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Adjustment Policies, Poverty, and Unemployment: The IMMPA by Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp PDF

By Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen

Pierre-Richard Agenor's pioneering paintings on built-in Macroeconomics types for Poverty research (IMMPA) is cataloged for the 1st time during this must-read volume.A type of dynamic computable common equilibrium types, IMMPA versions are designed to research the impression of adjustment guidelines on unemployment and poverty within the constructing international. together with either papers initially circulated in the course of the global financial institution, in addition to new fabric that locations this crucial paintings in its better context, Adjustment guidelines, Poverty, and Unemployment info the heritage and makes use of of those types thus far, in addition to pointing to destiny advancements for his or her usage.

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Similarly, increasing collective autonomy may increase flexibility if it facilitates direct negotiations and helps the parties to internalize the costs and benefits of their negotiations. With intermediate centralization, neither internalization effects nor competitive forces are sufficiently strong to restrain unions’ incentives to demand higher wages. However, a higher degree of centralization may not always reduce wage pressures. Cukierman and Lippi (1999), in particular, argued that an increase in the degree of centralization of wage bargaining (as measured by a fall in the number of trade unions in the economy) triggers two opposite effects on real wages.

By introducing unemployment in the effort function, a feedback effect is also introduced in the behavior of wages: an increase in unemployment would tend to lower wages. Thus, in contrast to the Phillips curve, efficiency-wage models explain a relationship between the level of real wages and unemployment, as opposed to a relationship between the growth rate of wages and unemployment. Quits, Turnover Costs, and Wages An alternative model of efficiency wages emphasizes the impact of quits and turnover costs on wages.

17) In addition to normal labor costs, firms incur a total cost of cqS in hiring and training new skilled workers, where q ∈ (0, 1) is the quit rate, and c > 0 the cost incurred in recruiting and training each worker. Suppose that the quit rate takes the form 1 q= , δ > 0, (18) 1 + δwS / where is an alternative (or reservation) wage. This specification implies that qω < 0 and qωω > 0, where ω = wS / is the wage ratio. As shown by Agénor and Aizenman (1996), specification (18) can be derived from fairly general conditions.

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