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Business and Economics > Finance: General

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Mobility, Unemployment, and Vacancies: General x
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Cover IMF Working Papers
When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies
Miss Anna R Bordon
,
Mr. Christian H Ebeke
, and
Ms. Kazuko Shirono
Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.
Keywords:
WP; fiscal policy; monetary policy; product market reform; reform; Structural reforms; employment; reform shock; monetary policy stance; output gap; OECD indicator; employment protection legislation reform; Employment rate; Labor market reforms; Commodity markets; Europe; Global
Cover IMF Working Papers
Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis
Davide Furceri
,
Ernesto Crivelli
, and
Mr. Joël Toujas-Bernate
The aim of this paper is to provide new estimates of employment-output elasticities and assess the effect of structural and macroeocnomic policies on the employment-intensity of growth. Using an unbalanced panel of 167 countries over the period 1991 - 2009, the results suggest that structural policies aimed at increasing labor and product market flexibility and reducing government size have a significant and positive impact on employment elasticities. In addition, the results also suggest that in order to maximize the positive impact on the responsiveness of employment to economic activity, structural policies have to be complemented with macroeconomic policies aimed at increasing macroeconomic stability.
Keywords:
WP; employment elasticity; employment-output elasticity; employment-GDP elasticity; employment intensity; employment; unemployment; employment elasticities; structural policies; reforms; product market policy; product market flexibility; Labor market policy; Commodity markets; Labor markets; North Africa; East Africa; Middle East; Australia and New Zealand
Cover IMF Staff Country Reports
Israel: Selected Issues Paper
International Monetary Fund
This Selected Issues Paper states that Israel’s growth performance is impressive, with real GDP growing at a faster pace than many other OECD countries. The secular Jewish population enjoys a high level of living standards, whereas most Arab and Haredi people are poor, with poverty incidence reaching 60 percent for both groups. Low employment in Arab and Haredi communities is mainly accounted for by the low employment rate of Arab women and Haredi men.
Keywords:
ISCR; CR; bank; central bank; inflation targeting; inflation; employment rate; graduation rate; OECD average; defense investment; Haredim men; bank publication; monetary policy; Employment rate; Financial sector stability; Global