1,039 research outputs found

    Wage responsiveness and labor market disequilibrium

    Get PDF
    The objectives of this paper are : (i) to empirically probe on the validity of the hypothesis that wages are relatively unresponsive to labor market disequlibrium; and (ii) to investigate whether the dramatically diverse rates of unemployment observed across certain Latin American countries obey fundamentally different wage dynamics or are the product of diversity in labor market distortions and other labor market policies. The indications found are that core unemployment may not affect market wages, whereas transient unemployment does. Policymaking should reflect the distinction.Environmental Economics&Policies,Youth and Governance,Economic Theory&Research,Labor Markets,Health Monitoring&Evaluation

    A GENERAL, DYNAMIC, SUPPLY-RESPONSE MODEL

    Get PDF
    Resource /Energy Economics and Policy,

    Macroeconomic adjustment and the labor market in four Latin American countries

    Get PDF
    Implicit in standard macroeconomics of adjustment is the assumption of well-integrated labor markets that are responsive to relative prices. But segmentation of the labor market is usually said to be an important source of labor market rigidities. In particular, if segmentation involves different degrees of real wage rigidity among different groups in the labor force, nominal devaluation may be ineffective and inequitable in its impact. This paper uses a model of labor market segmentation in which regulations are necessary to distinguish between the formal and informal sectors. Using standard econometric techniques to estimate four simultaneous equations, the authors examine the effect of devaluation on relative wages in four countries. They found that formal wages are more responsive than informal wages to inflation and that devaluation of the exchange rate, by increasing the wage gap, is a source of sluggish labor mobility. In addition, they found that expanding wage differentials during adjustment imposes a greater burden on the poorest workers, making adjustment policies less politically sustainable. Finally, they found evidence to support the hypothesis that nominal devaluation would probably be ineffective with a segmented labor market.Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform,Labor Markets,Health Economics&Finance

    When Government Spending Serves the Elites: Consequences for Economic Growth in a Context of Market Imperfections

    Get PDF
    Government spending should be regarded as a social and political phenomenon, not merely as a technical choice. We argue that there is an implicit contract between the organized elites and politicians which often leads to a pro-elite allocation of public resources. A natural and simple taxonomy of government spending follows from this view: spending in public goods broadly defined which mitigate market failures versus spending in non-social subsidies, mainly a vehicle to serve the elites. We theoretically and empirically show that pro-elite spending biases are costly in terms of economic growth. The empirical findings are exceptionally robust.government spending, economic growth, market imperfections, investment, subsidies, International Development, Labor and Human Capital, Political Economy, Public Economics,

    SUSTAINABILITY WITH UNBALANCED GROWTH: THE ROLE OF STRUCTURAL CHANGE

    Get PDF
    Environmental Economics and Policy, International Development,

    An Interdisciplinary Undergraduate Space Physics Course: Understanding the Process of Science Through One Field's Colorful History

    Get PDF
    Science education in this country is in its greatest period of ferment since the post-Sputnik frenzy a generation ago. In that earlier time, however, educators' emphasis was on producing more scientists and engineers. Today we recognize that all Americans need a good science background. The ability to observe, measure, think quantitatively, and reach logical conclusions based on available evidence is a set of skills that everyone entering the workforce needs to acquire if our country is to be competitive in a global economy. Moreover, as public policy increasingly crystallizes around scientific issues, it is critical that citizens be educated in science so that they may provide informed debate and on these issues. In order to develop this idea more fully, I proposed to teach a historically based course about space physics as an honors course at the University of Maryland-College Park (UMCP). The honors program at UMCP was established to foster broad-based undergraduate courses that utilize innovative teaching techniques to provide exemplary education to a select group of students. I designed an introductory course that would have four basic goals: to acquaint students with geomagnetic and auroral phenomena and their relationship to the space environment; to examine issues related to the history of science using the evolution of the field as an example; to develop familiarity with basic skills such as describing and interpreting observations, analyzing scientific papers, and communicating the results of their own research; and to provide some understanding of basic physics, especially those aspect that play a role in the near-earth space environment

    Pollution and the State: The Role of the Structure of Government

    Get PDF
    Government spending has significant environmental implications. This paper analyzes the effect of the allocation of government spending between public goods broadly defined and private goods or non-social subsidies on air and water pollution. The theoretical model predicts that a reallocation of expenditures from private subsidies to public goods improves environmental quality by reducing production pollution. We estimate an empirical model that shows that such a reallocation causes a significant reduction in air pollutants namely sulfur dioxide and lead and an improvement in water quality measures including dissolved oxygen and biological oxygen demand.
    corecore