06356oam 22014294 450 991082560090332120240402045639.01-4755-1251-11-4755-1249-X1-283-86663-31-4755-7277-8(CKB)2550000000709398(EBL)1607011(SSID)ssj0000949444(PQKBManifestationID)11598654(PQKBTitleCode)TC0000949444(PQKBWorkID)10997860(PQKB)10895788(MiAaPQ)EBC1607011(Au-PeEL)EBL1607011(CaPaEBR)ebr10635334(CaONFJC)MIL417913(OCoLC)870245031(IMF)WPIEE2012237(IMF)WPIEA2012237(EXLCZ)99255000000070939820020129d2012 uf 0engur|n|---|||||txtccrEmerging Market Business Cycles : The Role of Labor Market Frictions /Emine Boz, Ceyhun Bora Durdu, Nan Li1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (52 p.)IMF Working PapersIMF working paper ;WP/12/237Description based upon print version of record.1-4755-1120-5 Includes bibliographical references.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 EmploymentTable 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 EmploymentEmerging 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.IMF Working Papers; Working Paper ;No. 2012/237Business cyclesBusiness forecastingLaborimfMacroeconomicsimfProduction and Operations ManagementimfOpen Economy MacroeconomicsimfEconomic Growth of Open EconomiesimfEmploymentimfUnemploymentimfWagesimfIntergenerational Income DistributionimfAggregate Human CapitalimfAggregate Labor ProductivityimfFinancial Markets and the MacroeconomyimfDemand and Supply of Labor: GeneralimfWages, Compensation, and Labor Costs: GeneralimfUnemployment: Models, Duration, Incidence, and Job SearchimfMacroeconomics: ConsumptionimfSavingimfWealthimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfLabourimfincome economicsimfLabor marketsimfConsumptionimfTotal factor productivityimfNational accountsimfLabor marketimfEconomicsimfIndustrial productivityimfMexicoimfBusiness cycles.Business forecasting.LaborMacroeconomicsProduction and Operations ManagementOpen Economy MacroeconomicsEconomic Growth of Open EconomiesEmploymentUnemploymentWagesIntergenerational Income DistributionAggregate Human CapitalAggregate Labor ProductivityFinancial Markets and the MacroeconomyDemand and Supply of Labor: GeneralWages, Compensation, and Labor Costs: GeneralUnemployment: Models, Duration, Incidence, and Job SearchMacroeconomics: ConsumptionSavingWealthProductionCostCapital and Total Factor ProductivityCapacityLabourincome economicsLabor marketsConsumptionTotal factor productivityNational accountsLabor marketEconomicsIndustrial productivity332.1;332.152Boz Emine1631768Durdu Ceyhun Bora1169974Li Nan1202682International Monetary Fund.DcWaIMFBOOK9910825600903321Emerging Market Business Cycles4007873UNINA