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Mr. Rodolfo Luzio, Mr. Steven V Dunaway, and Mr. Martin D Kaufman
This paper presents a simple framework that illustrates the link between skill-based wage differentiation and human capital acquisition given skill-biased technical progress. The analysis points to the economic costs resulting from labor market and income redistribution policies that prevent the skill premium from playing its role in fostering human capital accumulation and the adoption of new technologies. The study compares key economic indicators among Canada, France, Germany, the United Kingdom, and the United States. Differences in wage differen-tiation and investment in new technologies among these countries could be related to policies affecting labor markets; such practices may reflect social choices.
Mr. Martin D Kaufman, Mr. Rodolfo Luzio, and Mr. Steven V Dunaway

distribution would be expected to be associated, at least in part, with an increase in the wage premium, as illustrated by the behavior of the income distribution and the wage premium in the United States. Hence, given little change in income distribution in Canada, Germany, and France, there is little reason to suspect that wage premia in these countries have increased substantially. In fact, Fernandez (2000) shows that wage dispersion in Germany during 1980s and early 1990s is significantly smaller than in the case of the United States and the United Kingdom. Similarly

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Germany in which the Bavarian Christian Democrat party was a fundamental component of the center-right coalition. In the German case, nationwide party ideology is stronger than regional identification while in Spain regional parties do not have nationwide counterparts with similar ideology. In this respect, Spain is more similar to the political setting of contemporary Italy and Canada. 13 Regions correspond to the NUTS2 classification of EUROSTAT. The sharp jump in the regional income dispersion in Germany reflects the German unification. 14 The

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in Austria is comparable to the dispersion in Germany and Norway. Microcensus data indicate that in 1981-93 the returns to schooling (higher education in particular) declined somewhat, which, however, seems to be associated with increased supply of university graduates. The ageearnings profile appears to be steep (compared to Germany) and could contribute to the (non)employability of older workers at a time when technological progress is depleting human capital fast ( Pichelmann and Hofer, 1999 ; Hofer, 1999 ). 57. Aggregate data indicate that inter

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This Selected Issues paper contains two studies examining key issues for fiscal management and long-term fiscal sustainability in Spain. The first study discusses how best to ensure fiscal discipline at lower levels of government by examining the institutional setting and mechanisms that make this task particularly challenging in Spain’s highly devolved political and fiscal system. The second study seeks to analyze the potential macroeconomic impact of different approaches to deal with the fiscal costs of aging in Spain.
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The study describes key features of the Austrian financial system, analyzes current trends in Austrian banking, and discusses appropriate regulatory responses to the changing financial environment. In this paper, the following statistical data are presented in detail: national income and its distribution, prices, wages, production, financing of the federal deficit, debt and debt services of the federal government, monetary aggregates and lending to domestic nonbanks, interest rates, exchange rate developments, balance of payments, capital account overview, international investment position, official development assistance, and so on.
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person. 3/ Gross income from dependent employment in percent of national income. Even though it might be conducive to aggregate real wage flexibility, centralized bargaining by its nature tends to equalize wages and prevent relative wages from responding to differences in productivity growth. In cross-country comparisons, the aggregate level of wage dispersion in Germany appears to be similar to that observed in other continental European countries but less than that in the U.S. and the U.K. (OECD, 1993). 1/ The same picture appears when comparing wage

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This Recent Economic Developments and Selected Issues paper highlights that Germany’s recovery from the 1993 recession, which had already been weaker than the previous three recoveries, stalled in the third quarter of 1995; output subsequently contracted in the fourth quarter of 1995 and first quarter of 1996. After rising by almost 3 percent in 1994 and at an annual rate of 2½ percent (seasonally adjusted) during the first half of 1995, real GDP stagnated in the third quarter and fell by 0.6 percent (seasonally adjusted, annual rate) in the fourth quarter of 1995.