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1.
Convergence to the Lisbon employment targets requires absorbing large pools of long-term jobseekers, increasing labour force
participation and dealing with a sizeable informal sector, composed for the most of low-productivity jobs. The purpose of
this paper is to review the main design features of an activating social security strategy reconciling shifts of these three
margins with the redistributive institutions characterising the European landscape. Evidence of experimental studies is reviewed.
It is argued that EU supra-national authorities should confine themselves to promoting the exchange of information about best
practices in welfare-to-work policies as implementation of this approach should be done at a decentralised level. Issues related
to the implementation of this activating strategy in the countries that are more distant from the Lisbon targets are also
discussed.
A first draft of this paper was prepared for the Dutch Presidency Conference on ‘More People at Work’, Amsterdam, 25–26 October,
2004. I am grateful to participants in that conference, Henk Don and two anonymous referees for valuable comments. 相似文献
2.
Klaus F. Zimmermann 《De Economist》2005,153(4):425-450
European Union economies are pressed by (i) a demographic change that induces population ageing and a decline of the workforce,
and (ii) a split labour market that is characterized by high levels of unemployment for low-skilled people and a simultaneous
shortage of skilled workers. This lack of flexible high-skilled workers and the aging process has created the image of an
immobile labour force and the eurosklerosis phenomenon. In such a situation, an economically motivated immigration policy
at the European level can generate welfare improvements. A selective policy that discourages unskilled migrants and attracts
skilled foreign workers will vitalize the labour market, foster growth and increase demand for unskilled native workers. The
paper summarizes the available economic insights, and suggests (i) the need to harmonize the single-country migration policies
across Europe and (ii) that the European Union needs to become an active player on the international labour markets by providing
competitive institutional settings for European companies.
The author is President of the German Institute for Economic Research (DIW Berlin), Director of the Institute for the Study
of Labor (IZA) in Bonn, Professor of Economics at the University of Bonn, and Honorary Professor at the Free University of
Berlin. Revised version of a paper presented at the high-level expert conference ‘Jobs for Europe’ on the Social Policy Agenda
for the European Union on October 25–26, 2004 in Amsterdam. The author thanks Aart Jan Bette, Henk Don, Renske Gerstel, Klara
Scheepers, Jan van der Velden and other members of the editorial committee of this conference as well as conference participants,
two anonymous referees of this journal, and Amelie Constant, Don DeVoretz, Holger Hinte and Stephanie Wei Wang for many useful
comments on earlier drafts. 相似文献
3.
L. Randall Wray 《Atlantic Economic Journal》2006,34(2):183-193
This paper first examines two approaches to money adopted by Keynes in the General Theory. The first is the more familiar ‘supply and demand’ equilibrium approach of Chapter 13 incorporated within conventional macroeconomics textbooks. Indeed, even Post Keynesians utilizing Keynes's ‘finance motive’ or the ‘horizontal’ money supply curve adopt similar methodology. The second approach of the General Theory is presented in Chapter 17, where Keynes drops ‘money supply and demand’ in favor of a liquidity preference approach to asset prices that offers a more satisfactory treatment of money's role in constraining effective demand. In the penultimate section, I return to Keynes's earlier work in the Treatise on Money as well as the early drafts of the General Theory to obtain a better understanding of the nature of money. I conclude with policy implications. 相似文献
4.
Political influence on the use of the nation's war-making resources is considered in this study. Given the ‘tax-like’ consequences
arising from military fatalities, rational political agents may engage in behavior that minimizes the negative electoral consequences
resulting from the fatalities. An empirical model of the state-by-state allocation of U.S. Army fatalities resulting from
Operation Iraqi Freedom is developed and tested. The results suggest that political influence originating in the White House
is present in the allocation of fatalities from the military action in Iraq, but that Congressional effects, if any, are much
weaker. In particular, population-adjusted fatality rates are lower in states that were highly contested ‘battleground’ states
rich in Electoral College votes in the 2004 Presidential election. 相似文献
5.
B. H. J. Verstegen 《De Economist》1984,132(3):300-325
Summary In this article it has been possible to give an explanation for the existence of nonsymmetrical Slutsky matrices and nonhomogeneous
demand functions. For this purpose a relation was made with a number of sociopsychological theories regarding reference groups
and aspiration levels. Following the approach of Lakatos, a ‘hard core’ was chosen from within the traditional theory concerning
the market behavior of consumers. In particular, this article used the maximization process. The newly constructed theory,
based on this ‘core’, appeared to have more content than the traditional theory. With this result an important requirement
of Lakatos' approach was met.
I should like to thank Professor A. Bosman for his valuable advice and stimulating criticism. Thanks are also due to Mr. R.E.
Vercruijsse who translated this paper and to Mr. R.A. Meyer who checked the mathematics. I also benefited from the comments
of an anonymous referee. 相似文献
6.
Coen N. Teulings 《De Economist》2010,158(1):1-21
The efficient organisation of social insurance is an important problem for modern societies. The paper discusses evidence
that shocks in labour income have largely persistent effects and analyses the implications of this observation for the optimal
design of institutions for wage contracting, social security, and pensions. In an optimal contract, wages reflect variations
in individual productivity for incentives reasons. However, the optimal contract insures workers against firm specific shocks.
These can better be born by shareholders who can diversify risks on capital markets. Progressive income taxation provides
further insurance. On top of that there is scope for additional insurance based on ‘verifiable’ information on unemployment
and health conditions. As final form of ‘insurance’, the paper analyzes the role of self-insurance. Income shocks can be absorbed
partially by precautionary saving. The individual’s saving plans for retirement and for precaution are, therefore, related
issues. In an institutional setting with mandatory saving for retirement, an integration of disability and unemployment insurance
on the one hand and the pension system on the other hand in a lifetime savings account allows for this interrelation. The
paper analyzes how to deal with the uncertainty in the return on savings in the framework of a lifetime saving account. 相似文献
7.
Summary The composition of economic growth can be analyzed in two different ways. In the ‘traditional method’ for the decomposition
of GDP growth, total imports are deducted from exports. This approach underestimates the importance of exports for the growth
in GDP, and overestimates the importance of domestic expenditure categories. In the alternative methodology proposed in this
paper, imports are allocated to all expenditure categories. Although this ‘import-adjusted method’ is more complex than the
‘traditional method’, it has the considerable advantage that the contributions of the expenditure categories to GDP growth
provide a better understanding of why GDP growth decelerates or accelerates. The methodology and data requirements for calculating
the import content of final demand, and the implications for the decomposition of real GDP growth, are discussed. For six
European countries and the United States, the paper shows that applying the alternative methodology provides rather a different
economic story.
相似文献
8.
Pedro Lains 《Open Economies Review》2008,19(5):667-683
The deepening of economic and financial integration in the European Union has led to different responses in the group of ‘cohesion’
countries. Ireland and Portugal stand out as the two extreme examples, as Ireland caught-up to the forerunners after the launching
of EMU, in 1992, whereas Portugal lost ground. This paper looks at structural shifts in order to explain different economic
performances within Europe. We conclude that Portugal’s labour productivity lag was the outcome of a less favourable structure
of employment; that differences in the structure of employment are not clustered in specific industries; and that such structural
differences are associated with different factor endowments, namely physical and human capital. Portugal has a rising competitiveness
problem in international markets as real wages have increased faster than labour productivity in the 1990s. That has to be
changed by policy measures, by the market through higher levels of unemployment, or by a combination of both.
相似文献
Pedro LainsEmail: |
9.
Oliver Landmann 《Open Economies Review》2012,23(2):303-317
In the decade since its creation in 1999, the European Economic and Monetary Union (EMU) has experienced surprisingly large
and persistent inflation differentials across member states causing substantial shifts in relative price levels. At the same
time, member countries exhibited distinct non-synchronized output fluctuations, giving rise to a pattern of ‘rotating slumps’
(a term coined by Olivier Blanchard). This paper presents a stylized theoretical model of a monetary union which demonstrates
how inflation differentials and relative output movements interact dynamically. A number of implications are derived from
the model. In particular, national fiscal policies are shown to have an important role in containing internal macroeconomic
disparities in a monetary union. An optimal fiscal policy rule is derived from the model for that purpose. 相似文献
10.
Flexible jobs make up a larger share of the Dutch labour market than in almost any other Western country. Recent graduates
in the Netherlands are particularly likely to take flexible jobs. In this study we examine why recent graduates enter into
temporary contracts and whether flexible jobs offer a poorer match for graduates’ qualifications than permanent jobs. We find
that recent graduates that enter into flexible jobs face large wage penalties, a worse job match and less training participation
than graduates who take permanent jobs, even after correcting for differences in ability. When the labour market situation
for a particular field of education deteriorates, more recent graduates are forced into flexible jobs, threatening their position
on the labour market in the long run. Flexible work among recent graduates is unrelated to their willingness to take risks.
Only for university graduates is there any indication that flexible jobs may provide a stepping stone to permanent employment. 相似文献
11.
It is widely agreed that when moving from fixed to floating exchange rates the increase in exchange rate volatility is not
matched by an equivalent rise in the volatility of fundamentals. We argue and demonstrate that in inter-regime comparisons
one has to account for ‘missing variables’ that compensate for the fundamental variables’ volatility under fixed exchange
rates. Previous studies have often used foreign exchange reserves, but without much success. We argue why reserves are not
a reliable measure, while IMF credit support is. Our empirical analysis identifies IMF support as a crucial and significant
compensating variable. 相似文献
12.
Estimating the Wage Costs of Inter- and Intra-Sectoral Adjustment. — The proposition that labour market adjustments to intra-industry
trade are less costly than adjustments to inter-industry trade is a widely-held belief amongst trade economists. If there
are significant sector-specific skills, then this ‘smooth adjustment hypothesis’ seems intuitive. Direct evidence relating
to this issue remains largely anecdotal. In this paper we estimate the returns to tenure within jobs, industries and occupations
in order to predict the costs, in terms of wage losses, of moving jobs between and within sectors. We find no compelling evidence
that wage costs of moving between industries are larger than the costs of moving within industries. 相似文献
13.
H. J. Witteveen 《De Economist》1982,130(2):187-199
Summary This article discusses in the first place the functioning of floating exchange rates; the tendency to volatility and to unnecessary
fluctuations is explained. The conclusion is drawn that the authorities of the main countries should cooperate in exchange
rate policies that would bring about a greater stability in exchange rate movements. The article then sketches the historical
development which brought us to the present multiple reserve currency system. The functioning of this system is analysed and
some suggestions are presented for a more satisfactory management of this system by central banks, possibly along guidelines
tobe developed in the IMF. Finally some possibilities are outlined to develop a stabler and better system in the future by
creating a more attractive market-oriented SDR-substitution account in the IMF.
This article is based on important parts of two speeches which I have given recently: ‘The changing monetary system; evolution
and reform’ (20 years' anniversary Central Bank of Malaysia, Feb. 1979) ‘Managing reserves in the 1980s’ (Second International
Monetary Conference, Philadelphia, Nov. 1980). 相似文献
14.
Given the renewed interest in negative interest rates on base money—or equivalently ‘taxing money’—as a means for overcoming
the zero bound on short-term nominal interest rates, this article reviews the history of negative nominal interest rates starting
from the ‘taxing money’ proposal of Silvio Gesell up to current proposals that received popular attention in the wake of the
financial crisis of 2007/2008. It is demonstrated that ‘taxing money’ proposals have a long intellectual history and that
instead of being the conjecture of a monetary crank, they are a serious policy proposal. In a second step, the article points
out that besides the more popular debate on a Gesell tax as a means to remove the zero bound on nominal interest rates, there
is a class of neoclassical search models that advocates a negative tax on money as efficiency enhancing. This strand of the
literature has so far been largely ignored by the policy debate on negative interest rates. 相似文献
15.
This article examines the relationship between local economic development and a new approach to the problem of crime–i.e., ‘restorative justice.’ The latter concept is introduced and briefly explored, followed by a short review of Richard Florida's recently proposed theory of creative-class economic development. Against the backdrop of these theoretical innovations, an empirical question that arises is whether the specific character of creative-class economic growth enhances the probability that a given city will adopt a restorative justice paradigm in its efforts to reduce crime. Addressing this question using logistic regression analysis, the article provides preliminary evidence that creative-class economic development encourages experimentation with innovative approaches to social problems such as crime. Missouri Western State University—U.S.A. This article is a revised version of a paper presented at the 58th International Atlantic Economic Conference in Chicago, Illinois, October 8, 2004. 相似文献
16.
Andrew?Mullineux For the Jean Monnet Project 《International Economics and Economic Policy》2010,7(4):437-448
This paper questions the existence of an Anglo-American model of corporate governance and capitalism. Significant differences
between the UK and US models of corporate governance are identified. The UK is a principles orientated system based more on
voluntary codes operated on a ‘comply or explain’ basis, whilst the US system is more rules based and litigious. The UK focuses
more on ex ante protection of ‘outside’ shareholders, whilst the US focuses on ex post protection of share traders. Institutional investors are expected to play a more prominent and wide ranging role in corporate
governance in the UK than the US, though the evidence on their voting behaviour and wider ‘engagement’ activity is not readily
available. The explosion of private equity led leveraged buy-out activity in the mid 2000s challenges the efficiency of both
models and could be a harbinger of a ‘new capitalism’; relying more on incentive compatible remuneration packages and less
on public disclosure and market discipline. Alternatively, it could simply be driven by the tax advantages currently enjoyed
by debt over equity, the special deferred capital gains (‘carried interest’) tax treatment enjoyed by private equity, low
(long as well as short term) real interest rates (‘cheap money’), and rising equity prices. 相似文献
17.
Exports and Productivity Growth: First Evidence from a Continuous Treatment Approach 总被引:1,自引:0,他引:1
A recent survey of 54 micro-econometric studies reveals that exporting firms are more productive than non-exporters. However,
previous empirical studies show that exporting does not necessarily improve productivity. One possible reason for this result
is that most previous studies are restricted to analysing the relationship between a firm’s export status and the growth of its labour productivity, using the firms’ export status as a binary treatment variable and comparing the
performance of exporting and non-exporting firms. In this paper, we apply the newly developed generalised propensity score
(GPS) methodology that allows for continuous treatment, that is, different levels of the firms’ export activities. Using the
GPS method and a large panel data set for German manufacturing firms, we estimate the relationship between a firm’s export-sales
ratio and its labour productivity growth rate. We find that there is a causal effect of firms’ export activities on labour
productivity growth. However, exporting improves labour productivity growth only within a sub-interval of the range of firms’
export-sales ratios.
JEL no. F14, F23, L60 相似文献
18.
Klaus Schmidt-Hebbel 《International Economics and Economic Policy》2006,3(3-4):249-258
I discuss Sebastian Edwards’ most recent paper with great pleasure. As so much of the work of this distinguished economist, this paper provides new insights on a burning issue in international economics. Here Edwards provides empirical evidence on the resilience to external shocks of countries that lack a national currency (“monetary-union” or MU countries). The paper starts by reviewing the issues and literature relevant on exchange-rate regimes, dollarization, and MU in Latin America, with an emphasis on the question if countries in the region satisfy key optimal currency area criteria. Then the paper provides extensive new evidence on economic performance in MU countries, in comparison to countries with a national currency, using a large world panel sample. Performance tests are conducted for the comparative likelihood of MU countries of sudden stops in capital flows (SS) and large current (deficit) reversals (CAR), as well as their ability to absorb terms-of-trade shocks, SS, and CAR. The results are generally negative and significant for the comparative performance of MU countries. To set the stage, I start my comments by documenting first how country selection of exchange-rate and monetary regimes is quickly evolving in the world during the last decades, discussing subsequently how economists’ views follow suit (Section 1). Then I discuss some aspects of Edwards’ paper, focusing in particular on the data and model specification (Section 2). I end with brief implications for exchange-rate and monetary regime choice in Latin America. 相似文献
19.
G. E. Hebbink 《De Economist》1991,139(3):379-400
Summary Several types of elasticities of substitution and complementarity among three labour force aggregates (lower, intermediate, and higher educated) and capital are calculated, based on estimation of demand equations with cross-sectional data by industry groups over two years. Factor substitutability appears to be rather weak. Higher educated labour and capital are complements, as are lower and intermediate educated labour. Employment of unskilled labour is worsened by a reduction of the price of capital. Upgrading the educational level of labour requires the diminishing of the gap between wages of different labour force aggregates; especially the wages of higher educated labour have to decrease.This paper is based on part I.1 of The Elasticity of Substitution between Lower Educated Labour and Other Factors of Production. Research for this paper was supported by OSA (Organization for Labour Market Research). I wish to thank D.P. Broer for numerous and valuable suggestions, J.M.M. Ritzen for the original set-up of sections 2–4 in a preliminary draft and B. van Bunnik for skillful research assistance. I also benefited from comments and suggestions by P.C. Allaart, J.C. Siebrand, O.H. Swank, and a referee. 相似文献
20.
Bruno S. Frey 《De Economist》2006,154(2):295-311
Economists often claim that their discipline has a great influence on the economy. An analysis of the existing literature reveals, however, that little convincing empirical evidence exists. The two approaches used are subject to major shortcomings. The ‘Economics Production Function’ relating the input of economic ideas to economic outcomes, is faced with major estimation problems. The ‘Revealed Behaviour Approach’ of choosing to study economics is based on very restrictive assumptions. It is argued that the ‘Case Study Approach’ analysing specific policy instances constitutes a more promising avenue and should be undertaken to identify more general patterns of influence. 相似文献