{"title":"The Elusive Gains from Nationally-Oriented Monetary Policy","authors":"G. Corsetti, Martin Bodenstein, L. Guerrieri","doi":"10.17016/ifdp.2020.1271","DOIUrl":"https://doi.org/10.17016/ifdp.2020.1271","url":null,"abstract":"The consensus in the recent literature is that the gains from international monetary cooperation are negligible, and so are the costs of a breakdown in cooperation. However, when assessed conditionally on empirically-relevant dynamic developments of the economy, the welfare cost of moving away from regimes of explicit or implicit cooperation may rise to multiple times the cost of economic fluctuations. In economies with incomplete markets, the incentives to act non-cooperatively are driven by the emergence of global imbalances, i.e., large net-foreign-asset positions; and, in economies with complete markets, by divergent real wages.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89542789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Worker Diversity and Wage Growth Since 1940","authors":"M. Peake, G. Vandenbroucke","doi":"10.20955/r.102.1-18","DOIUrl":"https://doi.org/10.20955/r.102.1-18","url":null,"abstract":"Since 1940 the average worker has become older, more educated, more likely to be a woman, less likely to be White, and slightly less likely to be single. How has this evolution of the average worker affected wage growth, that is, the wage of the average worker? We conduct two sets of experiments: First, we decompose wage growth between a “growth effect” and a “distribution effect.” The former measures the effect of a change in the wage function, associating wages with worker types; the latter measures the effect of the changing distribution of worker types. Both effects contribute significantly to wage growth. Second, we evaluate the contribution of changing marginal distributions of these worker types one at a time: Aging and education enhanced wage growth, while the increased participation of women and non-White workers deterred wage growth—the latter effect being a direct implication of gender and racial wage gaps.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80749440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Going Back to School Takes Time: Evidence from a Negative Trade Shock","authors":"Jean‐Denis Garon, C. Haeck, Simon Bourassa-Viau","doi":"10.2139/ssrn.3538007","DOIUrl":"https://doi.org/10.2139/ssrn.3538007","url":null,"abstract":"We estimate the impact of a negative trade shock on labour market outcomes and educational choices of workers. We exploit the Canadian lumber exports crisis beginning in 2007 in a quasi-experimental design. We find that the employment probability of forestry industry workers decreased by 4.1 percentage points following the crisis relative to other workers in comparable industries. While one would expect younger forestry workers to return to school in such cir-cumstances, we find that in the first two years following the crisis, unemployed workers did not go back to school. But going back to school takes time, and after 3 to 4 years, we find that education enrollment increases by 2.5 percentage points (p=0.083). This confirms the idea that adjustments towards an increase in education enrollment are gradual, as it is easier to drop out than to enroll. In time of crisis, facilitating a return to education might be a valuable policy intervention.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"70 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84105380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Growth, Automation and the Long Run Share of Labor","authors":"Debraj Ray, Dilip Mookherjee","doi":"10.3386/w26658","DOIUrl":"https://doi.org/10.3386/w26658","url":null,"abstract":"Abstract We study the long run implications of workplace automation induced by capital accumulation. We describe a minimal set of sufficient conditions for sustained growth, along with a declining labor share of income in the long run: (i) a basic asymmetry between physical and human capital; (ii) the technical possibility of automation in each sector; (ii) a self-replication condition on the production function for robot services; (iv) asymptotic homotheticity (more generally neutrality) of demand, and (v) a minimal degree of patience or intergenerational altruism among a fraction of households. However, the displacement of human labor is gradual, and absolute real wages could rise indefinitely. The results obtain in the absence of any technical progress; they extend to endogenous technical progress even if such progress is not biased ex ante in favor of automation.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"443 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76477910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
求助内容：
应助结果提醒方式：