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Business and Economics > Production and Operations Management

You are looking at 1 - 5 of 5 items for :

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Cover IMF Working Papers
Macroeconomic Uncertainty and Capital-Skill Complementarity
Anna Belianska
I examine the impact of macroeconomic uncertainty on labor market outcomes for skilled and unskilled workers and propose a new channel to improve our understanding of the underlying propagation mechanisms. I find that uncertainty shocks are recessionary with the unskilled experiencing a steeper fall in employment. To rationalize these findings, I build a New Keynesian DSGE model with skill heterogeneity and wage rigidities, which, coupled with precautionary labor supply, significantly amplify contractionary effects of uncertainty on the real economy.
Keywords:
Stochastic volatility; Capital-skill complementarity; Relative wages; Skill premium.; uncertainty shock; SVAR impulse response; SVAR methodology; A. solution method; A. Detrending method; Wages; Skilled labor; Labor supply; Employment; Europe
Cover Selected Issues Papers
Structural Transitions to Electric Vehicle Production: Czech Republic
Stephen Ayerst
and
Neree C.G.M. Noumon
Sustaining the impressive convergence gains allowed by the Czech automotive sector has become challenging due to its comparatively lower value added, lower investments in research and development, and lower skills in the labor market. Using a structural model of global value chains, the paper examines policies to smooth the transition to the production of electric vehicles in Czechia. The analysis explores the impacts of increasing labor productivity, boosting production capabilities, and moving up the global value chain. These policies were found to have a relatively lower impact when they shift specialization towards lower value-added stages of production.
Keywords:
Automotive industry; Czech Republic; Convergence; Electric vehicles; Global value chains; Labor productivity; Structural Policy; electric vehicle production; production capability; model illustration; Czechia economy; Policy recommendation; Employment; Skilled labor; Global
Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines—through the lenses of a structural model of global value chains—policies that could smooth the transition to the production of electric vehicles in Czechia economy context. In particular, the paper analyzes the impacts of a broad set of policies related to increasing labor productivity, boosting production capabilities in the current set of specialties, and moving up the global value chain. Czechia automotive sector’s value-added share and skill intensity are comparatively lower in the regional context. IMF analysis investigates the potential impact of a transition to electric vehicles in Europe, through a combination of data and modeling techniques. The paper also introduces a stylized structural model of automotive global value chains that includes distinct production of electric and combustion vehicles. The model describes the inter-connectedness of trade and imbeds domestic capability features, including specialization along the global value chain. The model is also calibrated to capture key features of Czechia and Germany’s positions in global value chains, as well as key differences between electric and combustion vehicle production.
Keywords:
electric vehicle production in Czechia; model illustration; Czechia economy; I. model description; consumers from Czechia; Global value chains; Labor productivity; Employment; Skilled labor; Global
Cover IMF Working Papers
Leadership Contestability, Monopolistic Rents and Growth
Mr. Roberto Piazza
I construct an endogenous growth model where R&D is carried out at the industry level in a game of innovation between leaders and followers. Innovation costs for followers are assumed to increase with the technological lag from leaders. We obtain three results that contrast with standard Schumpeterian models, such as Aghion and Howitt (1992). First, leaders may innovate in equilibrium, in an attempt to force followers out of the innovation game. Second, policies (such as patents) that allow for strong protections of monopolies can reduce the steady state growth rate of the economy. Third, multiple equilibria arise when monopolies' protection is large.
Keywords:
WP
Cover IMF Working Papers
Modeling the Macroeconomic Impact of HIV/AIDS
Mr. Markus Haacker
The paper addresses the impact of HIV/AIDS on per capita output and income, with particular emphasis on the role of labor mobility between the formal and informal sectors, and the impact of the epidemic on investment decisions. The study finds that HIV/AIDS affects both the supply of labor and the demand for labor in the formal sector. Only if there is a significant rise in the capital-labor ratio, will there be an increase in formal sector employment. However, this is associated with a decline in the rate of return to capital. To the extent that companies respond to this by reducing investment, conventional models underestimate the adverse impact on employment, per capita output, and income. The analysis of the impact of HIV/AIDS on output is complemented by an assessment of the impact on income.
Keywords:
WP; dual economy; Economic Growth; Capital Mobility; HIV/AIDS; Africa; dual-economy model; savings rate; dual economy setting; closed-economy model; HIV and AIDS; Personal income; Unskilled labor; Capital productivity; Unemployment; Sub-Saharan Africa