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To understand better Canada's smooth reallocation of labor in response to the recent commodity price boom, but seemingly poor productivity performance, this paper examines job and firm dynamics in Canada relative to the United States. Overall, it finds that while Canada's labor market efficiency seems comparable to that of the United States, product market rigidities appear to be reducing Canada's capacity for creative destruction, hence undermining productivity growth.

Job creation --- Business enterprises --- Creating jobs --- Employment creation --- Full employment policies --- Labor --- Macroeconomics --- Labor Demand --- Demand and Supply of Labor: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics: General --- Labour --- income economics --- Job destruction --- Labor markets --- Labor market --- Economic theory --- Labor economics --- United States

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This paper sheds light on the attractiveness of U.S. assets by studying dollar risk premiums, calculated using Consensus exchange rate forecasts, and linking them to bilateral capital flows. The paper finds that the presence of negative dollar risk premiums (i.e. expectations of a dollar depreciation net of interest rate effects) amid record capital inflows could suggest that investors may favor U.S. assets for structural reasons. One possible explanation could be that the Asian crisis created a large pool of savings searching for relatively riskless investment opportunities, which were provided by deep, liquid, and innovative U.S. financial markets with robust investor protection. Moreover, the continued attractiveness of U.S. financial markets to European investors suggests that they offer a large array of assets, with different risk/return characteristics, that facilitate the structuring of diversified investment portfolios. Looking forward, this suggests that the allocative efficiency of U.S. financial markets could mitigate risks of a disorderly unwinding of global current account imbalances.

Capital movements. --- Dollar, American. --- Electronic books. -- local. --- Finance --- Business & Economics --- Money --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- American dollar --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Foreign Exchange --- Investments: General --- Investments: Bonds --- Investment --- Capital --- Intangible Capital --- Capacity --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Macroeconomics --- Investment & securities --- International economics --- Currency --- Return on investment --- Treasury bills and bonds --- Corporate bonds --- Exchange rates --- Saving and investment --- Government securities --- Capital movements --- Bonds --- United States

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This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.

Poverty --- Asia --- Economic conditions. --- Labor --- Macroeconomics --- Social Services and Welfare --- Personal Income, Wealth, and Their Distributions --- General Financial Markets: Government Policy and Regulation --- Wages, Compensation, and Labor Costs: General --- Macroeconomic Analyses of Economic Development --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Aggregate Factor Income Distribution --- Wages, Compensation, and Labor Costs: Public Policy --- Economic Growth and Aggregate Productivity: General --- Government Policy --- Provision and Effects of Welfare Program --- Labour --- income economics --- Economic growth --- Social welfare & social services --- Personal income --- Income inequality --- Minimum wages --- Inclusive growth --- Income distribution --- Income --- National accounts --- Poverty reduction --- Minimum wage --- Economic development --- China, People's Republic of

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Interest rates --- Foreign exchange rates --- Petroleum products --- Econometric models. --- Prices --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Rates

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While the level of disparities across regions in 10 advanced European economies studied in this paper mostly reflects productivity gaps, the increase since the Great Recession has resulted from diverging unemployment rates. Following the pandemic, this could be further exacerbated given teleworkability rates are lower in poorer regions than in high-income regions, making them ex-ante more vulnerable to the pandemic’s likely material impact on the prevalence of remote work. Preliminary evidence from 2020 confirms that regional disparities between countries increased during 2020. A further concern is that the pandemic might accelerate the automation of jobs across Europe, something which often happens following recessions. While lagging regions have lower ex-ante vulnerabilities against the routinization, the transformation of jobs through sectors with higher routinization rates in these regions could increase their vulnerability to technological change over time. The green transition could also lead to challenges for regions that have benefitted from carbon-intensive growth strategies. Finally, the paper discusses the role for policies—including placed-based ones—in reducing disparities in the face of the aforementioned short, medium, and long-term risks.

Macroeconomics --- Economics: General --- Environmental Conservation and Protection --- Diseases: Contagious --- Labor --- Environmental Policy --- Size and Spatial Distributions of Regional Economic Activity --- Demand and Supply of Labor: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Environment and Growth --- Climate --- Natural Disasters and Their Management --- Global Warming --- Health Behavior --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Environmental Economics: Government Policy --- Financial Crises --- Economic & financial crises & disasters --- Economics of specific sectors --- Climate change --- Infectious & contagious diseases --- Labour --- income economics --- Environmental policy & protocols --- Greenhouse gas emissions --- Environment --- COVID-19 --- Health --- Climate policy --- Global financial crisis of 2008-2009 --- Financial crises --- Currency crises --- Informal sector --- Economics --- Greenhouse gases --- Communicable diseases --- Economic theory --- Environmental policy --- Global Financial Crisis, 2008-2009 --- United Kingdom