Emerging market business cycles :: labor market frictions /
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 interes...
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Series: | IMF working paper ;
WP/12/237. |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | 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. |
| Item Description: | Title from PDF title page (IMF Web site, viewed Oct. 4, 2012). "Research Department." "October 2012." |
| Physical Description: | 1 online resource (51 pages) |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 9781475512496 147551249X |
Staff View
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| 500 | |a Title from PDF title page (IMF Web site, viewed Oct. 4, 2012). | ||
| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Research Department." | ||
| 500 | |a "October 2012." | ||
| 505 | 0 | |a 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. | |
| 505 | 8 | |a 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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| author | Boz, Emine |
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| contents | 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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| series2 | IMF working paper ; |
| spelling | Boz, Emine. https://id.oclc.org/worldcat/entity/E39PCjrdXvWJQKygVgDQKpphgX http://id.loc.gov/authorities/names/no2007130830 Emerging market business cycles : labor market frictions / prepared by Emine Boz, C. Bora Durdu, and Nan Li. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (51 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/237 Title from PDF title page (IMF Web site, viewed Oct. 4, 2012). 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. Includes bibliographical references. "Research Department." "October 2012." 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. Business cycles Developing countries Econometric models. Labor market Developing countries Econometric models. BUSINESS & ECONOMICS Economics Microeconomics. bisacsh Business cycles Econometric models fast Labor market Econometric models fast Developing countries fast Bora Durdu, C. https://id.oclc.org/worldcat/entity/E39PCjyqXwrVP93Cw7QMqpfhh3 http://id.loc.gov/authorities/names/no2012131805 Li, Nan. International Monetary Fund. Research Department. https://id.oclc.org/worldcat/entity/E39QQPVp7R7HjpkPTgGkPKT43F http://id.loc.gov/authorities/names/n77001219 has work: Emerging market business cycles (Text) https://id.oclc.org/worldcat/entity/E39PCG44fpgFWjQh9TyjCYC9cP https://id.oclc.org/worldcat/ontology/hasWork Print version: Boz, Emine. Emerging Market Business Cycles: The Role of Labor Market Frictions. Washington : International Monetary Fund, ©2012 9781475511208 IMF working paper ; WP/12/237. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Boz, Emine Emerging market business cycles : labor market frictions / IMF working paper ; 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. Business cycles Developing countries Econometric models. Labor market Developing countries Econometric models. BUSINESS & ECONOMICS Economics Microeconomics. bisacsh Business cycles Econometric models fast Labor market Econometric models fast |
| title | Emerging market business cycles : labor market frictions / |
| title_auth | Emerging market business cycles : labor market frictions / |
| title_exact_search | Emerging market business cycles : labor market frictions / |
| title_full | Emerging market business cycles : labor market frictions / prepared by Emine Boz, C. Bora Durdu, and Nan Li. |
| title_fullStr | Emerging market business cycles : labor market frictions / prepared by Emine Boz, C. Bora Durdu, and Nan Li. |
| title_full_unstemmed | Emerging market business cycles : labor market frictions / prepared by Emine Boz, C. Bora Durdu, and Nan Li. |
| title_short | Emerging market business cycles : |
| title_sort | emerging market business cycles labor market frictions |
| title_sub | labor market frictions / |
| topic | Business cycles Developing countries Econometric models. Labor market Developing countries Econometric models. BUSINESS & ECONOMICS Economics Microeconomics. bisacsh Business cycles Econometric models fast Labor market Econometric models fast |
| topic_facet | Business cycles Developing countries Econometric models. Labor market Developing countries Econometric models. BUSINESS & ECONOMICS Economics Microeconomics. Business cycles Econometric models Labor market Econometric models Developing countries |
| work_keys_str_mv | AT bozemine emergingmarketbusinesscycleslabormarketfrictions AT boradurduc emergingmarketbusinesscycleslabormarketfrictions AT linan emergingmarketbusinesscycleslabormarketfrictions AT internationalmonetaryfundresearchdepartment emergingmarketbusinesscycleslabormarketfrictions |