment.
Labor --- Macroeconomics --- Investment --- Capital --- Intangible Capital --- Capacity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Geographic Labor Mobility --- Immigrant Workers --- Labor Economics: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Labour --- income economics --- Human capital --- Labor markets --- Labor economics --- Economic theory --- Labor market --- Spain --- Income economics
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Job Creation.
Aggregate Human Capital --- Aggregate Labor Productivity --- Economic theory --- Employment protection --- Employment --- Income economics --- Intergenerational Income Distribution --- Job creation --- Labor Contracts --- Labor Demand --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Manpower policy --- Unemployment --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages --- United States
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This paper provides a brief and selective overview of research on the links between macroeconomic policies and poverty reduction. Using the Human Development Index as a measure of well-being, the progress made by 100 countries during 1975–98 is presented, and its association with macroeconomic factors is explored. Several potential avenues for future research are also outlined.
Macroeconomics --- Social Services and Welfare --- Poverty and Homelessness --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Open Economy Macroeconomics --- Measurement and Analysis of Poverty --- Comparative Studies of Countries --- Government Policy --- Provision and Effects of Welfare Program --- Aggregate Factor Income Distribution --- Welfare, Well-Being, and Poverty: General --- Social welfare & social services --- Poverty & precarity --- Poverty --- Poverty reduction --- Income inequality --- Poverty reduction strategy --- Income distribution --- National accounts --- United Arab Emirates
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