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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.
Michal Andrle, Patrick Blagrave, Pedro Espaillat, Ms. Keiko Honjo, Mr. Benjamin L Hunt, Mika Kortelainen, René Lalonde, Mr. Douglas Laxton, Eleonara Mavroeidi, Mr. Dirk V Muir, Susanna Mursula, and Stephen Snudden

. Calibration Techniques Going Forward IV. MODEL PROPERTIES A. Temporary Increase in the Monetary Policy Rate in the United Kingdom B. Temporary Increase in Aggregate Demand in Canada C. Trade Spillovers D. Permanent Increase in Trend Total Factor Productivity in the United States E. Productivity Spillovers F. Permanently Lower Household Saving Rate in China G. Permanent Fiscal Consolidation in Japan H. Temporary Increase in Interest Rate Risk Premiums in the United States I. Temporary Increase in the Term Premium in the United States J. Permanent

Eric D Gould and Alexander Hijzen

Front Matter Page Research Department Contents I. INTRODUCTION II. DATA A. The ANES Data for the analysis of the United States B. The EES Data for the Analysis of Europe III. EMPIRICAL STRATEGY IV. ANALYSIS OF ANES FOR THE UNITED STATES V. ANALYSIS FOR EUROPEAN COUNTRIES VI. CONCLUSION REFERENCES FIGURES 1. Trust has declined sharply in the United States 2. The 90/10 ratio of hourly earnings over time in the U.S. 3. Change in the college premium in the united states 4. Residual inequality measures int eh united states

International Monetary Fund. External Relations Dept.

would have a significant impact on Latin American growth,” the IMF concluded. Even a bigger-than-expected slowdown in the United States “would have a muted impact on LA6 growth” (see Chart 1 ). But a “disruptive adjustment of global imbalances,” although considered highly improbable, “would not only have stronger effects through trade links, but would also be expected to lead to sharply higher risk and maturity” premiums in the United States. In that case, the model forecasts a severe slowdown in Latin growth to about 2¾ percent this year and 1½ percent next (see

Miss Allison C Schrager and Mr. George A Mackenzie

. 2 United States Department of Labor (2001–02) . 3 These figures are based on quotations from WebAnnuities.com at http://www.immediateannuity.com , accessed on October 4, 2004. 4 Conceivably, annuity premiums in the United States could use race as a pricing index, since the life expectancy of African Americans is less than that of other Americans of the same age and sex. Such discrimination is illegal, although it would reduce the cost of a private annuity to members of a group whose incomes are significantly below the national average. 5 The

International Monetary Fund

potentially great social benefit from skills acquisition. B. Experience in the United States 7. In the last 60 years, the wage premium in the United States between college-educated (used here as a proxy for “skilled” workers) and high-school graduates (an “unskilled” proxy) has shifted dramatically. In the 1940s, the premium fell significantly, before recovering in the 1950s and 1960s. The premium narrowed again in the 1970s, but it subsequently has risen sharply, increasing to an unprecedented level in the late 1990s ( Figure 1 ). For heads of households, the

Mr. Martin D Kaufman, Mr. Rodolfo Luzio, and Mr. Steven V Dunaway

technologies. In the 1990s, the United States had higher income dispersion that was accompanied by stronger investment in technology and higher growth in output and productivity than the rest of the developed countries considered. The paper is organized as follows. Section II develops a simple model of wage differentiation in the context of skill-biased technological progress. After describing the theoretical framework, we consider the effect of policies that reduce the skill premium. Section III summarizes evidence on the rise in the skill premium in the United States

Natalija Novta and Evgenia Pugacheva

each other, being of opposite sign and relatively similar magnitude. This means that direct and indirect changes in between-sector inequality are not important in driving overall changes in inequality over this period. IV. Manufacturing Wage Premia To illustrate the evolution of manufacturing wage premia over time, we begin by showing the premia for Germany and the United States 9 since the 1980s ( Figure 7 ). Over this period, the manufacturing wage premium in the United States steadily declined from around 14 percent to 7 percent, while the premium in

STANLEY FISCHER

the task of international coordination. Second, there is the related issue of incentive compatibility. A beneficial regulatory framework needs to strengthen market incentives in a way that contributes to achieving the objectives of the regulations, rather than inadvertently creating perverse incentives. The issue is how to enlist market discipline in support of the objectives of prudential policy. For example, the recent introduction of risk-adjusted deposit insurance premiums in the United States reflects a recognition of the perverse incentive problems that the

Michal Andrle, Patrick Blagrave, Pedro Espaillat, Ms. Keiko Honjo, Mr. Benjamin L Hunt, Mika Kortelainen, René Lalonde, Mr. Douglas Laxton, Eleonara Mavroeidi, Mr. Dirk V Muir, Susanna Mursula, and Stephen Snudden
The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.