The labour market effects of immigration and emigration in OECD countries

Frédéric Docquier, Çağlar Özden, Giovanni Peri 06 October 2014

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The basis of the debate about migration into European countries is the perception that immigrants are unskilled and poor. Hence, the narrative goes, their arrival hurts the wages and employment prospects of less educated natives. At the same time, very little discussion is devoted to the patterns and economic consequences of emigration from European countries to other developed countries. The recent high-profile book by Collier (2013) is a typical example of this approach. Yet, the data indicate this might all be misguided.

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Topics:  Education Labour markets Migration

Tags:  OECD, migration, immigration, emigration, wages, complementarities, education

The Great Recession’s long-term damage

Laurence Ball 01 July 2014

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According to macroeconomics textbooks, a fall in aggregate demand causes a recession in which output drops below potential output – the normal level of production given the economy’s resources and technology. This effect is temporary, however. A recession is followed by a recovery period in which output returns to potential, and potential itself is not affected significantly by the recession.

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Topics:  Global crisis

Tags:  growth, unemployment, OECD, potential output, Great Recession, hysteresis

DynEmp: New cross-country evidence on the role of young firms in job creation, growth, and innovation

Chiara Criscuolo, Peter N. Gal, Carlo Menon 26 May 2014

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Since well before the crisis, many OECD economies have been confronted with sluggish productivity growth. In the aftermath of the crisis, job creation has also stalled and has become an important policy issue. Business dynamics are at the core of the creative destruction process. Available evidence points to significant cross-country heterogeneity in the dynamism of businesses, even after taking into account differences in sectoral composition. This raises policymakers’ interest in understanding the role of framework conditions in this area.

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Topics:  Labour markets Productivity and Innovation

Tags:  R&D, employment, growth, OECD, job creation, business cycles, firms, start-ups

Economic liberty in the long run: Evidence from OECD countries

Leandro Prados de la Escosura 07 April 2014

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How has freedom evolved over time? A distinction has been made between ‘negative’ freedom – a lack of interference or coercion by others (freedom from) – and ‘positive’ freedom, the guarantee of access to markets that allow people to control their own existence (freedom to) (Berlin 1958). An example of negative freedom is economic liberty. A country is economically free to the extent that privately owned property is protected, contracts enforced, prices stable, barriers to trade small, and resources mainly allocated through the market (Friedman 1962).

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Topics:  Development

Tags:  OECD, protectionism, negative freedom, economic freedom, economic liberty

Public procurement markets: Where are we?

Patrick A Messerlin, Sébastien Miroudot 07 September 2012

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Recently, the EU and US have pushed very hard for opening public procurement markets, as illustrated by the EU and US pressures on Japan and China, respectively. In particular, the EU claims that it is by far the most open market in the world. In March 2012, this belief has induced the European Commission to request from member states a mandate for closing EU public procurement markets to firms originating from countries using ‘restrictive practices’ in this domain – the so-called ‘reciprocity’ approach.

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Topics:  EU policies Global governance Institutions and economics

Tags:  US, EU, Corruption, OECD, public procurement

Precautionary savings in the Great Recession

Ashoka Mody, Damiano Sandri, Franziska Ohnsorge 22 February 2012

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A key feature of the Great Recession was a striking increase in uncertainty. The volatility of real GDP increased (left chart in Figure 1) and, at the same time, the higher unemployment rate raised the risks of job losses, longer unemployment durations, and, hence, of severe reductions in income (see Carroll 1992 for a similar interpretation of unemployment rates). These developments stood in marked contrast to the immediately preceding years of apparent tranquility, often characterised as the Great Moderation.

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Topics:  Macroeconomic policy

Tags:  OECD, crises, savings

Is short-time work a good method to keep unemployment down?

Pierre Cahuc, Stéphane Carcillo 01 February 2011

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Short-time compensation (or short-time work) aims at reducing lay-offs by allowing employers to temporarily reduce hours worked while compensating workers for the induced loss of income. At present, short-time work schemes are widespread among OECD countries, having grown in popularity during the Great Recession. As shown by Figure 1, they are now used in 25 of the 33 OECD countries.1

Figure 1. Short-time work take-up rates in the OECD countries (as a percentage of employees) 

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Topics:  Labour markets

Tags:  unemployment, OECD, Short-term work

The impact of class size on the performance of university students

Oriana Bandiera, Valentino Larcinese, Imran Rasul 11 January 2010

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The organisation of university education is increasingly in the spotlight, both in academic and policy circles. Recent research has stressed the importance of higher education in providing positive externalities within firms (Moretti 2004), within local labour markets (Glaeser et al. 1992), and in fostering economy wide growth (Aghion et al. 2007).

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Topics:  Education

Tags:  education, OECD, tertiary education

How to spend it: Sovereign wealth funds and the wealth of nations

Helmut Reisen 05 June 2008

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Sovereign wealth funds (SWFs) are government-controlled investment vehicles that are stimulating protectionist sentiments in some OECD countries. Their asset size (more than $3 billion) and their owners (governments) create fertile ground for conspiracy theories, such as fear of industrial espionage or geopolitical threats. The funds with assets higher than $100 billion are from oil-exporting countries and East Asia (Table 1).

Table 1. Sovereign wealth funds and saving

 

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Topics:  Development Financial markets

Tags:  OECD, sovereign wealth funds, investment vehicles, oil exporters

Culture, gender and growth

Denis Drechsler, Johannes P. Jütting 07 March 2008

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“Tradition is a guide and not a jailer”, wrote W. Somerset Maugham. Could it be that some traditions, however rooted in great histories and cultures, are now trapping countries in poverty? This certainly appears to be the case when it comes to the influence of social and cultural norms on the status of women.

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Topics:  Development

Tags:  gender equality, Discrimination, OECD, social institutions

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