The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Roberton C Williams - One of the best experts on this subject based on the ideXlab platform.
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environmental policy Full Employment models and Employment a critical analysis
Social Science Research Network, 2018Co-Authors: Marc A C Hafstead, Roberton C Williams, Yunguang ChenAbstract:This paper assesses the use of Full-Employment computable-general equilibrium (CGE) models to predict the labor-market effects of environmental policy. Specifically, it compares the predictions of a standard Full-Employment CGE model with those of a new search-CGE model with labor-search frictions and resulting unEmployment (but that is otherwise identical to the Full-Employment model). The search-CGE captures key labor market details, including a distinction between the extensive margin of labor demand (the number of employees) and the intensive margin (the number of hours each employee works). We find that some key results are robust across the two models, such as the reallocation of labor across sectors in response to a carbon tax and the overall change in total labor demand. However, the Full-Employment model seriously overestimates the economy-wide net change in the number of jobs (by a factor of more than 2.5 for a carbon tax with revenues returned lump-sum to households, and by a factor of almost 3.5 when carbon tax revenues are used to reduce payroll taxes).
Truman G Packard - One of the best experts on this subject based on the ideXlab platform.
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Full Employment a distant dream for europe
IZA Journal of European Labor Studies, 2013Co-Authors: Indermit S Gill, Johannes Koettl, Truman G PackardAbstract:Today, Europe is a continent of low participation, low Employment labor markets. Many observers would like to blame poor Employment outcomes on the Euro or on austerity. But these are dangerous distractions from real problems that constitute imperatives for structural reform. There are differences across countries, but there is a “European model” of work: almost every European economy has more stringent Employment protection and more generous social benefits than peers in North America, Oceania, and East Asia. This has led to low labor force participation and high unEmployment, especially among young Europeans. Layered on top of these weak labor markets is the rapid onset of aging; if policies are not changed, Europe will lose about a million workers every year for the next five decades, especially in the 2030s. In short, Europe has to increase both the demand for and supply of labor. To do so, Europeans have to begin viewing competition as a necessary good, not an unnecessary evil. Restructuring unEmployment and pension benefits will help to increase participation and reverse the decline of the workforce, but policies that promote competition for jobs and mobility of job-seekers are needed to increase the demand for labor. To get to Full Employment, Europe has to alter the Employment protection laws that give too much power to those with jobs while marginalizing others to the fringes of the economy. Europeans will have to reduce and restructure the generous social benefits that simultaneously discourage young people from searching seriously for work and encourage older workers to quit work too early. Europeans will have to view mobility of workers as a prerequisite of European integration, not just a possible consequence of it. If all this is augmented by reforms to reduce public debt, encourage enterprise and innovation, and stabilize finance, Europe will have a vibrant economy, with high participation and Full Employment. I38 - Government Policy; Provision and Effects of Welfare Programs, J08 - Labor Economics Policies, J21 - Labor Force and Employment, Size, and Structure, J24 - Human Capital; Skills; Occupational Choice; Labor Productivity, J32 - Nonwage Labor Costs and Benefits; Private Pensions, J42 - Monopsony; Segmented Labor Markets
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Full Employment a distant dream for europe
Social Science Research Network, 2013Co-Authors: Indermit S Gill, Johannes Koettl, Truman G PackardAbstract:Today, Europe is a continent of low participation, low Employment labor markets. Many observers would like to blame poor Employment outcomes on the Euro or on austerity. But these are dangerous distractions from real problems that constitute imperatives for structural reform.There are differences across countries, but there is a "European model" of work: almost every European economy has more stringent Employment protection and more generous social benefits than peers in North America, Oceania, and East Asia. This has led to low labor force participation and high unEmployment, especially among young Europeans. Layered on top of these weak labor markets is the rapid onset of aging; if policies are not changed, Europe will lose about a million workers every year for the next five decades, especially in the 2030s. In short, Europe has to increase both the demand for and supply of labor. To do so, Europeans have to begin viewing competition as a necessary good, not an unnecessary evil.Restructuring unEmployment and pension benefits will help to increase participation and reverse the decline of the workforce, but policies that promote competition for jobs and mobility of job-seekers are needed to increase the demand for labor. To get to Full Employment, Europe has to alter the Employment protection laws that give too much power to those with jobs while marginalizing others to the fringes of the economy. Europeans will have to reduce and restructure the generous social benefits that simultaneously discourage young people from searching seriously for work and encourage older workers to quit work too early. Europeans will have to view mobility of workers as a prerequisite of European integration, not just a possible consequence of it. If all this is augmented by reforms to reduce public debt, encourage enterprise and innovation, and stabilize finance, Europe will have a vibrant economy, with high participation and Full Employment.
Randall L Wray - One of the best experts on this subject based on the ideXlab platform.
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is jefes de hogar an employer of last resort program an assessment of argentina s ability to deliver the promise of Full Employment and price stability
Social Science Research Network, 2005Co-Authors: Pavlina R Tcherneva, Randall L WrayAbstract:This paper describes what has been called the "employer of last resort" (ELR) proposal as a policy to achieve true Full Employment without inflation. We answer three main concerns about the program: 1) How can the government afford to hire all those who might want to work? 2) Won't Full Employment cause inflation? 3) What will all those workers do?In building the case for ELR, we show that the purpose of the program is to supplement, not replace, alternative Employment, such as that provided by private firms or other government programs. Any country that operates with its own currency and adopts a floating exchange rate can implement an ELR program, but each nation might formulate the specifics of its program in accordance with its own political and economic situation. Argentina is one such nation. The authors examine the institutional design of the Plan Jefes de Hogar and its impact on the Argentinean economy, and they draw parallels between the theoretical proposals for ELR and the practical experience with Jefes. Argentina's case demonstrates possible ways in which ELR can advance a sense of civic duty, citizenship, social cohesion, reciprocity, and community involvement. Furthermore, ELR can contribute to the redefinition of the meaning of work by commanding recognition that certain forms of labor, such as caring and community involvement, are socially useful. Finally, we uncover some deficiencies of the Jefes program and assess its ability to ensure true Full Employment and price stability.
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understanding modern money the key to Full Employment and price stability
1998Co-Authors: Randall L WrayAbstract:'Understanding Modern Money' exposes flaws in the foundations of mainstream macroeconomics and suggests a better way to formulate policy that will benefit everyone living in capitalistic societies.
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government as employer of last resort Full Employment without inflation
Research Papers in Economics, 1997Co-Authors: Randall L WrayAbstract:Since, WWII, it has been the stated policy of the U.S. government to simultaneously pursue high Employment and stable prices. Paradoxically, neither accepted economic theory nor practical experience appears to indicate that high or Full Employment is even possible with stable prices. In this paper, we argue that stable prices and truly Full Employment are indeed possible. In fact, the Humphrey-Hawkins Act sets the goalpost too low; we argue that the government can guarantee a zero unEmployment rate, defined as all who are ready, willing, and able to work at the going wage will be able to find a job--only those unwilling (or unable) to work at the going wage would be left without work (which are not normally counted as unemployed). The government does this by acting as the employer of last resort, offering to hire all who show up to work at a fixed wage. In doing so, the government ensures that all who are ready, willing, able to work at that wage will be provided a job. At the same time, by setting this wage, the government will provide a price anchor that will impart price stability to the system, that is, we will show that a true Full Employment policy is not, in itself, "inflationary" and indeed could reduce inflationary pressures under some conditions. Further, the Full Employment policy would help to reduce economic fluctuations (the "business cycle") through a powerful built-in automatic stabilizer feature.
Pavlina R Tcherneva - One of the best experts on this subject based on the ideXlab platform.
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permanent on the spot job creation the missing keynes plan for Full Employment and economic transformation
Review of Social Economy, 2012Co-Authors: Pavlina R TchernevaAbstract:Abstract The paper rejects the conventional view that Keynes had an aggregate demand approach to Full Employment. Instead, it proposes that he advocated a very specific labor demand targeting approach that would be implemented both in recessions and expansions. Modern policies, which aim to “close the demand gap” between current and potential output are inconsistent with Keynes's work on theoretical and methodological grounds. There is considerable evidence to suggest that a permanent program for direct or (in his words) “on-the-spot” job creation is the missing Keynes Plan for Full Employment and economic transformation. The current crisis presents the social economist with a unique opportunity to set fiscal policy straight along the original Keynesian lines. The paper suggests what specific form such a policy might take.
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keynes s approach to Full Employment aggregate or targeted demand
Research Papers in Economics, 2008Co-Authors: Pavlina R TchernevaAbstract:This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to Full Employment. Modern policies, which aim to "close the demand gap," are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends to increase inflation and erode income distribution near Full Employment, which is why true Full Employment is not possible via traditional pro-growth, pro-investment aggregate demand stimuli. This was well understood by Keynes, who preferred targeted job creation during expansions. But even in recessions, he did not campaign for wide-ranging aggregate demand stimuli; this is because different policies have different Employment creation effects, which for Keynes was the primary measure of their effectiveness. There is considerable evidence to argue that Keynes had an "on the spot" approach to Full Employment, where the problem of unEmployment is solved via direct job creation, irrespective of the phase of the business cycle.
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the return of fiscal policy can the new developments in the new economic consensus be reconciled with the post keynesian view
2008Co-Authors: Pavlina R TchernevaAbstract:The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for macroeconomic stabilization and Full Employment determination. Recent mainstream contributions, however, have begun to reassess fiscal policy and have called for its restitution in certain cases. The goal of this paper is to delimit the role of and place for fiscal policy in the New Economic Consensus (NEC) and to compare it to that of Post-Keynesian theory, the latter arguably the most faithful approach to the original Keynesian message. The paper proposes that, while a consensus may exist on many macroeconomic issues within the mainstream, fiscal policy is not one of them. The designation of fiscal policy within the NEC is explored and contrasted with the Post-Keynesian calls for fiscal policy via Abba Lerner's "functional finance" approach. The paper distinguishes between two approaches to functional finance--one that aims to boost aggregate demand and close the GDP gap, and one that secures Full Employment via direct job creation. It is argued that the mainstream has severed the Keynesian link between fiscal policy and Full Employment--a link that the Post-Keynesian approach promises to restore.
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is jefes de hogar an employer of last resort program an assessment of argentina s ability to deliver the promise of Full Employment and price stability
Social Science Research Network, 2005Co-Authors: Pavlina R Tcherneva, Randall L WrayAbstract:This paper describes what has been called the "employer of last resort" (ELR) proposal as a policy to achieve true Full Employment without inflation. We answer three main concerns about the program: 1) How can the government afford to hire all those who might want to work? 2) Won't Full Employment cause inflation? 3) What will all those workers do?In building the case for ELR, we show that the purpose of the program is to supplement, not replace, alternative Employment, such as that provided by private firms or other government programs. Any country that operates with its own currency and adopts a floating exchange rate can implement an ELR program, but each nation might formulate the specifics of its program in accordance with its own political and economic situation. Argentina is one such nation. The authors examine the institutional design of the Plan Jefes de Hogar and its impact on the Argentinean economy, and they draw parallels between the theoretical proposals for ELR and the practical experience with Jefes. Argentina's case demonstrates possible ways in which ELR can advance a sense of civic duty, citizenship, social cohesion, reciprocity, and community involvement. Furthermore, ELR can contribute to the redefinition of the meaning of work by commanding recognition that certain forms of labor, such as caring and community involvement, are socially useful. Finally, we uncover some deficiencies of the Jefes program and assess its ability to ensure true Full Employment and price stability.
Peter Skott - One of the best experts on this subject based on the ideXlab platform.
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public debt and Full Employment in a stock flow consistent model of a corporate economy
Journal of Post Keynesian Economics, 2013Co-Authors: Soon Ryoo, Peter SkottAbstract:This paper examines the fiscal requirements for continuous Full Employment. We find that (i) changes in the financial behavior of households and firms require adjustments in tax rates and public debt, (ii) the stability of the steady-growth solution for public debt depends on the fiscal instrument and the household consumption function, (iii) in stable cases, a fall in government consumption (or a decline in another component of autonomous demand) requires an increase in the steady-growth ratio of public debt to capital, and (iv) the steady-growth tax rate may be positively or negatively related to the level of debt.
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public debt and Full Employment in a stock flow consistent model of a corporate economy
Research Papers in Economics, 2011Co-Authors: Soon Ryoo, Peter SkottAbstract:This paper examines the fiscal requirements for continuous Full Employment. We find that (i) changes in the financial behavior of households and firms require adjustments in tax rates and public debt, (ii) the stability of the steady-state solution for public debt depends on the .fiscal instrument and the household consumption function, (iii) in stable cases, a fall in government consumption (or a decline in another component of autonomous demand) requires an increase in the steady-state ratio of public debt to capital, and (iv) the steady-state tax rate may be positively or negatively related to the level of debt. JEL Categories: E62, E22
