Cross-Cutting Themes in Employment Experiences during the Crisis

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Cross-Cutting Themes in Employment Experiences during the Crisis by Athanasios Mr. Vamvakidis, Francis Vitek, Mwanza Mrs. Nkusu, Reginald Mr. Darius, Alun Mr. Thomas, Edouard Vidon, INTERNATIONAL MONETARY FUND
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Author: Athanasios Mr. Vamvakidis, Francis Vitek, Mwanza Mrs. Nkusu, Reginald Mr. Darius, Alun Mr. Thomas, Edouard Vidon ISBN: 9781455239115
Publisher: INTERNATIONAL MONETARY FUND Publication: November 11, 2010
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Athanasios Mr. Vamvakidis, Francis Vitek, Mwanza Mrs. Nkusu, Reginald Mr. Darius, Alun Mr. Thomas, Edouard Vidon
ISBN: 9781455239115
Publisher: INTERNATIONAL MONETARY FUND
Publication: November 11, 2010
Imprint: INTERNATIONAL MONETARY FUND
Language: English

The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce such costs and improve labor markets. This paper analyzes the recent employment experiences of six economies: Germany, Korea, Mexico, New Zealand, Spain, and Sweden. These economies represent a wide range of labor market institutions, policy responses, and outcomes to the crisis. The divergence of labor market outcomes and of the effectiveness of policies during the crisis can be explained by the interaction between the nature of the shocks and differences in the structure and institutions of each country’s economy. The worst job losses compared to the drop in output followed permanent shocks, particularly in dual labor markets and in the presence of wage rigidities. Policies to avoid job cuts were much more effective when they were well-targeted and responded to temporary shocks. In contrast, policies to facilitate labor movements were more appropriate following permanent shocks.

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The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce such costs and improve labor markets. This paper analyzes the recent employment experiences of six economies: Germany, Korea, Mexico, New Zealand, Spain, and Sweden. These economies represent a wide range of labor market institutions, policy responses, and outcomes to the crisis. The divergence of labor market outcomes and of the effectiveness of policies during the crisis can be explained by the interaction between the nature of the shocks and differences in the structure and institutions of each country’s economy. The worst job losses compared to the drop in output followed permanent shocks, particularly in dual labor markets and in the presence of wage rigidities. Policies to avoid job cuts were much more effective when they were well-targeted and responded to temporary shocks. In contrast, policies to facilitate labor movements were more appropriate following permanent shocks.

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