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Productivity and Product Markets in Korea: Evidence from Advanced Economies

Swiston, Andrew - 2022

This paper constructs an industry-level dataset of productivity across advanced economies, showing that Korea's labor …-level productivity gaps in Korea with respect to the global frontier, especially in market-oriented services. Using the OECD's Product … exposed to regulation. The results confirm the potential for Korea to boost overall productivity and growth through PMR …

Persistent link: https://www.econbiz.de/10015060021

Cost of Living Adjustment and Business Cycles; Disaggregated Evidence

Kandil, Magda E. - International Monetary Fund (IMF) - 2000

For a sample of US industries, nominal wage and price inflation follow aggregate price inflation closely during economic expansions. Hence, fluctuations in profit markup and real output are moderate in the face of expansionary demand shocks. During recessions, however, industrial nominal wage...

Persistent link: https://www.econbiz.de/10005599427

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

The corporate governance problem of state enterprises in former socialist economies can give rise to excessive wage claims and/or capital decumulation. This paper focuses on these problems, highlighting the dynamic links between wage behavior, the fiscal deficit, inflation and the capital stock....

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

The Inflation-Unemployment Trade-Off At Low Inflation

Ricci, Luca Antonio; Benigno, Pierpaolo - International Monetary Fund (IMF) - 2009

Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation;...

Persistent link: https://www.econbiz.de/10005825999

China Spillovers: Aggregate and Firm-Level Evidence

Copestake, Alexander - 2023

We estimate the impact of distinct types of slowdowns in China on countries and firms globally. First, we combine a … structural vector autoregression framework with a broad-based measure of domestic economic activity in China to distinguish … stronger trade links with China; and (iii) spillovers from Chinese supply shocks are stronger than spillovers from demand …

Persistent link: https://www.econbiz.de/10015059044

Quality of government and living standards : adjusting for the efficiency of public spending

Grigoli, Francesco; Ley, Eduardo - 2012

It is generally acknowledged that the government's output is difficult to define and its value is hard to measure. The practical solution, adopted by national accounts systems, is to equate output to input costs. However, several studies estimate significant inefficiencies in government...

Persistent link: https://www.econbiz.de/10009620981

Global Volatility and Forex Returns in East Asia

Kalra, Sanjay - 2008

During 2001-07, increases in mature market volatility were associated with declines in forex returns for East Asian countries, consistent with an overall ""flight to safety"" effect. Estimates from GARCH models suggest that a 5 percentage point increase in mature market equity volatility...

Persistent link: https://www.econbiz.de/10012677655

What Explains India's Real Appreciation?

Kohli, Renu; Mohapatra, Sudip - International Monetary Fund (IMF) - 2007

growth suggests Balassa-Samuelson factors at play. However, after 1990, the tradable-nontradable labor productivity gap, the …

Persistent link: https://www.econbiz.de/10005826517

Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits

Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009

This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...

Persistent link: https://www.econbiz.de/10008497609