The Experts below are selected from a list of 52482 Experts worldwide ranked by ideXlab platform
Daphne Momferatou - One of the best experts on this subject based on the ideXlab platform.
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Euro Area Labour Markets and the Crisis
2012Co-Authors: Robert Anderton, Katarzyna Budnik, Mario Izquierdo, Ted Aranki, Boele Bonthius, Ramon Gomez Salvador, Valerie Jarvis, Ana Lamo, Aidan Meyler, Daphne MomferatouAbstract:Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in the Euro Area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year and remains at around three million workers below the pre-crisis level. However, in comparison with the severity of the fall in GDP, employment adjustment has been relatively muted at the aggregate Euro Area level, mostly due to significant labour hoarding in several Euro Area countries. While the crisis has, so far, had a more limited or shorter-lived impact in some Euro Area countries, in others dramatic changes in employment and unemployment rates have been observed and, indeed, more recent data tend to show the effects of a reintensification of the crisis. The main objectives of this report are: (a) to understand the notable heterogeneity in the adjustment observed across Euro Area labour markets, ascertaining the role of the various shocks, labour market institutions and policy responses in shaping countries’ labour market reactions; and (b) to analyse the medium-term consequences of these labour market developments. With these objectives in mind, the SIR Task Force has carried out several specific exercises (e.g. it has conducted a questionnaire among Euro Area National Central Bank (NCB) experts on main policy measures adopted since the start of the crisis; it has updated a previous Wage Dynamics Network (WDN) questionnaire on wage bargaining institutions in Euro Area countries; and it has computed worker flows series from Labour Force Survey (LFS) microdata available at most Euro Area NCBs).
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Understanding inter-industry wage structure in the Euro Area
Applied Economics, 2011Co-Authors: Veronique Genre, Karsten Kohn, Daphne MomferatouAbstract:This paper analyses the Euro Area wage structure and its potential determinants from a sectoral point of view. Merging information from the OECD Structural Analysis database with data from the EU Labour Force Survey, we construct a cross-country panel of 22 industries in eight Euro Area countries for the period 1991-2002. Descriptive inspection of this data set confirms the existence of a stable inter-industry wage structure which is rather similar across Euro Area countries and which exhibited fairly small changes over the 1990s. We then apply panel data techniques in order to identify factors explaining inter-industry wage differentials in the Euro Area. Both workforce characteristics (e.g., human capital variables) and firm-related characteristics (e.g., capital intensity or apparent productivity) contribute significantly. However, considerable wage heterogeneity across sectors remains. Idiosyncratic country and in particular sector specifics implying different socio-cultural and institutional backgrounds, such as the extent of unionisation or the degree of centralisation of collective bargaining, bear a major role. In some sectors, unobservable specifics even overcompensate for the influence of observable determinants.
Massimiliano Pisani - One of the best experts on this subject based on the ideXlab platform.
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The EAGLE. A model for policy analysis of macroeconomic interdependence in the Euro Area
Economic Modelling, 2012Co-Authors: Sandra Gomes, Pascal Jacquinot, Massimiliano PisaniAbstract:Abstract We develop a 4-region macroeconomic model of the Euro Area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions in the Euro Area and between the Euro Area and the world economy. Specifically, we simulate a permanent reduction in labor tax rates in the Euro Area. The effects on real activity are expansionary in both the short run and long run. Implementing reforms simultaneously across regions would produce extra benefits and make the macroeconomic performance in the Euro Area more even.
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The EAGLE: A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area
SSRN Electronic Journal, 2010Co-Authors: Sandra Gomes, Pascal Jacquinot, Massimiliano PisaniAbstract:Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the Euro Area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions belonging to the Euro Area and between Euro Area regions and the world economy. Simulation analysis shows the transmission mechanism of region-specific or common shocks, originating in the Euro Area and abroad.
Robert Anderton - One of the best experts on this subject based on the ideXlab platform.
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Euro Area Labour Markets and the Crisis
2012Co-Authors: Robert Anderton, Katarzyna Budnik, Mario Izquierdo, Ted Aranki, Boele Bonthius, Ramon Gomez Salvador, Valerie Jarvis, Ana Lamo, Aidan Meyler, Daphne MomferatouAbstract:Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in the Euro Area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year and remains at around three million workers below the pre-crisis level. However, in comparison with the severity of the fall in GDP, employment adjustment has been relatively muted at the aggregate Euro Area level, mostly due to significant labour hoarding in several Euro Area countries. While the crisis has, so far, had a more limited or shorter-lived impact in some Euro Area countries, in others dramatic changes in employment and unemployment rates have been observed and, indeed, more recent data tend to show the effects of a reintensification of the crisis. The main objectives of this report are: (a) to understand the notable heterogeneity in the adjustment observed across Euro Area labour markets, ascertaining the role of the various shocks, labour market institutions and policy responses in shaping countries’ labour market reactions; and (b) to analyse the medium-term consequences of these labour market developments. With these objectives in mind, the SIR Task Force has carried out several specific exercises (e.g. it has conducted a questionnaire among Euro Area National Central Bank (NCB) experts on main policy measures adopted since the start of the crisis; it has updated a previous Wage Dynamics Network (WDN) questionnaire on wage bargaining institutions in Euro Area countries; and it has computed worker flows series from Labour Force Survey (LFS) microdata available at most Euro Area NCBs).
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The External Dimension of the Euro Area
2007Co-Authors: Filippo Di Mauro, Robert AndertonAbstract:Although still relatively closed, the Euro Area economy is nevertheless subject to a broad range of economic impacts originating from outside its borders. This book aims to improve our understanding of how, and to what extent, such external developments affect the Euro Area. Using a broad range of methodologies and techniques, the chapters analyse the various channels that connect the Euro Area to its external environment; most notably trade, capital flows and other international macroeconomic linkages. The result is that the interaction between the Euro Area and its 'external dimension' is shown to be more complex and extensive than had previously been thought. With contributions from both academics and professionals, this volume will be an invaluable source of information for researchers and policy-makers concerned with the interaction between regional European integration and globalization.
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Intra- and extra-Euro Area import demand for manufactures
2005Co-Authors: Robert Anderton, Badi H. Baltagi, Frauke Skudelny, Nuno SousaAbstract:The aim of this paper is to improve our understanding of the key determinants of intra- and extra-Euro Area imports. Using a simultaneous equation estimation framework, and pooling the data across nine Euro Area countries as an approximation of the Euro Area, we estimate intra- and extra-Euro Area import demand functions and impose various restrictions within and across equations. We find that there are significant substitution effects between intra- and extra-Euro Area imports due to changes in their relative prices, while exchange rate volatility decreases trade vis-a-vis regions characterised by volatility and leads to substitution of trade away from higher-volatility regions towards lower-volatility regions. JEL Classification: C32, C33, E00, E32, O3
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Competitiveness and the export performance of the Euro Area
2005Co-Authors: Filippo Di Mauro, Robert Anderton, Ekkehard Ernst, Laurent Maurin, Sonia Pokutova, Wim Melyn, Axel Jochem, N. M. Pakinezou, Javier Torres, Rémy LecatAbstract:Chapter 1 provides an overview and assessment of the price competitiveness and export performance of the Euro Area and the larger Euro Area countries, as well as an evaluation of how standard equations have been able to explain actual export developments. Chapter 2 carries out a constant market share analysis for the Euro Area and thereby sheds light on the reasons for movements in aggregate export market shares by looking at the sectoral and geographical composition of Euro Area exports. Chapter 3 looks at the evolution of the technological competitiveness of the Euro Area and major competitors – proxied by patenting activity and R&D expenditure – and analyses some structural indicators of competitiveness using survey data. Chapter 4 then looks at the impact of FDI on competitiveness and export performance. Finally, Chapter 5 summarises the main findings of the report, but also critically evaluates their importance and implications.
Jarkko Turunen - One of the best experts on this subject based on the ideXlab platform.
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Euro Area Export Performance and Competitiveness
2011Co-Authors: Jarkko Turunen, Richard T. Harmsen, Tamim BayoumiAbstract:Concerns about export growth within the Euro Area peripheral countries due to a lack of competitiveness within the Euro Area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for intra-Euro Area exports are at least double those for extra-Euro Area exports, so traditional real effective exchange rate indexes may overstate the effectiveness of Euro depreciation in restoring exports growth in the Euro Area periphery and; (ii) There are surprisingly wide divergences across alternative relative price measures and even when relative price data suggest a steady loss in intra- (and extra-) Euro Area competitiveness, the pace of deterioration depends on the measure of relative prices used.
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GROWTH IN Euro Area LABOR QUALITY
Review of Income and Wealth, 2007Co-Authors: Guido Schwerdt, Jarkko TurunenAbstract:Composition of the Euro Area workforce evolves over time and in response to changing labor market conditions. We construct an estimate of growth in Euro Area labor quality over the period 1983-2005 and show that labor quality has grown on average by 0.47 percent year-on-year. Labor quality growth was significantly higher in the early 1990s than in the 1980s. This strong increase was driven mainly by an increase in the share of those with tertiary education and workers in prime age. Growth in labor quality moderated again toward the end of the 1990s, possibly reflecting the impact of robust employment growth resulting in the entry of workers with lower human capital. The contribution of labor quality to labor productivity has increased over time, accounting for up to one fourth of Euro Area labor productivity growth. The results point to a lower contribution of total factor productivity to Euro Area growth. Copyright � 2007 The Authors; Journal compilation � International Association for Research in Income and Wealth 2007.
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The Euro Area wage curve
Economics Letters, 2006Co-Authors: Anna Sanz-de-galdeano, Jarkko TurunenAbstract:Abstract We use longitudinal micro data to examine the wage curve for the Euro Area over the period 1994–2001. The overall unemployment elasticity in the Euro Area is − 0.14. The elasticity varies across groups of workers and along the wage distribution.
Sandra Gomes - One of the best experts on this subject based on the ideXlab platform.
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The EAGLE. A model for policy analysis of macroeconomic interdependence in the Euro Area
Economic Modelling, 2012Co-Authors: Sandra Gomes, Pascal Jacquinot, Massimiliano PisaniAbstract:Abstract We develop a 4-region macroeconomic model of the Euro Area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions in the Euro Area and between the Euro Area and the world economy. Specifically, we simulate a permanent reduction in labor tax rates in the Euro Area. The effects on real activity are expansionary in both the short run and long run. Implementing reforms simultaneously across regions would produce extra benefits and make the macroeconomic performance in the Euro Area more even.
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The EAGLE: A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area
SSRN Electronic Journal, 2010Co-Authors: Sandra Gomes, Pascal Jacquinot, Massimiliano PisaniAbstract:Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the Euro Area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions belonging to the Euro Area and between Euro Area regions and the world economy. Simulation analysis shows the transmission mechanism of region-specific or common shocks, originating in the Euro Area and abroad.
