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Cross-Cutting Themes in Employment Experiences during the Crisis

Author/Editor: Vamvakidis, Athanasios | Vitek, Francis | Nkusu, Mwanza | Darius, Reginald | Thomas, Alun | Vidon, Edouard
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Summary: The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce such costs and improve labor markets. This paper analyzes the recent employment experiences of six economies: Germany, Korea, Mexico, New Zealand, Spain, and Sweden. These economies represent a wide range of labor market institutions, policy responses, and outcomes to the crisis. The divergence of labor market outcomes and of the effectiveness of policies during the crisis can be explained by the interaction between the nature of the shocks and differences in the structure and institutions of each country’s economy. The worst job losses compared to the drop in output followed permanent shocks, particularly in dual labor markets and in the presence of wage rigidities. Policies to avoid job cuts were much more effective when they were well-targeted and responded to temporary shocks. In contrast, policies to facilitate labor movements were more appropriate following permanent shocks.
 
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Series: Staff Position Note No. 2010/18
Subject(s): Employment | Labor markets | Economic recession | External shocks | Global Financial Crisis 2008-2009 | Labor market policy
Author's keyword(s): Employment | recessions | labor markets
 
English  
    Published:   November 11, 2010        
    ISBN/ISSN:   9781462357604   Format:   Paper
    Stock No:   SPNEA2010018   Pages:   22
    Price:   Free        
English  
    Published:   November 11, 2010        
    ISBN/ISSN:   978-1-61635-055-0 / 2072-3202   Format:   A web quality merged PDF
    Stock No:   SPNET2010018   Pages:   22
    Price:   Free        
     
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