By Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen
Pierre-Richard Agenor's pioneering paintings on built-in Macroeconomics types for Poverty research (IMMPA) is cataloged for the 1st time during this must-read volume.A category of dynamic computable normal equilibrium versions, IMMPA versions are designed to investigate the impression of adjustment rules on unemployment and poverty within the constructing international. together with either papers initially circulated throughout the global financial institution, in addition to new fabric that areas this crucial paintings in its greater context, Adjustment rules, Poverty, and Unemployment information the historical past and makes use of of those types so far, in addition to pointing to destiny advancements for his or her usage.
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Additional info for Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework
AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 32 — #25 The Analytics of Segmented Labor Markets 33 so that 1 < 1. 1 + χ /wS This condition shows that the (equilibrium) effort–wage elasticity, ηe/wS is now lower than unity (with the standard case corresponding to χ = 0). It can also be shown that dwS /d χ > 0 and dS/d χ < 0, so that an increase in ﬁxed employment costs results in a rise in the wage and a reduction in employment. By reducing employment, the ﬁrm can counteract an increase in total labor costs stemming from higher employment costs.
However, despite an erosion in its real value, the minimum wage measured in proportion to the average unskilled labor wage – a more relevant indicator of the effect of minimum wages on the labor market – may not change to a signiﬁcant degree. Bell (1997), for instance, estimated the impact of minimum wages on the demand for skilled and unskilled labor in the formal manufacturing sector in Mexico and Colombia. At the end of the 1980s, the minimum wage stood at just 31 percent of the average unskilled manufacturing wage in Mexico, and roughly 53 percent of the average unskilled AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 14 — #7 The Analytics of Segmented Labor Markets 15 wage in Colombia.
Unions may also extract rents that are distributed to members through higher wages by either reducing turnover and negotiation costs. As noted by Booth and Chatterji (1998), for instance, unions can also have an indirect effect on the wage premium if they promote training. Indeed, Blunch and Verner (2004) found evidence of a union premium related to training in Ghana. In general, however, given the paucity of reliable panel data sets in developing countries, it is difﬁcult to test rigorously these different effects – particularly the view that union workers may be signiﬁcantly more productive than nonunion workers.
Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework by Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen