By Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen
Pierre-Richard Agenor's pioneering paintings on built-in Macroeconomics versions for Poverty research (IMMPA) is cataloged for the 1st time during this must-read volume.A category of dynamic computable common equilibrium types, IMMPA types are designed to investigate the impression of adjustment rules on unemployment and poverty within the constructing international. together with either papers initially circulated during the global financial institution, in addition to new fabric that locations this crucial paintings in its higher context, Adjustment guidelines, Poverty, and Unemployment information the background and makes use of of those types up to now, in addition to pointing to destiny advancements for his or her usage.
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Additional resources for Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework
Given the Cobb-Douglas form of the production function, the optimal values of wS and e do not depend on the technology parameters but only on the worker’s preferences and the detection technology, as summarized by δ and π . The Solow condition given earlier (equation (13)) has been criticized as implying too high an elasticity of labor supply. As shown by Schmidt-Sorensen (1990), however, accounting for ﬁxed employment costs is sufﬁcient to obtain an elasticity lower than unity. Suppose indeed that there are ﬁxed employment costs per worker, χ , resulting for instance from mandated employer-provided insurance, or from a tax levied on the number of employees to support an unemployment beneﬁt scheme.
The requirement that the wage rate be equal to the marginal product of labor for wF = wFc is met only at points A and EI on the QQ curve. The intersection of the LId curve with QQ determines the wage rate and the employment level in the informal sector, whereas the intersection of the LFd curve with the horizontal line AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 26 — #19 The Analytics of Segmented Labor Markets 27 drawn at wFc determines employment in the formal sector. The initial equilibrium is therefore also characterized by sectoral unemployment, which is equal to LFc LI .
A second reason is that some of the underlying explanations for departure from market-clearing that I will examine below relate to observability of effort, which is likely to be more difﬁcult for skilled workers. Indeed, for workers engaged in nonmanual activities, AGENOR: “CHAP01” — 2006/11/9 — 12:35 — PAGE 27 — #20 28 Chapter 1 ﬁrms may be able to monitor directly the level of effort only at a substantial cost. 23 In general, rigidity of skilled wages can result from a variety of factors. In what follows I consider ﬁve alternative approaches and examine their implications for the degree of rigidity of skilled wages in the urban formal sector.
Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework by Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen