By Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen
Pierre-Richard Agenor's pioneering paintings on built-in Macroeconomics versions for Poverty research (IMMPA) is cataloged for the 1st time during this must-read volume.A classification of dynamic computable basic equilibrium types, IMMPA versions are designed to research the impression of adjustment rules on unemployment and poverty within the constructing international. together with either papers initially circulated throughout the international financial institution, in addition to new fabric that areas this significant paintings in its better context, Adjustment guidelines, Poverty, and Unemployment information the historical past and makes use of of those types to this point, in addition to pointing to destiny advancements for his or her usage.
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Extra info for Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework
By reducing employment, the ﬁrm can counteract an increase in total labor costs stemming from higher employment costs. As a result, output falls; to counteract this effect, the ﬁrm increases the wage in order to raise the level of effort, which tends to increase output. The net effect on output is, nevertheless, negative (dY /d χ < 0). Thus, the positive effect on output from higher wages via increased work effort is outweighed by the adverse effect operating through the reduction in labor demand.
Conversely, when σ < 1, and labor categories are gross complements, a rise in the effort level of skilled labor reduces the wage gap. 29 Note also that if the unskilled wage is set at a binding minimum, the behavior of ω will reﬂect only the behavior of wS ; as can be seen in (7), an increase in e then always increases the wage ratio. I now endogenize the level of effort, e, under the assumption that wages affect the productivity of skilled workers. Following Agénor and Aizenman (1999a), a simple form of the effort function e can be speciﬁed as e = 1 − (1 − em ) θ wS , em ∈ (0, 1), (9) where denotes workers’ reservation wage or an alternative wage, em a “minimal” level of effort, and θ ≥ 0.
Indeed, Pencavel (1997) argued that decentralized bargaining tempers the union’s ability to impose across-the-board increases in wages, thereby keeping labor compensation more in line with productivity of workers in a competitive market. Thus, decentralizing collective bargaining may increase labor market ﬂexibility (and reduce the degree of segmentation) by more closely linking contract provisions to the conditions of the ﬁrm. Similarly, increasing collective autonomy may increase ﬂexibility if it facilitates direct negotiations and helps the parties to internalize the costs and beneﬁts of their negotiations.