Emerging market business cycles : labor market frictions /

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Bibliographic Details
Author / Creator:	Boz, Emine.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2012.
Description:	1 online resource (51 pages)
Language:	English
Series:	IMF working paper ; WP/237 IMF working paper ; WP/12/237.
Subject:	Business cycles -- Developing countries -- Econometric models. Labor market -- Developing countries -- Econometric models. Business cycles -- Econometric models. Labor market -- Econometric models. Developing countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12539702

Hidden Bibliographic Details
Other authors / contributors:	Bora Durdu, C. Li, Nan. International Monetary Fund. Research Department.
ISBN:	9781475512496 147551249X
Notes:	Title from PDF title page (IMF Web site, viewed Oct. 4, 2012). "Research Department." "October 2012." Includes bibliographical references.
Summary:	Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical interest rate shocks can jointly account for these regularities. In the face of countercyclical interest rate shocks, search-matching frictions increase future employment uncertainty, improving workers' incentive to save and generating a greater response of consumption and the current account. Higher consumption response in turn feeds into larger fluctuations in the workers bargaining power while the interest rates shocks lead to variations in the firms' willingness to hire; both of which contribute to a highly variable real wage.
Other form:	Print version: Boz, Emine. Emerging Market Business Cycles: The Role of Labor Market Frictions. Washington : International Monetary Fund, ©2012 9781475511208

Table of Contents:

Cover; Contents; 1 Introduction; 2 Empirical Evidence on Emerging Economy Labor Markets; 3 A Small Open Economy Model with Search-Matching Frictions; 4 Quantitative Analysis; 4.1 Calibration; 4.2 Solution: Nonlinear Methods; 4.3 The Model Dynamics; 4.4 Main Findings; Canonical SOE-RBC; Search-Matching Model; 4.5 Sensitivity Analysis; 5 Matching efficiency shocks; 6 Conclusion; References; References; Appendixes; A: Data Appendix; B: TFP computation; C: Decentralized Economy; D: Canonical SOE-RBC; Tables; Table 1: Real earnings; Table 2: Unemployment Rate and Employment.
Table 3: Hours worked: Manufacturing and AggregateTable 4: Calibrated Parameters; Table 5: Business Cycle Moments; Table 6: Sensitivity Analysis; Table 7: Matching Efficiency Shocks; Figures; Figure 2: Limiting Distributions of Endogenous State Variables; Figure 3: Impulse Response Functions: Main Macroeconomic Variables; Figure 4: Impulse Response Functions: Labor Market Variables; Figure 1: Sectoral Decomposition of Employment.

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