LEADER 06356oam 22014294 450 001 9910825600903321 005 20240402045639.0 010 $a1-4755-1251-1 010 $a1-4755-1249-X 010 $a1-283-86663-3 010 $a1-4755-7277-8 035 $a(CKB)2550000000709398 035 $a(EBL)1607011 035 $a(SSID)ssj0000949444 035 $a(PQKBManifestationID)11598654 035 $a(PQKBTitleCode)TC0000949444 035 $a(PQKBWorkID)10997860 035 $a(PQKB)10895788 035 $a(Au-PeEL)EBL1607011 035 $a(CaPaEBR)ebr10635334 035 $a(CaONFJC)MIL417913 035 $a(OCoLC)870245031 035 $a(IMF)WPIEE2012237 035 $a(IMF)WPIEA2012237 035 $a(MiAaPQ)EBC1607011 035 $a(EXLCZ)992550000000709398 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEmerging Market Business Cycles : $eThe Role of Labor Market Frictions /$fEmine Boz, Ceyhun Bora Durdu, Nan Li 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (52 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/237 300 $aDescription based upon print version of record. 311 $a1-4755-1120-5 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $aTable 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 330 3 $aEmerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical interest rate shocks can jointly account for these regularities. In the face of countercyclical interest rate shocks, search-matching frictions increase future employment uncertainty, improving workers? incentive to save and generating a greater response of consumption and the current account. Higher consumption response in turn feeds into larger fluctuations in the workers? bargaining power while the interest rates shocks lead to variations in the firms? willingness to hire; both of which contribute to a highly variable real wage. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/237 606 $aBusiness cycles 606 $aBusiness forecasting 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aProduction and Operations Management$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aEconomic Growth of Open Economies$2imf 606 $aEmployment$2imf 606 $aUnemployment$2imf 606 $aWages$2imf 606 $aIntergenerational Income Distribution$2imf 606 $aAggregate Human Capital$2imf 606 $aAggregate Labor Productivity$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aDemand and Supply of Labor: General$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aUnemployment: Models, Duration, Incidence, and Job Search$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aProduction$2imf 606 $aCost$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCapacity$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aLabor markets$2imf 606 $aConsumption$2imf 606 $aTotal factor productivity$2imf 606 $aNational accounts$2imf 606 $aLabor market$2imf 606 $aEconomics$2imf 606 $aIndustrial productivity$2imf 607 $aMexico$2imf 615 0$aBusiness cycles. 615 0$aBusiness forecasting. 615 7$aLabor 615 7$aMacroeconomics 615 7$aProduction and Operations Management 615 7$aOpen Economy Macroeconomics 615 7$aEconomic Growth of Open Economies 615 7$aEmployment 615 7$aUnemployment 615 7$aWages 615 7$aIntergenerational Income Distribution 615 7$aAggregate Human Capital 615 7$aAggregate Labor Productivity 615 7$aFinancial Markets and the Macroeconomy 615 7$aDemand and Supply of Labor: General 615 7$aWages, Compensation, and Labor Costs: General 615 7$aUnemployment: Models, Duration, Incidence, and Job Search 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aProduction 615 7$aCost 615 7$aCapital and Total Factor Productivity 615 7$aCapacity 615 7$aLabour 615 7$aincome economics 615 7$aLabor markets 615 7$aConsumption 615 7$aTotal factor productivity 615 7$aNational accounts 615 7$aLabor market 615 7$aEconomics 615 7$aIndustrial productivity 676 $a332.1;332.152 700 $aBoz$b Emine$01631768 701 $aDurdu$b Ceyhun Bora$01169974 701 $aLi$b Nan$01202682 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910825600903321 996 $aEmerging Market Business Cycles$94007873 997 $aUNINA