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As China implements reforms under the “new normal,” maintaining stability in the labor market is a priority. The country’s demography and labor dynamics are changing, after benefitting in past decades from ample cheap labor. So far, the labor market appears to be resilient, even as growth slows, driven in part by expansion of the services sector. Migrant flows and possible labor hoarding in overcapacity sectors may also help explain this. Yet, while the latter two factors help serve as shock absorbers— contributing to labor market stability in the short term—if they persist, they may delay the needed adjustment process, contributing to an inefficient allocation of resources and curtailing productivity gains. This paper quantifies to what extent structural trends and the reform pace affect employment growth under the new normal. Delays in reform implementation would weaken growth prospects in the medium term, running the risk that job creation will fall below policy targets, leading to labor market pressures in the future. In contrast, successful transition might require faster reforms, including in the overcapacity and state-owned enterprise sectors, supported by well targeted social safety nets.

Labor market --- Unemployment --- Labor mobility --- Labor --- Macroeconomics --- Industries: Service --- Emigration and Immigration --- Demand and Supply of Labor: General --- Employment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Industry Studies: Services: General --- Labor Economics: General --- Unemployment: Models, Duration, Incidence, and Job Search --- International Migration --- Labour --- income economics --- Migration, immigration & emigration --- Labor markets --- Services sector --- Unemployment rate --- Economic sectors --- Migration --- Population and demographics --- Economic theory --- Service industries --- Labor economics --- Emigration and immigration --- China, People's Republic of --- Income economics

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The crisis has intensified what was previously a chronic unemployment problem in Europe; youth unemployment is now at unprecedented highs in some European countries. This paper assesses the main drivers of youth unemployment in Europe. It finds that much of the increase in youth unemployment rates during the crisis can be explained by output dynamics and the greater sensitivity of youth unemployment to economic activity than adult unemployment. Labor market institutions also play a significant role in explaining the persistently high levels of youth unemployment, especially the tax wedge, minimum wages relative to the median wage, spending on active labor market policies, the opportunity cost of working (measured by the unemployment benefits), vocational training, and labor market duality. This suggests that policies to address youth unemployment should be comprehensive and country-specific, focused on reviving growth and advancing labor market reforms.

Manpower policy --- Unemployed youth --- Business cycles --- Labor market --- Economic cycles --- Economic fluctuations --- Cycles --- Unemployed --- Youth --- Employment --- Labor --- Production and Operations Management --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Force and Employment, Size, and Structure --- Demand and Supply of Labor: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Macroeconomics: Production --- Labour --- income economics --- Macroeconomics --- Labor markets --- Unemployment rate --- Output gap --- Production --- Economic theory --- Spain --- Income economics

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This paper estimates the pass through of VAT changes to consumer prices, using a unique dataset providing disaggregated, monthly data on prices and VAT rates for 17 Eurozone countries over 1999-2013. Pass through is much less than full on average, and differs markedly across types of VAT change. For changes in the standard rate, for instance, final pass through is about 100 percent; for reduced rates it is significantly less, at around 30 percent; and for reclassifications it is essentially zero. We also find: differing dynamics of pass through for durables and non-durables; no significant difference in pass through between rate increases and decreases; signs of non-monotonicity in the relationship between pass through and the breadth of the consumption base affected; and indications of significant anticipation effects together with some evidence of lagged effects in the two years around reform. The results are robust against endogeneity and attenuation bias.

Value-added tax --- Exchange rate pass-through --- Foreign exchange rate pass-through --- Pass-through of exchange rates --- Prices --- Added-value tax --- Goods and services tax --- GST (Goods and services tax) --- Tax on added value --- VAT (Value-added tax) --- Sales tax --- Labor --- Macroeconomics --- Taxation --- Price Level --- Inflation --- Deflation --- Taxation and Subsidies: Incidence --- Business Taxes and Subsidies --- Macroeconomics: Consumption --- Saving --- Wealth --- Unemployment: Models, Duration, Incidence, and Job Search --- Public finance & taxation --- Labour --- income economics --- Consumption --- Consumer prices --- Unemployment rate --- Consumption taxes --- Taxes --- National accounts --- Spendings tax --- Economics --- Unemployment --- Germany --- Income economics

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Macroeconomics is the study of the economy as a whole and of work and saving choices of individual economic agents from which macroeconomic activity emerges. This book takes an integrative approach to that topic, showing how short-run and long-run forces operate simultaneously to determine the behavior of key economic indicators such as employment and real, inflation-adjusted GDP.

Macroeconomics. --- aggregate demand --- aggregate supply --- baseline scenario --- chain-weight method --- classical tradition --- Cobb-Douglas production function --- compensated supply curve --- consumption tax --- contractive monetary and fiscal policy --- cost of capital --- demand multiplier --- depreciation rate --- diminishing marginal rate of substitution --- excess demand --- excess supply --- expansive monetary and fiscal policy --- flat tax --- frictional unemployment --- full employment --- golden rule of economic growth --- Great Contraction --- gross national product --- income effect --- individual equilibrium --- interest parity condition --- intertemporal elasticity of substitution --- INUS --- Keynesian scenario --- labor force participation rate --- labor income --- Laffer curve --- leisure --- longrun aggregate supply --- macro foundations --- marginal effective tax rate --- marginal product --- marginal propensity to consume --- marginal propensity to produce --- marginal rate of substitution --- marginal utility --- micro foundations, money --- natural unemployment rate --- net foreign investment --- new classical economics --- nominal rate of return --- non-accelerating inflation rate of unemployment --- non- accelerating inflation rate of labor-force participation --- output supply multiplier --- Phillips curve --- potential GDP --- present value --- purchasing power parity --- rate of time preference --- real rate of return --- replacement rate --- repressed inflation --- repressed wages --- saving rate --- self-reliance rate --- short-run aggregate supply --- stabilization policies --- steady state of economic growth --- structural unemployment --- substitution effect --- supply side economics --- uncompensated supply curve --- unemployment rate

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This paper investigates the occupational mobility and job quality of young people in Indonesia and relates this to the concept of "scarring." The concept of labor market scarring in this paper is the occurrence of low or zero returns to certain types of work (for example, self-employment). Scarring is expected to occur whenever an individual spends periods working in occupations in which their human capital is either stagnant or deteriorating. Fixed effects estimations using panel data from the Indonesian Family Life Survey reveal that a period in self-employment is associated with negative returns for youth (about 3 to 4 percent per year penalty), but not for older adults. In addition, there are clear patterns of persistence in self-employment over time with few individuals progressing from petty self-employment to businesses with permanent workers.

Adult males --- Aggregate unemployment --- Casual worker --- College graduate --- Contingent workers --- Displaced workers --- Earning --- Earnings losses --- Educational attainment --- Employee --- Employment outcomes --- Employment probability --- Employment prospects --- Employment status --- Expected wages --- Family labor --- Full time job --- Health insurance --- Household characteristics --- Human capital --- Human resource --- Informal employment --- Informal sector --- Job --- Job creation --- Job match --- Job search --- Job security --- Job separation --- Job status --- Job training --- Labor --- Labor contract --- Labor economics --- Labor force --- Labor management & relations --- Labor market --- Labor market characteristics --- Labor market experience --- Labor market outcomes --- Labor market segmentation --- Labor markets --- Labor policies --- Labor productivity --- Labor relations --- Labor standards --- Labour --- Labour market --- Long term wage --- Occupational mobility --- Older workers --- Permanent employment --- Permanent worker --- Permanent workers --- Private sector --- Private sector workers --- Public sector employment --- Safety net --- Salaried employment --- Self-employed --- Self-employment --- Social protections and labor --- Temporary work --- Temporary workers --- Unemployed --- Unemployed individual --- Unemployed youth --- Unemployment --- Unemployment rate --- Wage differentials --- Wage effects --- Wage employment --- Wage growth --- Wage impact --- Wage rates --- Wage sector --- Wage subsidies --- Work experience --- Worker --- Workers --- Working conditions --- Youth employment --- Youth unemployment