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Unemployment and Productivity in the Long Run; The Role of Macroeconomic Volatility

Surico, Paolo; Ricci, Luca Antonio; Benigno, Pierpaolo - International Monetary Fund (IMF) - 2010

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory … generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise …-run unemployment over the 1980s and its rise during the late 2000s. …

Persistent link: https://www.econbiz.de/10008727811

Can Higher Reserves Help Reduce Exchange Rate Volatility?

Nowak, M.; Hviding, Ketil; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2004

This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging market countries. The study employs a panel of 28 countries over the period 1986-2002. Several control variables are introduced in the regressions to account for other factors...

Persistent link: https://www.econbiz.de/10005825686

Macroeconomic Consequences of Remittances

Fullenkamp, Connel; Cosimano, Thomas F.; Gapen, Michael T. - International Monetary Fund (IMF) - 2008

Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses the two main issues of interest to policymakers with regard to remittances--how...

Persistent link: https://www.econbiz.de/10010790498