06409oam 22014054 450 991095517050332120250426110049.0978661284067897814623467211462346723978145275009514527500929781282840676128284067397814518697361451869738(CKB)3170000000055016(EBL)1607855(SSID)ssj0000944153(PQKBManifestationID)11597309(PQKBTitleCode)TC0000944153(PQKBWorkID)10982385(PQKB)11544877(OCoLC)815736068(MiAaPQ)EBC1607855(IMF)WPIEE2008113(IMF)WPIEA2008113WPIEA2008113(EXLCZ)99317000000005501620020129d2008 uf 0engur|n|---|||||txtccrInternational Spillover of Labor Market Reforms /Mai Dao1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (37 p.)IMF Working PapersIMF working paper ;WP/08/113Description based upon print version of record.9781451914276 145191427X Includes bibliographical references.Contents; I. Introduction; II. Model; A. Overview of Main Building Blocks; B. Final Goods Firms (F-firms); C. Intermediate Goods Firms (I-firms); D. Households; E. Government; F. Unions and Wage Bargaining; G. Definition of Equilibrium; III. Solution method and calibration; IV. Policy simulation; A. Lower average tax rate; Tables; 1. Calibration of the Benchmark Model; B. What is the Role of Labor Unions?; C. How Does Openness Affect Reform Outcome?; D. Other Labor Market Reforms; 2: Long Term Effects of Policy Reforms, Percentage Deviation from Pre-reformE. Relaxing the Perfect Financial Market AssumptionV. Nominal rigidities and monetary policy; VI. Conclusion; Figures; 1. Dynamic Responses of Domestic and Foreign Variables Following a Cut in Average Tax by 3 %, time in quarters; 2a. Comparison of Response to 3 % Tax Cut Under Unionized and Competitive Labor Market - output and absorption; 2b. Comparison of Response to 3 % Tax Cut Under Unionized and Competitive Labor Market - employment, wages and international trade3. Response of Domestic and Foreign Variables to an Average Tax Cut of 3% in Country 1, Under Benchmark and Completely Closed Economies4. Responses of Domestic and Foreign Variables to an Average Tax Cut of 3% in Country 1, Under Benchmark and Incomplete Financial Markets; 5. Responses of Domestic and Foreign Variables to an Average Tax Cut of 3% in Country 1, Under Benchmark and Sticky Prices cum Monetary Union; References; AppendixThis paper uses a dynamic economy model, with unionized labor markets, to analyze the effects of labor market reforms, similar to those recently introduced in Germany, on the domestic and trading partner economies. The model is calibrated on Germany and the rest of the Euro area. The results indicate that German labor market reforms have positive spillover effects on the rest of the Euro area, which operate through the channel of trade, relative price adjustment, and financial market integration. Compared to a competitive labor market, setting, unionization dampens the positive response of the domestic economy and magnifies the spillover effects.IMF Working Papers; Working Paper ;No. 2008/113Labor marketEconometric modelsLabor marketGermanyEconometric modelsLabor unionsEconometric modelsLabor unionsGermanyEconometric modelsInternational tradeEconometric modelsAggregate Human CapitalimfAggregate Labor ProductivityimfConsumptionimfDemand and Supply of Labor: GeneralimfEconomic policyimfEconomic theoryimfEconomicsimfEmpirical Studies of TradeimfEmploymentimfExports and ImportsimfIncome economicsimfIntergenerational Income DistributionimfInternational economicsimfLabor marketimfLabor marketsimfLaborimfLabourimfMacroeconomicsimfMacroeconomics: ConsumptionimfNternational cooperationimfSavingimfTerms of tradeimfUnemploymentimfWagesimfWages, Compensation, and Labor Costs: GeneralimfWealthimfGermanyimfLabor marketEconometric models.Labor marketEconometric models.Labor unionsEconometric models.Labor unionsEconometric models.International tradeEconometric models.Aggregate Human CapitalAggregate Labor ProductivityConsumptionDemand and Supply of Labor: GeneralEconomic policyEconomic theoryEconomicsEmpirical Studies of TradeEmploymentExports and ImportsIncome economicsIntergenerational Income DistributionInternational economicsLabor marketLabor marketsLaborLabourMacroeconomicsMacroeconomics: ConsumptionNternational cooperationSavingTerms of tradeUnemploymentWagesWages, Compensation, and Labor Costs: GeneralWealth331.12Dao Mai1816389DcWaIMFBOOK9910955170503321International Spillover of Labor Market Reforms4372429UNINA