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Coping with Spain's Aging; Retirement Rules and Incentives

Hoffmaister, Alexander W.; Catalán, Mario; Guajardo, Jaime - International Monetary Fund (IMF) - 2007

This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under...

Persistent link: https://www.econbiz.de/10005769092

The Wage-Price Spiral; Industrial Country Evidence and Implications

Kandil, Magda E. - International Monetary Fund (IMF) - 2003

Using quarterly time-series data for a sample of twelve industrial countries, the paper investigates the dynamics of nominal wage and price adjustments in the face of aggregate demand shocks. The evidence illustrates patterns of the wage-price spiral and accompanying fluctuations. During...

Persistent link: https://www.econbiz.de/10005599403

Centralized Bargaining, Efficiency Wages, and Flexibility

Ramaswamy, Ramana; Rowthorn, Bob - International Monetary Fund (IMF) - 1993

The main focus of the “wage bargaining” literature has been on the factors promoting real wage flexibility at the macro level. This paper, in contrast, examines the microeconomic issues of wage bargaining. More specifically, this paper appraises the following questions: (a) what are the...

Persistent link: https://www.econbiz.de/10005599701

Wage Gaps and Development; Lessons From U.S. History

Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2007

During the course of development, wages and labor productivity are much higher in the nonfarm sectors of the economy … institution that contributes to differences in wages and labor productivity. Income from farm ownership compensates farm workers … for the relatively low labor productivity and wages earned in agriculture. Farm ownership, along with the higher cost of …

Persistent link: https://www.econbiz.de/10005599726

A Simple Monetary Model of a Shortage Economy

Lin, Shoukang - International Monetary Fund (IMF) - 1992

During the transition from a centrally planned economy to a market economy, many countries seem to have experienced some degree of macroeconomic instability. This paper attempts to provide a theoretical explanation of this phenomenon. The paper develops a simple monetary model and shows how...

Persistent link: https://www.econbiz.de/10005605137

Wage Claims, Incomes Policy, and the Path of Output and Inflation in a Formerly Centrally Planned Economy

Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 1992

degree of wage indexation is effective in lowering inflation if nominal wages do not provide, on average, full protection …

Persistent link: https://www.econbiz.de/10005605209

The Distributional Consequences of Real Exchange Rate Adjustment

Klyuev, Vladimir - International Monetary Fund (IMF) - 2003

The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less...

Persistent link: https://www.econbiz.de/10005248306

The Impact of Introducing a Minimum Wageon Business Cycle Volatility; A Structural Analysis for Hong Kong SAR

International Monetary Fund (IMF); International … - 2008

affecting 20 percent of employees would amplify output volatility by 0.2 percent to 9.2 percent, and employment volatility by ?1 …

Persistent link: https://www.econbiz.de/10005263930

Global Aging and Declining World Interest Rates; Macroeconomic Insurance Through Pension Reform in Cyprus

Hoffmaister, Alexander W.; Guajardo, Jaime; Catalán, Mario - International Monetary Fund (IMF) - 2008

) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages … be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the … wages to prices, provide substantial macro-insurance and shock absorption benefits. …

Persistent link: https://www.econbiz.de/10005263971

Can the Release of a Monetary Overhang Trigger Hyperinflation?

Osband, Kent; Lin, Shoukang - International Monetary Fund (IMF) - 1992

It is widely feared that, once prices are decontrolled in the formerly centrally–planned economies, households’ release of previously accumulated money will trigger a hyperinflation. This paper finds, instead, that whether a country’s fiscal, monetary, and labor market policies are...

Persistent link: https://www.econbiz.de/10005264162