We analyze labor market models where the law of one price does not hold-that is, models with equilibrium wage dispersion. We begin by assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the market shuts down. We then assume workers are...

Search models with posting and match-specific heterogeneity generate wage dispersion. Given K values for the match-specific variable, it is known that there are K reservation wages that could be posted, but generically never more than two actually are posted in equilibrium. What is unknown is...

Using Chilean data, we document that for resource-rich small open economies the effects of terms of trade shocks on the wage gap (between skilled and unskilled workers) depend on factor intensities in the non-tradable sector, following the model in Galiani, Heymann, and Magud (2010). For a...

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2019 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee Communique into an Executive Board agenda from November 2019 to October 2020, focusing on the next...

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Spring 2018 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next twelve months

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2018 Global Policy Agenda and the International Monetary and Financial Committee Communique into an Executive Board agenda for the next twelve months. Its main policy priorities and deliverables...

This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communique into an Executive Board agenda for the next twelve months. Its main policy priorities and related...

The thrust of the report's recommendations to strengthen the institutional framework for self-evaluation, adapt it over time to changing circumstances, and better disseminate lessons from self-evaluation are well taken. I believe, however, that there is considerable scope to address these...

The COVID 19 crisis continues to take a heavy human and economic toll. The outlook remains highly uncertain as many countries are facing the economic fallout of the pandemic. This has led to an unprecedented surge in demand for Fund support and a strain on staff resources. Against this backdrop,...