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The Labor Market and Economic Adjustment

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  • Pierre-Richard Agénor

    (International Monetary Fund)

Abstract

This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on the flexibility of the labor market and the evidence regarding the wage and employment effects of trade reform are discussed next. The last part of the paper identifies a variety of issues that may require further investigation.

Suggested Citation

  • Pierre-Richard Agénor, 1996. "The Labor Market and Economic Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 43(2), pages 261-335, June.
    • Handle: RePEc:pal:imfstp:v:43:y:1996:i:2:p:261-335
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    Cited by:

    1. Raphael, Steven & Winter-Ember, Rudolf, 2001. "Identifying the Effect of Unemployment on Crime," Journal of Law and Economics, University of Chicago Press, vol. 44(1), pages 259-283, April.
    2. Agenor, Pierre-Richard & Nabli, Mustapha K. & Yousef, Tarik & Jensen, Henning Tarp, 2007. "Labor market reforms, growth, and unemployment in labor-exporting countries in the Middle East and North Africa," Journal of Policy Modeling, Elsevier, vol. 29(2), pages 277-309.
    3. Gimpelson, Vladimir & Treisman, Daniel & Monusova, Galina, 2000. "Public Employment and Redistributive Politics: Evidence from Russia’s Regions," IZA Discussion Papers 161, Institute of Labor Economics (IZA).
    4. Scott, Ewan & Emerson, Robert D., 2001. "Wage Differentials And Trade Relationships In Jamaica: Applications Of Truncated Regression Models And Repeated Cross-Section Data," 2001 Annual meeting, August 5-8, Chicago, IL 20475, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. repec:dau:papers:123456789/5173 is not listed on IDEAS
    6. Gonzalo Fernández-de-Córdoba & Javier Pérez & José Torres, 2012. "Public and private sector wages interactions in a general equilibrium model," Public Choice, Springer, vol. 150(1), pages 309-326, January.
    7. Lamo, Ana & Pérez, Javier J. & Schuknecht, Ludger, 2013. "Are government wages interlinked with private sector wages?," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 697-712.
    8. Khan, haider, 2008. "Analyzing Poverty Impact of Trade Liberalization Policies in CGE Models: Theory and Some Policy Experiments in Agricultural and Non-agricultural Sectors in South Asia," MPRA Paper 7609, University Library of Munich, Germany, revised Mar 2008.
    9. Rob Vos & Marco V. Sánchez & Cornelia Kaldewei, 2010. "Latin America and the Caribbean’s challenge to reach the MDGs: financing options and trade-offs," Palgrave Macmillan Books, in: Marco V. Sánchez & Rob Vos & Enrique Ganuza & Hans Lofgren & Carolina Díaz-Bonilla (ed.), Public Policies for Human Development, chapter 2, pages 17-69, Palgrave Macmillan.
    10. Agenor,Pierre-Richard, 2003. "The mini-integrated macroeconomic model for poverty analysis : a framework for analyzing the unemployment and poverty effects of fiscal and labor market reforms," Policy Research Working Paper Series 3067, The World Bank.
    11. People's Bank of China, 2023. "Labour market and inflation: the case of China," BIS Papers chapters, in: Bank for International Settlements (ed.), Inflation and labour markets, volume 127, pages 85-101, Bank for International Settlements.
    12. Buffie, Edward F. & Won, Yongkul, 2001. "Devaluation and investment in an optimizing model of the small open economy," European Economic Review, Elsevier, vol. 45(8), pages 1461-1499, August.
    13. Christian A. Emini & Hippolyte Fofack, 2004. "A financial social accounting matrix for the integrated macroeconomic model for poverty analysis : application to Cameroon with a fixed-price multiplier analysis," Policy Research Working Paper Series 3219, The World Bank.
    14. Mohamed Ali Marouani, 2000. "Ouverture commerciale et emploi. Un modèle d'équilibre général avec salaires d'efficience appliqué à la Tunisie," Revue Économique, Programme National Persée, vol. 51(3), pages 557-569.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J42 - Labor and Demographic Economics - - Particular Labor Markets - - - Monopsony; Segmented Labor Markets

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