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Labor Market Adjustments to Shocks in Australia

Author: Mr.Adil Mohommad

Publisher: International Monetary Fund

Published: 2017-05-24

Total Pages: 33

ISBN-13: 1484301765

Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of increased labor market frictions following the commodity price decline; (ii) flexibility in labor input adjustment in response to demand shocks; (iii) changes in labor productivity in the wake of resource reallocation with the decline in mining investment, (iv) and the role of migration in adjusting to the commodity price and mining investment cycle. We find little evidence of increased labor market frictions with the decline in commodity prices. The relatively smooth transition has been assisted by increased flexibility in adjustment of worker hours over time. Labor productivity growth has sustained its historical average through the transition, despite some temporary drag as the economy rebalances. Finally, migration has played a key role in labor market adjustment through the commodity cycle.

Australia

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2017-02-10

Total Pages: 104

ISBN-13: 1475575882

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This Selected Issues paper examines the adjustment of Australian labor markets to the recent adverse shocks. Australia’s labor markets were not severely impacted by the global financial crisis and are adjusting smoothly to the sizeable commodity prices bust and mining investment downturn. However, some labor market indicators suggest persistent weaknesses. There does not appear to be a significant increase in structural employment in the wake of the commodity prices bust and mining investment decline. Increased flexibility in average hours per worker has likely moderated employment reduction in downturns and prevented a larger increase in unemployment in the wake of the mining investment downturn. At the same time, elevated underemployment signals additional slack, and is likely weighing down wage growth.

Australia

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2017-02-09

Total Pages: 104

ISBN-13: 147557584X

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EMU Facts, Challenges and Policies

Author: OECD

Publisher: OECD Publishing

Published: 1999-03-18

Total Pages: 216

ISBN-13: 9264172602

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The launch of the euro reinforces the foundations for unprecedented economic integration encompassing 11 countries, 16 per cent of world GDP and 290 million people. For the first time, the OECD has studied the euro-area as a fully-fledged economic ...

New Zealand

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2017-05-08

Total Pages: 73

ISBN-13: 1475599099

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This 2017 Article IV Consultation highlights New Zealand’s economic expansion, which since early 2011 gained further broad-based momentum in 2016. GDP growth accelerated to 4 percent, and the output gap has roughly closed. Reconstruction spending after the 2011 Canterbury earthquake was an important catalyst, but the expansion has also been supported by accommodative monetary policy, a net migration wave, improving services exports, and strong terms of trade. There was some weakening of momentum in the fourth quarter of 2016, owing to softer private consumption and a sharp drop in exports, but it is expected to be temporary. Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.

Free Movement of Workers and Labour Market Adjustment Recent Experiences from OECD Countries and the European Union

Author: OECD

Publisher: OECD Publishing

Published: 2012-06-27

Total Pages: 302

ISBN-13: 9264177183

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This publication presents recent evidence and analytical work on the impact and future perpectives of demographic trends in the workforce, taking also into account education, skills and geographical mobility.

Trade, Investment, Migration and Labour Market Adjustment

Author: D. Greenaway

Publisher: Springer

Published: 2002-09-06

Total Pages: 243

ISBN-13: 1403920184

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Globalization and the growing integration of national markets have had profound effects on the operation of markets, not least labour markets. In this book, a range of leading commentators on globalization and labour markets present original contribution on the interaction between these two areas. This book assesses the impact of globalization on trade, cross-border investment and migration from both a theoretical and econometric standpoint and discusses the possible applications of this analysis for both industrialized and developing countries.

The Labor Market and Economic Adjustment

Author: Pierre-Richard Agénor

Publisher: International Monetary Fund

Published: 1995-11-01

Total Pages: 98

ISBN-13: 1451854781

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This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.