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Record Nr. |
UNINA9910825600903321 |
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Autore |
Boz Emine |
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Titolo |
Emerging Market Business Cycles : : The Role of Labor Market Frictions / / Emine Boz, Ceyhun Bora Durdu, Nan Li |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-1251-1 |
1-4755-1249-X |
1-283-86663-3 |
1-4755-7277-8 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (52 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/12/237 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Business cycles |
Business forecasting |
Labor |
Macroeconomics |
Production and Operations Management |
Open Economy Macroeconomics |
Economic Growth of Open Economies |
Employment |
Unemployment |
Wages |
Intergenerational Income Distribution |
Aggregate Human Capital |
Aggregate Labor Productivity |
Financial Markets and the Macroeconomy |
Demand and Supply of Labor: General |
Wages, Compensation, and Labor Costs: General |
Unemployment: Models, Duration, Incidence, and Job Search |
Macroeconomics: Consumption |
Saving |
Wealth |
Production |
Cost |
Capital and Total Factor Productivity |
Capacity |
Labour |
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income economics |
Labor markets |
Consumption |
Total factor productivity |
National accounts |
Labor market |
Economics |
Industrial productivity |
Mexico |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; 1 Introduction; 2 Empirical Evidence on Emerging Economy Labor Markets; 3 A Small Open Economy Model with Search-Matching Frictions; 4 Quantitative Analysis; 4.1 Calibration; 4.2 Solution: Nonlinear Methods; 4.3 The Model Dynamics; 4.4 Main Findings; Canonical SOE-RBC; Search-Matching Model; 4.5 Sensitivity Analysis; 5 Matching efficiency shocks; 6 Conclusion; References; References; Appendixes; A: Data Appendix; B: TFP computation; C: Decentralized Economy; D: Canonical SOE-RBC; Tables; Table 1: Real earnings; Table 2: Unemployment Rate and Employment |
Table 3: Hours worked: Manufacturing and AggregateTable 4: Calibrated Parameters; Table 5: Business Cycle Moments; Table 6: Sensitivity Analysis; Table 7: Matching Efficiency Shocks; Figures; Figure 2: Limiting Distributions of Endogenous State Variables; Figure 3: Impulse Response Functions: Main Macroeconomic Variables; Figure 4: Impulse Response Functions: Labor Market Variables; Figure 1: Sectoral Decomposition of Employment |
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Sommario/riassunto |
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Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical interest rate shocks can jointly account for these regularities. In the face of countercyclical interest rate shocks, search-matching frictions increase future employment uncertainty, improving workers’ incentive to save and generating a greater response of consumption and the current account. Higher consumption response in turn feeds into larger fluctuations in the workers’ bargaining power while the interest rates shocks lead to variations in the firms’ willingness to hire; both of which contribute to a highly variable real wage. |
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