The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s
This study explores how labor markets have adjusted to temporary business cycle fluctuations since (at least) the 1990s. It focuses on how changes in macroeconomic conditions affect the evolving nature of labor-market adjustments on the other hand....
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2011/09/16632915/fall-wage-flexibility-labor-markets-business-cycles-latin-america-caribbean-1990s http://hdl.handle.net/10986/23575 |
| id |
okr-10986-23575 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AUTOREGRESSION AVERAGE WAGES BARGAINING POWER BENCHMARK BENCHMARKS BUSINESS CYCLE BUSINESS CYCLES COMPETITIVENESS CONSUMER PRICE INDEX CPI CRISES DECENTRALIZATION DEMAND CURVE DEVELOPED COUNTRIES DEVELOPMENT POLICIES DISINFLATION EARNING ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC SHOCK ECONOMIC SHOCKS EFFICIENCY OF LABOR ELASTICITY EMPIRICAL STUDIES EMPLOYEE EMPLOYMENT EMPLOYMENT MEASURE EMPLOYMENT SECURITY ENTITLEMENTS ENVIRONMENTS ESTIMATED PROBABILITY EXCHANGE RATES EXPORTS FINANCIAL CRISIS FIRING COSTS FIRING RESTRICTIONS FIRM LEVEL FIRM PRODUCTIVITY FIRM SIZE FORECASTS FORMAL SECTOR WAGES FUTURE RESEARCH GDP GROWTH RATE HOUSEHOLD SURVEY INCOME INCOME RISK INCOME SHOCKS INDEXATION INDUSTRY WAGES INFLATION INFLATION RATE INFLATION RATES INFORMAL EMPLOYMENT INFORMAL SECTOR INSURANCE INTERNATIONAL TRADE JOB CREATION JOB MATCHES JOB SEEKERS JOBS LABOR CONTRACTS LABOR COSTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET ADJUSTMENT LABOR MARKET INDICATOR LABOR MARKET INSTITUTIONS LABOR MARKET REGULATIONS LABOR MARKET RIGIDITIES LABOR MARKETS LABOR POLICIES LABOR TURNOVER LAYOFF LAYOFFS MACROECONOMIC CONDITIONS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED BENEFITS MIDDLE INCOME MIDDLE INCOME COUNTRY MINIMUM WAGE MINIMUM WAGES MONETARY POLICY NOMINAL WAGES OPEN ECONOMY PREVIOUS JOB PRIVATE SECTOR PRIVATE SECTOR WORKERS PRODUCTIVITY DATA REAL WAGE REAL WAGES RECESSION RECESSIONARY PERIODS RETIREMENT RIGID WAGES RISK AVERSE SAFETY SAFETY NET SAFETY NETS SALARIED WORKERS SELF EMPLOYED SMALL BUSINESSES TERMS OF TRADE TROUGH UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT RATE UNION DENSITY UNSKILLED WORKERS URBAN EMPLOYMENT URBAN EMPLOYMENT SURVEY WAGE ADJUSTMENT WAGE BARGAINING WAGE BILL WAGE DATA WAGE FLEXIBILITY WAGE FLOOR WAGE GROWTH WAGE INCREASE WAGE INCREASES WAGE NEGOTIATIONS WAGE RIGIDITIES WAGE RIGIDITY WORKER WORKERS WORKING HOURS YOUNGER WORKERS |
| spellingShingle |
ACCOUNTING AUTOREGRESSION AVERAGE WAGES BARGAINING POWER BENCHMARK BENCHMARKS BUSINESS CYCLE BUSINESS CYCLES COMPETITIVENESS CONSUMER PRICE INDEX CPI CRISES DECENTRALIZATION DEMAND CURVE DEVELOPED COUNTRIES DEVELOPMENT POLICIES DISINFLATION EARNING ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC SHOCK ECONOMIC SHOCKS EFFICIENCY OF LABOR ELASTICITY EMPIRICAL STUDIES EMPLOYEE EMPLOYMENT EMPLOYMENT MEASURE EMPLOYMENT SECURITY ENTITLEMENTS ENVIRONMENTS ESTIMATED PROBABILITY EXCHANGE RATES EXPORTS FINANCIAL CRISIS FIRING COSTS FIRING RESTRICTIONS FIRM LEVEL FIRM PRODUCTIVITY FIRM SIZE FORECASTS FORMAL SECTOR WAGES FUTURE RESEARCH GDP GROWTH RATE HOUSEHOLD SURVEY INCOME INCOME RISK INCOME SHOCKS INDEXATION INDUSTRY WAGES INFLATION INFLATION RATE INFLATION RATES INFORMAL EMPLOYMENT INFORMAL SECTOR INSURANCE INTERNATIONAL TRADE JOB CREATION JOB MATCHES JOB SEEKERS JOBS LABOR CONTRACTS LABOR COSTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET ADJUSTMENT LABOR MARKET INDICATOR LABOR MARKET INSTITUTIONS LABOR MARKET REGULATIONS LABOR MARKET RIGIDITIES LABOR MARKETS LABOR POLICIES LABOR TURNOVER LAYOFF LAYOFFS MACROECONOMIC CONDITIONS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED BENEFITS MIDDLE INCOME MIDDLE INCOME COUNTRY MINIMUM WAGE MINIMUM WAGES MONETARY POLICY NOMINAL WAGES OPEN ECONOMY PREVIOUS JOB PRIVATE SECTOR PRIVATE SECTOR WORKERS PRODUCTIVITY DATA REAL WAGE REAL WAGES RECESSION RECESSIONARY PERIODS RETIREMENT RIGID WAGES RISK AVERSE SAFETY SAFETY NET SAFETY NETS SALARIED WORKERS SELF EMPLOYED SMALL BUSINESSES TERMS OF TRADE TROUGH UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT RATE UNION DENSITY UNSKILLED WORKERS URBAN EMPLOYMENT URBAN EMPLOYMENT SURVEY WAGE ADJUSTMENT WAGE BARGAINING WAGE BILL WAGE DATA WAGE FLEXIBILITY WAGE FLOOR WAGE GROWTH WAGE INCREASE WAGE INCREASES WAGE NEGOTIATIONS WAGE RIGIDITIES WAGE RIGIDITY WORKER WORKERS WORKING HOURS YOUNGER WORKERS Lederman, D. Maloney, W.F. Messina, J. The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| geographic_facet |
Latin America & Caribbean Caribbean Latin America |
| description |
This study explores how labor markets
have adjusted to temporary business cycle fluctuations since
(at least) the 1990s. It focuses on how changes in
macroeconomic conditions affect the evolving nature of
labor-market adjustments on the other hand. The study pays
particular attention to the role of low inflation and
international trade in shaping labor-market adjustment. The
main focus of the report is on employment, wages and
informality. The report analyzes how they are affected by
business cycles, and on how low inflation and the nature of
external shocks affects labor market dynamics. It is
organized as follows. Chapter 1 provides an overview of the
cyclical macroeconomic behavior of wages in four LAC
countries. Importantly, rather than examining the average
cyclical pattern of wages, it focuses on the time varying
patterns in the relationship between wages, employment and
output. The second part of Chapter 2 studies downward wage
rigidities with sectoral data. Chapter 3 moves from wages to
quantitative labor-market adjustments and attempts to the
answer what limits the expansion of formal employment in
LAC? The chapter studies differences, similarities and
linkages between formal and informal employment over the
business cycle to understand the frustrating persistence of
informal employment in the region. Chapter 4 takes a close
look at the adjustment of formal labor markets in Northern
Mexico during the United States recession of 2008-09.
Chapter 5 turns our attention to the distributional costs of
recessions by examining how returns to schooling fluctuate
with the business cycle, and how they respond to different
types of economic shocks. Chapter 6 concludes with a brief
summary of the findings and some thoughts about policy implications. |
| format |
Report |
| author |
Lederman, D. Maloney, W.F. Messina, J. |
| author_facet |
Lederman, D. Maloney, W.F. Messina, J. |
| author_sort |
Lederman, D. |
| title |
The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| title_short |
The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| title_full |
The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| title_fullStr |
The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| title_full_unstemmed |
The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s |
| title_sort |
fall of wage flexibility : labor markets and business cycles in latin america and the caribbean since the 1990s |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2011/09/16632915/fall-wage-flexibility-labor-markets-business-cycles-latin-america-caribbean-1990s http://hdl.handle.net/10986/23575 |
| _version_ |
1764454316993675264 |
| spelling |
okr-10986-235752021-04-23T14:04:16Z The Fall of Wage Flexibility : Labor Markets and Business Cycles in Latin America and the Caribbean since the 1990s Lederman, D. Maloney, W.F. Messina, J. ACCOUNTING AUTOREGRESSION AVERAGE WAGES BARGAINING POWER BENCHMARK BENCHMARKS BUSINESS CYCLE BUSINESS CYCLES COMPETITIVENESS CONSUMER PRICE INDEX CPI CRISES DECENTRALIZATION DEMAND CURVE DEVELOPED COUNTRIES DEVELOPMENT POLICIES DISINFLATION EARNING ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC SHOCK ECONOMIC SHOCKS EFFICIENCY OF LABOR ELASTICITY EMPIRICAL STUDIES EMPLOYEE EMPLOYMENT EMPLOYMENT MEASURE EMPLOYMENT SECURITY ENTITLEMENTS ENVIRONMENTS ESTIMATED PROBABILITY EXCHANGE RATES EXPORTS FINANCIAL CRISIS FIRING COSTS FIRING RESTRICTIONS FIRM LEVEL FIRM PRODUCTIVITY FIRM SIZE FORECASTS FORMAL SECTOR WAGES FUTURE RESEARCH GDP GROWTH RATE HOUSEHOLD SURVEY INCOME INCOME RISK INCOME SHOCKS INDEXATION INDUSTRY WAGES INFLATION INFLATION RATE INFLATION RATES INFORMAL EMPLOYMENT INFORMAL SECTOR INSURANCE INTERNATIONAL TRADE JOB CREATION JOB MATCHES JOB SEEKERS JOBS LABOR CONTRACTS LABOR COSTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET ADJUSTMENT LABOR MARKET INDICATOR LABOR MARKET INSTITUTIONS LABOR MARKET REGULATIONS LABOR MARKET RIGIDITIES LABOR MARKETS LABOR POLICIES LABOR TURNOVER LAYOFF LAYOFFS MACROECONOMIC CONDITIONS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED BENEFITS MIDDLE INCOME MIDDLE INCOME COUNTRY MINIMUM WAGE MINIMUM WAGES MONETARY POLICY NOMINAL WAGES OPEN ECONOMY PREVIOUS JOB PRIVATE SECTOR PRIVATE SECTOR WORKERS PRODUCTIVITY DATA REAL WAGE REAL WAGES RECESSION RECESSIONARY PERIODS RETIREMENT RIGID WAGES RISK AVERSE SAFETY SAFETY NET SAFETY NETS SALARIED WORKERS SELF EMPLOYED SMALL BUSINESSES TERMS OF TRADE TROUGH UNEMPLOYED UNEMPLOYED WORKERS UNEMPLOYMENT UNEMPLOYMENT RATE UNION DENSITY UNSKILLED WORKERS URBAN EMPLOYMENT URBAN EMPLOYMENT SURVEY WAGE ADJUSTMENT WAGE BARGAINING WAGE BILL WAGE DATA WAGE FLEXIBILITY WAGE FLOOR WAGE GROWTH WAGE INCREASE WAGE INCREASES WAGE NEGOTIATIONS WAGE RIGIDITIES WAGE RIGIDITY WORKER WORKERS WORKING HOURS YOUNGER WORKERS This study explores how labor markets have adjusted to temporary business cycle fluctuations since (at least) the 1990s. It focuses on how changes in macroeconomic conditions affect the evolving nature of labor-market adjustments on the other hand. The study pays particular attention to the role of low inflation and international trade in shaping labor-market adjustment. The main focus of the report is on employment, wages and informality. The report analyzes how they are affected by business cycles, and on how low inflation and the nature of external shocks affects labor market dynamics. It is organized as follows. Chapter 1 provides an overview of the cyclical macroeconomic behavior of wages in four LAC countries. Importantly, rather than examining the average cyclical pattern of wages, it focuses on the time varying patterns in the relationship between wages, employment and output. The second part of Chapter 2 studies downward wage rigidities with sectoral data. Chapter 3 moves from wages to quantitative labor-market adjustments and attempts to the answer what limits the expansion of formal employment in LAC? The chapter studies differences, similarities and linkages between formal and informal employment over the business cycle to understand the frustrating persistence of informal employment in the region. Chapter 4 takes a close look at the adjustment of formal labor markets in Northern Mexico during the United States recession of 2008-09. Chapter 5 turns our attention to the distributional costs of recessions by examining how returns to schooling fluctuate with the business cycle, and how they respond to different types of economic shocks. Chapter 6 concludes with a brief summary of the findings and some thoughts about policy implications. 2016-01-06T22:28:41Z 2016-01-06T22:28:41Z 2011-09-15 Report http://documents.worldbank.org/curated/en/2011/09/16632915/fall-wage-flexibility-labor-markets-business-cycles-latin-america-caribbean-1990s http://hdl.handle.net/10986/23575 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Other Social Protection Study Economic & Sector Work Latin America & Caribbean Caribbean Latin America |