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 common equilibrium versions, IMMPA versions are designed to investigate the effect of adjustment regulations on unemployment and poverty within the constructing global. together with either papers initially circulated in the course of the international financial institution, in addition to new fabric that areas this crucial paintings in its higher context, Adjustment guidelines, Poverty, and Unemployment info the historical past and makes use of of those versions so far, in addition to pointing to destiny advancements for his or her usage.
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Extra resources for Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework
Very few countries provide information on the duration of unemployment. Nevertheless, available data suggest that open unemployment is often concentrated in urban areas and is mostly associated with wage employment, and that underemployment is far more pervasive than open unemployment. In some countries, open and disguised unemployment combined amount to as much as 70 percent in proportion of the labor force. In recent years several regions have experienced a sharp increase in open unemployment, most particularly the Middle East and North Africa (MENA), and Latin America.
7 AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 15 — #8 16 Chapter 1 must pay compensation equivalent to a fraction of the worker’s monthly salary per year of service. 8 Empirical studies of the impact of job security regulations on employment in developing countries are scarce. Restrictions on layoffs in the formal sector often make ﬁring redundant (or unproductive) workers difﬁcult. Although in practice enforcement is not uniform across sectors and skill categories, regulating the workplace with severe restrictions on ﬁring and generous severance pay may have a perverse effect on hiring: more stringent job security provisions may reduce hiring rates (by increasing the fear of incurring expensive dismissal costs in the future) and raise the duration of unemployment.
73). that employment in the formal sector is equal to OF LFc and unemployment to LFc L¯ F . Finally, panel D is an adaptation of the Harris-Todaro labor allocation mechanism (1), which assumes that equilibrium obtains when the wage rate in the informal sector is equal to the expected wage in the formal sector. The downward-sloping locus QQ is a rectangular hyperbola along which this equality holds (see Corden and Findlay (1975)). As indicated above, the expected wage in the formal sector is deﬁned as the product of the actual wage in that sector times the probability of being hired, which is measured by the employment ratio: wF (LFd /OF LFc ).