Listing 1 - 10 of 14 | << page >> |
Sort by
|
Choose an application
It is shown in a game theoretic framework that it may pay off to signal a “conservative” policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciation demonstrates to domestic producers and more precisely to the trade union that the new policy stance is meant to be serious. An example explores the welfare implication for the policy maker and the trade union. The empirical background of the paper refers to the monetary policy in Europe. It explains the occurrence of exchange rate commitments to the deutsche mark, with appreciated rates.
Banks and Banking --- Foreign Exchange --- Labor --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: General --- Currency --- Foreign exchange --- Trade unions --- Banking --- Labour --- income economics --- Exchange rates --- Labor unions --- Real exchange rates --- Wage adjustments --- Wages --- Banks and banking --- United Kingdom
Choose an application
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
Banks and Banking --- Foreign Exchange --- Inflation --- Labor --- Macroeconomics --- Price Level --- Deflation --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Interest Rates: Determination, Term Structure, and Effects --- Trade Policy --- International Trade Organizations --- Currency --- Foreign exchange --- Trade unions --- Finance --- International economics --- Labour --- income economics --- Labor unions --- Real exchange rates --- Exchange rates --- Asset prices --- Prices --- Interest rates --- Manufacturing industries --- United States
Choose an application
Welfare states can be reformed successfully, and popular support for reforms can be maintained. But this requires an internally consistent package of labor market, fiscal, and product market reforms, including some kind of buy-in, through, for example, tax cuts. Empirical analysis combined with a select number of case studies-comprising Ireland, Denmark, the Netherlands, and the United Kingdom-reveals that successful reformers focused on increasing labor supply through benefit reform, lowering tax wedges, and lowering government consumption. At the same time, greater labor supply translated into employment growth more effectively in the presence of liberal labor and product markets.
Labor supply. --- Labor force --- Labor force participation --- Labor pool --- Work force --- Workforce --- Labor market --- Human capital --- Labor mobility --- Manpower --- Manpower policy --- Labor --- Taxation --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wages, Compensation, and Labor Costs: General --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Demand and Supply of Labor: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Labour --- income economics --- Welfare & benefit systems --- Labor taxes --- Labor supply --- Labor markets --- Taxes --- Income tax --- Economic theory --- United Kingdom
Choose an application
This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility. To do this, it first documents the factors that explain monetary policy credibility. Using the standard deviation of individual inflation forecasts as a measure of monetary policy credibility, its shows that the latter is negatively affected by the level of inflation itself, monetary policy uncertainty, and a measure of the unobserved stochastic volatility of inflation. The second phase proceeds by analyzing the determinants of the pass-through using the monetary policy credibility index derived from the first phase. The paper confirms the remarkable achievement that, despite the many shocks that the economy has witnessed, the declining pass-through is indeed explained by the improving monetary policy credibility.
Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Foreign Exchange --- Inflation --- Labor --- Money and Monetary Policy --- Macroeconomics --- Price Level --- Deflation --- Monetary Policy --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Currency --- Foreign exchange --- Monetary economics --- Banking --- Trade unions --- Exchange rate pass-through --- Inflation targeting --- Labor unions --- Prices --- Import prices --- Banks and banking --- Imports --- South Africa
Choose an application
Inflation forecasts are modelled as monotonically diverging from an estimated long-run anchor point, or “implicit anchor”, towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts by analysts, businesses and trade unions for South Africa, we find that inflation expectations have become increasingly strongly anchored. That is, the degree to which the estimated implicit anchor pins down inflation expectations at longer horizons has generally increased. Estimated inflation anchors of analysts lie within the 3–6 percent inflation target range of the central bank. However, the implicit anchors of businesses and trade unions, who are directly involved in the setting of wages and prices that drive the inflation process, have remained above the top end of the official target range. Possible explanations for these phenomena are discussed.
Monetary policy --- Inflation (Finance) --- Finance --- Natural rate of unemployment --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Inflation --- Labor --- Money and Monetary Policy --- Forecasting --- Price Level --- Deflation --- Central Banks and Their Policies --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Monetary Policy --- Forecasting and Other Model Applications --- Wages, Compensation, and Labor Costs: Public Policy --- Macroeconomics --- Trade unions --- Monetary economics --- Economic Forecasting --- Labour --- income economics --- Labor unions --- Inflation targeting --- Economic forecasting --- Wage setting --- Prices --- Wages --- South Africa
Choose an application
Populists claim to be the only legitimate representative of the people. Does it mean that there is no space for civil society? The issue is important because since Tocqueville (1835), associations and civil society have been recognized as a key factor in a healthy liberal democracy. We ask two questions: 1) do individuals who are members of civil associations vote less for populist parties? 2)does membership in associations decrease when populist parties are in power? We answer thesequestions looking at the experiences of Europe, which has a rich civil society tradition, as well as of Latin America, which already has a long history of populists in power. The main findings are that individuals belonging to associations are less likely by 2.4 to 4.2 percent to vote for populist parties, which is large considering that the average vote share for populist parties is from 10 to 15 percent. The effect is strong particularly after the global financial crisis, with the important caveat that membership in trade unions has unclear effects.
Labor --- Macroeconomics --- Civics and Citizenship --- Political Economy --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Personal Income, Wealth, and Their Distributions --- Education: General --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Financial Crises --- Trade unions --- Education --- Civil service & public sector --- Economic & financial crises & disasters --- Labor unions --- Personal income --- Civil society --- Global financial crisis of 2008-2009 --- National accounts --- Economic sectors --- Financial crises --- Income --- Global Financial Crisis, 2008-2009 --- United Kingdom
Choose an application
This paper explores and quantifies several aspects of the performance of currency unions using an augmented version of the gravity model and focusing on two samples, the world and Africa. Our empirical findings suggest that, in principle, membership in a currency union should benefit Africa as much as it does the rest of the world. In addition, we find evidence from both samples that the effect of currency unions on trade is large, almost a doubling; currency unions are associated with trade creation, increase price co-movements among members, and make trade more stable; and longer duration of currency union membership brings about more benefits, although with some diminishing returns.
Commerce -- Econometric models. --- Electronic books. -- local. --- Monetary unions -- Africa -- Econometric models. --- Monetary unions -- Econometric models. --- Finance --- Business & Economics --- International Finance --- Commerce --- Monetary unions --- Econometric models. --- Trade --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Economics --- Business --- Transportation --- Currency question --- Money --- Traffic (Commerce) --- Merchants --- Econometrics --- Exports and Imports --- Labor --- Money and Monetary Policy --- Financial Aspects of Economic Integration --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Trade Policy --- International Trade Organizations --- Econometric Modeling: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Trade unions --- Econometrics & economic statistics --- Monetary economics --- Labor unions --- Plurilateral trade --- Gravity models --- Currencies --- International trade --- Econometric models --- South Africa
Choose an application
The "conservative central banker" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if 'trade unions' are averse to inflation, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on the assumption of a strictly nominal outside option (for instance, unemployment benefits) for the union. There is no welfare gain associated with making the central bank less conservative than society, however, if the outside option is in real terms. As the nominal components of the trade union's outside option are mainly public transfers, we also show that the conservative central banker is always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank conservatism.
Banks and Banking --- Inflation --- Investments: Options --- Labor --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Central Banks and Their Policies --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Trade Unions: Objectives, Structure, and Effects --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: General --- Trade unions --- Finance --- Banking --- Macroeconomics --- Labour --- income economics --- Labor unions --- Options --- Real wages --- Derivative securities --- Banks and banking --- Prices --- Wages
Choose an application
Even though institutions are created to protect workers, they may interfere with labor market functioning, raise unemployment, and end up being circumvented by informal contracts. This paper uses Brazilian microeconomic data to show that the institutional changes introduced by the 1988 Constitution lowered the sensitivity of real wages to changes in labor market slack and could have contributed to the ensuing higher rates of unemployment in the country. Moreover, the paper shows that states that faced higher increases in informality (i.e., illegal work contracts) following the introduction of the new Constitution tended to have smaller drops in wage responsiveness to macroeconomic conditions, thus suggesting that informality serves as a escape valve to an over-regulated environment.
Labor market --- Wages --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Law and legislation --- Econometric models. --- Supply and demand --- Brazil --- Economic conditions. --- Labor --- Macroeconomics --- Demand and Supply of Labor: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages, Compensation, and Labor Costs: General --- Labor Economics: General --- Informal Economy --- Underground Econom --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Labour --- income economics --- Labor markets --- Unemployment rate --- Unemployment --- Labor economics
Choose an application
Tanzanian President Benjamin William Mkapa’s remarks on the inauguration of East AFRITAC could not have been clearer or more emphatic. If Africa is to define its own economic destiny, it must strengthen its ability to design and implement sound economic policies. And policy ownership and capacity building are what the new regional technical assistance center, which opened October 24 in Dar es Salaam, is all about.
Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- Social Services and Welfare --- Investments: Bonds --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Government Policy --- Provision and Effects of Welfare Program --- General Financial Markets: General (includes Measurement and Data) --- Labor Economics: General --- Labor-Management Relations, Trade Unions, and Collective Bargaining: General --- Public finance & taxation --- Social welfare & social services --- Finance --- Labour --- income economics --- Investment & securities --- Fiscal federalism --- Expenditure --- Fiscal policy --- Poverty reduction strategy --- Poverty --- Public financial management (PFM) --- Bonds --- Financial institutions --- Expenditures, Public --- Labor economics --- Labor unions --- Finance, Public --- United States
Listing 1 - 10 of 14 | << page >> |
Sort by
|