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Labor Market Flexibility in Thirteen Latin American Countries and the United States - Revisiting and Expanding Okun Coefficients (Paperback)
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Labor Market Flexibility in Thirteen Latin American Countries and the United States - Revisiting and Expanding Okun Coefficients (Paperback)
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List price R588
Loot Price R554
Discovery Miles 5 540
You Save R34 (6%)
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This paper studies labor market flexibility in 13 Latin American
countries--Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Guatemala, Mexico, Panama, Paraguay, Peru, Uruguay, and
Venezuela--since the 1960s and 1970s by looking at the sensitivity
of employment and unemployment, and real wages with respect to
output. It finds that price stabilization has brought real-wage
stability, but that it has tended to increase uncertainty of job
security. It argues that declining inflation makes labor market
rigidities binding because labor markets cannot absorb output
shocks through prices. Cyclical relationships are studies by
constructing Okun coefficients for unemployment, employment, and
wages using first differences and the cyclical component of a
Hodrick-Prescott (HP) decomposition of the series. This paper finds
that compared with the United States, output fluctuations in Latin
America have a small effect on employment and unemployment, but a
large effect on real wages. The most important determinants of the
flexibility indicators are labor market reforms. Long-term
relationships are studies using a standard production function and
the permanent component of the HP decomposition of the series. In
all seven countries that implemented a price stabilization program,
the output elasticity of employment increased, implying higher
productivity and lower employment generation.
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