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International Spillover of Labor Market Reforms

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  • Mai Dao
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    Abstract

    This paper uses a dynamic economy model, with unionized labor markets, to analyze the effects of labor market reforms, similar to those recently introduced in Germany, on the domestic and trading partner economies. The model is calibrated on Germany and the rest of the Euro area. The results indicate that German labor market reforms have positive spillover effects on the rest of the Euro area, which operate through the channel of trade, relative price adjustment, and financial market integration. Compared to a competitive labor market, setting, unionization dampens the positive response of the domestic economy and magnifies the spillover effects.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/113.

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    Length: 35
    Date of creation: 01 Apr 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/113

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    Related research

    Keywords: Labor market reforms; Price adjustments; labor market; terms of trade; elasticity of substitution; bargaining power; labor supply; open economy; labor markets; competitive labor market; intermediate goods; labor costs; monetary union; labor unions; domestic economy; labor demand; competitive labor markets; international trade; closed economies; output growth; nominal interest rate; trade openness; labor market participation; bargaining powers; asset market; domestic labor market; equilibrium model; import demand; trading partner; competitive market; domestic demand; labor market structure; labour; market integration; trade data; labor policy; labor market performance; job creation; labor share; tradable goods; unemployment rate; labor market outcome; labor regulation; labor productivity; positive externalities; labor union; aggregate employment; competitive product; labor market competitiveness; collective bargaining; average wage; closed economy; open economies; bargaining mechanism; labor market specification; commodity trade; labor market policy; domestic shocks; bargaining system; terms of trade effects; labor market policies;

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