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Business and Economics > Production and Operations Management

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Labor Turnover; Vacancies; Layoffs x
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Cover IMF Working Papers
Labor Market Adjustments to Shocks in Australia
Mr. Adil Mohommad
Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.
Keywords:
WP; labor market; IMF staff calculation; labor market slack; equilibrium unemployment value; IMF staff estimate; labor market dynamics; economic flexibility; labor productivity growth; growth in services sectors; labour productivity gap; Employment; Labor markets; Unemployment; Labor productivity; Global
Cover IMF Working Papers
Macroeconomics of Migration in New Member States
Mr. Rudolfs Bems
and
Mr. Philip Schellekens
This paper examines the macroeconomic impact of migration on income convergence in the EU's New Member States (NMS). The paper focuses on cross-border mobility of labor and examines the implications for policymakers with the help of a general equilibrium model. It finds that cross-border labor mobility provides ample benefits in terms of faster and smoother convergence. Challenges, however, include containing wage pressures and better mobilizing and utilizing resident labor that does not cross borders.
Keywords:
WP; labor market
Cover IMF Working Papers
Job-Specific Investment and the Cost of Dismissal Restrictions: The Case of Portugal
Mr. H. Takizawa
Using a search and matching labor market equilibrium model, this paper quantifies lost labor productivity and consumption per worker that emerges from the restrictions on dismissals. Dismissal restrictions hamper the efficient reallocation of workers, with workers remaining longer in jobs. But the restrictions also tend to induce job-specific investments. A calibration exercise applied to Portugal suggests that the restrictions on dismissal slow the pace of worker reallocation and cause substantial losses of labor productivity and consumption. Although lower worker mobility induces job-specific investment that offsets part of the labor productivity and consumption losses, the size of this offsetting effect is, at most, modest.
Keywords:
WP; unemployment rate; labor market; job-worker match; Dismissal restrictions; worker mobility; job-specific investment; welfare; dismissal restriction; dismissal penalty; worker reallocation process; job-seeking worker; worker flow; Productivity; Labor productivity; Unemployment; Wages
Cover IMF Working Papers
Labor Market Institutions and Unemployment Dynamics in Transition Economies
Mr. Pietro Garibaldi
and
Ms. Zuzana Brixiova
This paper studies interactions between labor market institutions and unemployment dynamics in transition economies. It presents a dynamic matching model in which state sector firms endogenously shed labor and private job creation takes time. Two main conclusions arises. First, higher unemployment benefits increase steady-state unemployment, and, during the transition, they reduce the fall in real wages and speed up closure of state enterprises. Second, higher minimum wages can theoretically speed up the elimination of state sector jobs without affecting steady-state unemployment. These results are broadly consistent with existing evidence on the dynamics of unemployment and real wages in transition economies.
Keywords:
WP; private sector; minimum wage; labor market; Unemployment; Transition Economies; Matching Models; state sector job; job-worker pair; replacement ratio; CEE economy; capital gain; private sector job; unemployment insurance system; reservation productivity; wage arrears; opportunity cost; private sector employment; sector job; Public sector; Minimum wages; Unemployment benefits; Productivity; Central and Eastern Europe