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Europe > Ireland

You are looking at 1 - 10 of 33 items for :

  • Type: Journal Issue x
  • Demand and Supply of Labor: General x
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Cover Staff Discussion Notes
Green Jobs and the Future of Work for Women and Men
The transition to a sustainable and green economy requires workers to move out of carbon-intensive jobs and workers to move into green jobs. The pace and effectiveness of the transition hinge not only on climate policies but also on the skills and adaptability of workers. Evidence suggests that economies with a robust supply of STEM-educated workers and a more equal treatment of women are better placed to transition faster and at a lower cost to a green economy, even after controlling for other country characteristics, because these economies generate more green innovation and face lower bottlenecks in expanding the green workforce. Altogether, climate policies, particularly energy taxes, in these economies are associated with emission reductions that are 2 to 4 percentage points larger than in economies with a less inclusive and educated workforce. While green jobs have been growing worldwide, men currently hold close to two-thirds of these positions and women only one-third. Green jobs are associated with a 7 percent premium for men and an even higher premium of 12 percent for women, suggesting that men’s and women’s labor supply may not meet demand. These findings highlight the critical need for educational and labor policies that promote skill enhancement and gender inclusivity, to ensure a sufficient supply of workers for the green economy and that all workers can benefit from the green transition. Finally, AI could be beneficial for workers in green jobs.
Keywords:
Labor Market Transition; Climate Change; Employment; Gender Equality; gender green employment gap decomposition; employment share; green wage premium; worker occupation; women employment; green jobs workers' characteristic; Gender inequality; Women; Labor markets; Global
Cover IMF Staff Country Reports
Euro Area Policies: 2024 Annual Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries
International Monetary Fund. European Dept.
The 2024 Article IV Consultation explains that the euro area is recovering gradually, with a modest acceleration of growth projected for 2024, gathering further speed in 2025. Increasing real wages together with some drawdown of household savings are contributing to consumption, while the projected easing of financing conditions is supporting a recovery in investment. A modest pickup in growth is projected for 2024, strengthening further in 2025. This primarily reflects expected stronger consumption on the back of rising real wages and higher investment supported by easing financing conditions. Inflation is projected to return to target in the second half of 2025. The economy is confronting important new challenges, layered on existing ones. Beyond returning inflation to target and ensuring credible fiscal consolidation in high-debt countries, the euro area must urgently focus on enhancing innovation and productivity. Higher growth is essential for creating policy space to tackle the fiscal challenges of aging, the green transition, energy security, and defense.
Keywords:
EU institution; EU industrial; headline inflation; EU climate; two-sided inflation risk; Inflation; Labor markets; Fiscal consolidation; Europe; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands—the Netherlands: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
labor market slack; teaching staff; policy implication; support program; C. employment support scheme coverage; B. labor market development; efficiency frontier; education outcome; Employment; Education spending; Labor markets; COVID-19; Europe; North America; Caribbean; Global; Africa; Asia and Pacific
Cover IMF Working Papers
Guaranteed Minimum Income Schemes in Europe: Landscape and Design
Mr. David Coady
,
Samir Jahan
,
Baoping Shang
, and
Riki Matsumoto
This paper provides an overview of the design of means-tested Guaranteed Minimum Income schemes, which constitute an important component of social protection systems in European countries. It discusses how key design features differ across countries, including how countries balance the primary objective of poverty alleviation against the desire to both manage the work disincentives inherent in such programs and contain fiscal cost. The analysis finds a clear trade-off between both concerns in practice, with many countries combining low generosity with low benefit withdrawal rates (BWRs) thus prioritizing employment incentives over the primary objective of poverty alleviation. Many countries can reduce this trade off by combining higher generosity with higher BWRs. Countries with very high BWRs should consider reducing these, including through allowing income disregards and time dependent (rather than income-dependent) benefit withdrawal. The work disincentives associated with higher BWRs can also be attenuated through strengthening complementary activation policies that incentivize and support participation in the labor market.
Keywords:
work disincentive; activation policy; Labor disincentive; Guaranteed Minimum Income scheme; benefit generosity; GMI scheme; Income; Employment; Wages; Labor markets; Tax allowances; Europe
Cover IMF Working Papers
The Labor Market Integration of Migrants in Europe: New Evidence from Micro Data
Giang Ho
and
Ms. Rima A Turk
This paper presents novel empirical evidence on the labor market integration of migrants across Europe. It investigates how successfully migrants integrate in 13 European countries by applying a unified framework to analyze a rich micro dataset with over ten million individuals surveyed between 1998 and 2016. Focusing on employment outcomes, we document substantial heterogeneity in the patterns of labor market integration across host countries and by migrant gender and origin. Our results also point to the importance of cohorts and network effects, initial labor market conditions, and the differential impact of education acquired domestically and abroad in determining migrants’ subsequent employment prospects. The analysis has implications for the design of effective integration policies.
Keywords:
WP; migrant; labor market; International migration; labor market integration; employment; micro data; integration speed; language skill; employment outcome; migrant status; arrival cohort; spends time; Migration; Labor markets; Unemployment; Europe; Asia and Pacific; North America
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper estimates the cyclical position of the Irish economy. Assessing the business cycle in Ireland is complicated by the open character of its labor market and large presence of globally active multinationals. However, analysis suggests that the Irish economy is in the midst of a cyclical upswing. All methods suggest a positive output gap in 2017, while the labor market shows signs of upward wage pressures, as net immigration has been weak so far. These signs are consistent with a cyclical upswing, amid strong estimated potential output growth, and point to risks of a boom-bust cycle, should the economy continue to push the growth momentum.
Keywords:
ISCR; CR; commercial real estate; price; CRE price; labor force gap; growth labor force growth; exit tax; CRE market; Labor force; Corporate income tax; Personal income; Labor markets; Unemployment rate; Global; Europe
Cover IMF Staff Country Reports
Kingdom of the Netherlands - Netherlands: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the wage moderation in the Netherlands. Wage growth has been subdued in the Netherlands despite tighter labor market conditions in recent years. Besides various cyclical factors, rising labor market flexibility may have contributed to the wage moderation in the Netherlands. Like other advanced economies, slower productivity growth and lower expected inflation are important drivers to the wage moderation in the recent years. In addition to that, remaining slack in the labor market also weighed on wage growth. Going forward, wages are expected to grow faster given higher expected inflation, foreign wage spillovers, and tightening labor market.
Keywords:
ISCR; CR; cost; pay; Netherlands; wage growth; ETS price; cost containment toolkit; containment challenge; Phillips curve; house price; agreement law; housing supply; Housing prices; Housing; Wages; Health care; Health care spending; Global
Cover IMF Staff Country Reports
United Kingdom: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on the United Kingdom finds that the main factors behind the slowdown include weak productivity growth, labor market slack, and low inflation. Recent labor market developments in the United Kingdom appear to point to disconnect between unemployment and wages. Although the unemployment rate has fallen to a 40-year low, wage growth continues to growth at a subdued pace. The analysis in this paper suggests that this puzzle is explained by persistent weak productivity growth and well-anchored inflation expectations, as well as by greater effective labor market slack than suggested by the headline unemployment rate. Broader measures of underemployment—accounting for involuntary part-time unemployment, inactive and self-employed people seeking regular jobs—suggest that slack in the labor market was higher than implied by the unemployment rate in recent years. Persistent tightness of the labor market should prompt some firming of wage growth in the coming year, everything else equal. A mild increase in unit labor costs would help bring domestically generated inflation in line with the inflation target.
Keywords:
ISCR; CR; wage; productivity growth; labor market; wage pressure; labor market condition; wage dynamics; frontier firm; labor market slack; Wages; Labor markets; Productivity; Unemployment rate; Self-employment; Global
Cover IMF Working Papers
Job Protection Deregulation in Good and Bad Times
Mr. Romain A Duval
,
Davide Furceri
, and
João Tovar Jalles
This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly constructed “narrative” dataset of major regular job protection reforms covering 26 advanced economies over the past four decades. The analysis relies on country-sector-level data, using as an identifying assumption the fact that stringent dismissal regulations are more binding in sectors that are characterized by a higher “natural” propensity to regularly adjust their workforce. We find that the responses of sectoral employment to large job protection deregulation shocks depend crucially on the state of the economy at the time of reform——they are positive in an expansion, but become negative in a recession. These findings are consistent with theory, and are robust to a broad range of robustness checks including an Instrumental Variable approach using political economy drivers of reforms as instruments. Our results provide a case for undertaking job protection reform in good times, or for designing it in ways that enhance its short-term impact.
Keywords:
WP; business cycle; EPL reform; differential employment effect; labour market; layoff rate; Structural Reforms; Labor Market; Deregulation; Employment Protection; Growth; Employment; severance pay; Business cycles; Labor market frictions; Southern Europe
Cover IMF Working Papers
Is Capping Executive Bonuses Useful?
Kentaro Asai
This paper develops a theoretical framework to study the impact of bonus caps on banks’ risk taking. In the model, labor market price adjustments can offset the direct effects of bonus caps. The calibrated model suggests that bonus caps are only effective when bank executives’ mobility is restricted. It also suggests, irrespective of the degree of labor market mobility, bonus caps simultaneously reduce risk shifting by bank executives (too much risk taking because of limited liability), but aggravate underinvestment (bank executives foregoing risky but productive projects). Hence, the welfare effects of bonus caps critically depend on initial conditions, including the relative importance of risk shifting versus underinvestment.
Keywords:
WP; labor market; executive compensation; risk taking; risk shifting; underinvestment; asset return volatility; payoff schedule; market portfolio; base pay; composite index; incentive contract; schedule of shareholder; Bonuses; Labor markets; Labor mobility; Commercial banks; Asia and Pacific; Europe