Dannah Ysabel Premacio, Ezra Rebecca Vidar, T. Monsod
This paper measures fiscal sustainability in 22 developing Asian countries for the period 1999–2017. Previous literature generates conflicting results: one paper applies the usual stationarity and cointegration tests and finds that fiscal policy is sustainable but in weak form. Another paper employs a fiscal reaction function and finds that fiscal policy is unsustainable. This paper uses an expanded version of the Markov Switching Augmented Dickey-Fuller test (MS-ADF), which remedies the shortcomings of conventional stationarity tests to provide more statistical power in the presence of nonlinearities and structural breaks. The MS-ADF has never been applied to this set of countries. Results show that the majority of the countries have “uncertain” debt trajectories, not definitively sustainable or unsustainable but somewhere in-between. This is a more nuanced picture of the debt trajectories in the region relative to what is obtained using the established methods. A more nuanced assessment could lead to more suitable policy corrections.
{"title":"Measuring fiscal policy sustainability in developing Asia: what does the Markov Switching Augmented Dickey-Fuller Test tell us?","authors":"Dannah Ysabel Premacio, Ezra Rebecca Vidar, T. Monsod","doi":"10.37907/5erp3202d","DOIUrl":"https://doi.org/10.37907/5erp3202d","url":null,"abstract":"This paper measures fiscal sustainability in 22 developing Asian countries for the period 1999–2017. Previous literature generates conflicting results: one paper applies the usual stationarity and cointegration tests and finds that fiscal policy is sustainable but in weak form. Another paper employs a fiscal reaction function and finds that fiscal policy is unsustainable. This paper uses an expanded version of the Markov Switching Augmented Dickey-Fuller test (MS-ADF), which remedies the shortcomings of conventional stationarity tests to provide more statistical power in the presence of nonlinearities and structural breaks. The MS-ADF has never been applied to this set of countries. Results show that the majority of the countries have “uncertain” debt trajectories, not definitively sustainable or unsustainable but somewhere in-between. This is a more nuanced picture of the debt trajectories in the region relative to what is obtained using the established methods. A more nuanced assessment could lead to more suitable policy corrections.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"90 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138998177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Nobel prize-winning article of Douglas Diamond and Philip Dybvig, entitled “Bank runs, deposit insurance, and liquidity” and published by the Journal of Political Economy in 1983, has spawned a large literature, including on emerging markets and developing economies. In a nod to Diamond and Dybvig, this paper reviews this subset of the literature, which has received relatively less attention than the rest despite the greater risk of banking crises in these economies; it then examines whether the seminal article remains relevant against the rapid digital transformation of financial systems today. Models that adopted their basic ideas helped drive home the importance of maintaining sound macroeconomic fundamentals and keeping confidence levels high in bank-centered economies. Similarly applying their framework to assess the impact of the current evolution of financial systems also reveals valuable insights, such as low risk from financial technology, for now, but possible shadow banks in those settings, and allows for generally better analysis, including pointing out possible blind spots when adopting new concepts, such as central-bank-issued digital currencies.
{"title":"Diamond and Dybvig in developing economies and in a digital world","authors":"Margarita Debuque-Gonzales","doi":"10.37907/3erp3202d","DOIUrl":"https://doi.org/10.37907/3erp3202d","url":null,"abstract":"The Nobel prize-winning article of Douglas Diamond and Philip Dybvig, entitled “Bank runs, deposit insurance, and liquidity” and published by the Journal of Political Economy in 1983, has spawned a large literature, including on emerging markets and developing economies. In a nod to Diamond and Dybvig, this paper reviews this subset of the literature, which has received relatively less attention than the rest despite the greater risk of banking crises in these economies; it then examines whether the seminal article remains relevant against the rapid digital transformation of financial systems today. Models that adopted their basic ideas helped drive home the importance of maintaining sound macroeconomic fundamentals and keeping confidence levels high in bank-centered economies. Similarly applying their framework to assess the impact of the current evolution of financial systems also reveals valuable insights, such as low risk from financial technology, for now, but possible shadow banks in those settings, and allows for generally better analysis, including pointing out possible blind spots when adopting new concepts, such as central-bank-issued digital currencies.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"66 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138997587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper is on shared prosperity and its measurement. Economic growth enhances total prosperity, increasing the economic pie in society, but the pie distribution determines how the population shares the pie. Based on a social welfare framework, we have developed an integrated methodology to evaluate growth and distribution simultaneously. Linking the two phenomena gives rise to four development goals: (i) pro-poor growth, (ii) inclusive growth, (iii) pro-poor development, and (iv) inclusive development. These four goals provide an alternative characterization of shared prosperity. The paper defines the four goals, providing a methodology to operationalize them using real-world data. The empirically measured goals inform at what rate the shared prosperity is enhancing in any country or the world. The methodology is applied globally to determine whether the growth and development have been pro-poor and inclusive in 173 countries over the two decades in the new millennium.
{"title":"Shared prosperity characterized by four development goals: pro-poor growth, pro-poor development, inclusive growth, and inclusive development","authors":"N. Kakwani, Zakaria Siddiqui","doi":"10.37907/1erp3202d","DOIUrl":"https://doi.org/10.37907/1erp3202d","url":null,"abstract":"This paper is on shared prosperity and its measurement. Economic growth enhances total prosperity, increasing the economic pie in society, but the pie distribution determines how the population shares the pie. Based on a social welfare framework, we have developed an integrated methodology to evaluate growth and distribution simultaneously. Linking the two phenomena gives rise to four development goals: (i) pro-poor growth, (ii) inclusive growth, (iii) pro-poor development, and (iv) inclusive development. These four goals provide an alternative characterization of shared prosperity. The paper defines the four goals, providing a methodology to operationalize them using real-world data. The empirically measured goals inform at what rate the shared prosperity is enhancing in any country or the world. The methodology is applied globally to determine whether the growth and development have been pro-poor and inclusive in 173 countries over the two decades in the new millennium.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"115 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138999486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We argue that the celebrated 2014 Piketty thesis that thriving markets in advanced economies generate an ever increasing income inequality restores policy relevance to the Second Fundamental Theorem of Welfare and restores the role of the state in economics which the First Fundamental Theorem of Welfare seems, and the neoconservatives claim, to have marginalized. The Piketty thesis disproves the Kuznets hypothesis which says that the equity-deficit of market allocation is a temporary inconvenience which will dissipate as per capita income grows, thus, making state intervention unnecessary. Policies that enhance per capita growth may then replace policies of direct redistribution in the pursuit of equity. Piketty insists that this phenomenon is not due to some garden variety market failure but is due to the very dynamic that drives market prosperity, viz., private ownership of and the free enterprise deployment of capital. It is thus a meta-market failure. In properly functioning capitalist markets henceforth, the state still needs to directly push back on this metamarket failure to save capitalism from its own excesses and democracy from becoming collateral damage.
{"title":"Piketty inequality, meta-market failures and the new role of the state","authors":"Raul Fabella","doi":"10.37907/2erp3202d","DOIUrl":"https://doi.org/10.37907/2erp3202d","url":null,"abstract":"We argue that the celebrated 2014 Piketty thesis that thriving markets in advanced economies generate an ever increasing income inequality restores policy relevance to the Second Fundamental Theorem of Welfare and restores the role of the state in economics which the First Fundamental Theorem of Welfare seems, and the neoconservatives claim, to have marginalized. The Piketty thesis disproves the Kuznets hypothesis which says that the equity-deficit of market allocation is a temporary inconvenience which will dissipate as per capita income grows, thus, making state intervention unnecessary. Policies that enhance per capita growth may then replace policies of direct redistribution in the pursuit of equity. Piketty insists that this phenomenon is not due to some garden variety market failure but is due to the very dynamic that drives market prosperity, viz., private ownership of and the free enterprise deployment of capital. It is thus a meta-market failure. In properly functioning capitalist markets henceforth, the state still needs to directly push back on this metamarket failure to save capitalism from its own excesses and democracy from becoming collateral damage.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"44 26","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138995792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article focuses on the sailors who served during the initial years of the Carrera del Pacífico, one of the globalizing projects of the Spanish Monarchy. In particular, the paper aims to examine the sailors who took advantage of the Pacific trade circuits by actively participating in various income-generating activities created by the Carrera. Using the sailors’ economic endeavors, especially as sailor-merchants, as a lens can elucidate how early global trade was conducted and demonstrate the dynamics of the early Pacific trade. The paper argues that by seizing the opportunities presented by the Carrera, primarily by assuming the dual roles of sailors and merchants, these laborers helped consolidate the Spanish-Pacific region and reshape the consumption pattern of its local population. The sailors engaged in the transportation, sale, and purchase of global commodities during the early modern period, including textiles and chinaware, which catered to the demands of the broader consumer base in Spanish America. The sources draw data from the Royal Treasury of Acapulco registers during its first decade (1590-1600), where 1,574 sailors were identified. It belongs to Archivo General de Indias’ Contaduría (Account) records, which contain the duties of commodities entering and leaving the port of Acapulco.
太平洋卡雷拉计划是西班牙君主制的全球化项目之一，本文重点关注在该计划初期服役的水手。特别是，本文旨在研究那些利用太平洋贸易通道，积极参与卡雷拉计划所创造的各种创收活动的水手。以水手的经济努力，尤其是水手-商人为视角，可以阐明早期全球贸易是如何进行的，并展示早期太平洋贸易的动态。本文认为，通过抓住卡雷拉河带来的机遇，主要是通过承担水手和商人的双重角色，这些劳工帮助巩固了西班牙-太平洋地区，并重塑了当地居民的消费模式。水手们在近代早期从事全球商品的运输、销售和采购，包括纺织品和瓷器，这些商品迎合了西班牙美洲广大消费者的需求。资料来源取自阿卡普尔科皇家财政部第一个十年（1590-1600 年）的登记册，其中确定了 1574 名水手的身份。它属于 Archivo General de Indias 的 Contaduría（账目）记录，其中包含进出阿卡普尔科港商品的关税。
{"title":"The 16th century Carrera del Pacífico: its sailor-merchants and their trade goods","authors":"Kristyl N. Obispado","doi":"10.37907/6erp3202d","DOIUrl":"https://doi.org/10.37907/6erp3202d","url":null,"abstract":"This article focuses on the sailors who served during the initial years of the Carrera del Pacífico, one of the globalizing projects of the Spanish Monarchy. In particular, the paper aims to examine the sailors who took advantage of the Pacific trade circuits by actively participating in various income-generating activities created by the Carrera. Using the sailors’ economic endeavors, especially as sailor-merchants, as a lens can elucidate how early global trade was conducted and demonstrate the dynamics of the early Pacific trade. The paper argues that by seizing the opportunities presented by the Carrera, primarily by assuming the dual roles of sailors and merchants, these laborers helped consolidate the Spanish-Pacific region and reshape the consumption pattern of its local population. The sailors engaged in the transportation, sale, and purchase of global commodities during the early modern period, including textiles and chinaware, which catered to the demands of the broader consumer base in Spanish America. The sources draw data from the Royal Treasury of Acapulco registers during its first decade (1590-1600), where 1,574 sailors were identified. It belongs to Archivo General de Indias’ Contaduría (Account) records, which contain the duties of commodities entering and leaving the port of Acapulco.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"2 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138997934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Harrod-Domar (H-D) growth model assumes a fixed capital-output ratio, signifying absence of substitutability between capital and labor, leading to a “knife-edge” problem wherein balanced growth of capital (fixed warranted rate) and labor (fixed natural rate) occurs only by accident, preventing the attainment of macroeconomic stability with full employment. The neoclassical Solow-Swan (S-S) growth model provides an elegant solution to the H-D problem by endogenizing the warranted rate via the saving-investment relation, wherein capital growth is a function of a fully adjusting income-capital ratio (inverse of the H-D capital-output ratio)— allowing for smooth substitutability between capital and labor while keeping the natural rate exogenously fixed. The S-S model implies a positive, albeit temporary output growth effect of a higher saving rate. The present paper extends the capital-labor ratio’s influence onto the natural rate via effects on labor productivity through a modified Arrow learning by doing framework, and via labor participation through real wage adjustments. Thus, the positive output growth of a higher saving rate, although temporary in the short run as in the S-S model, is permanent in the long run through adjustments in both the warranted and natural rates—a generalization of the Solow-Swan model.
{"title":"Toward a general neoclassical theory of economic growth","authors":"Delano Villanueva","doi":"10.37907/4erp3202d","DOIUrl":"https://doi.org/10.37907/4erp3202d","url":null,"abstract":"The Harrod-Domar (H-D) growth model assumes a fixed capital-output ratio, signifying absence of substitutability between capital and labor, leading to a “knife-edge” problem wherein balanced growth of capital (fixed warranted rate) and labor (fixed natural rate) occurs only by accident, preventing the attainment of macroeconomic stability with full employment. The neoclassical Solow-Swan (S-S) growth model provides an elegant solution to the H-D problem by endogenizing the warranted rate via the saving-investment relation, wherein capital growth is a function of a fully adjusting income-capital ratio (inverse of the H-D capital-output ratio)— allowing for smooth substitutability between capital and labor while keeping the natural rate exogenously fixed. The S-S model implies a positive, albeit temporary output growth effect of a higher saving rate. The present paper extends the capital-labor ratio’s influence onto the natural rate via effects on labor productivity through a modified Arrow learning by doing framework, and via labor participation through real wage adjustments. Thus, the positive output growth of a higher saving rate, although temporary in the short run as in the S-S model, is permanent in the long run through adjustments in both the warranted and natural rates—a generalization of the Solow-Swan model.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"18 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138970628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shirin Arslan, Arnob Alam, M. Floro, Seung-Eun Cha, E. Kang
As countries like South Korea expand their paid care services, ensuring quality care has become critical. Since care work involves significant emotional labor, a worker’s sense of responsibility for the care recipient's well-being affects the quality of care delivered. In this study, we explore this particular determinant of quality care that has been underexplored to better understand its nature. However, a worker's sense of responsibility or commitment level is not static and varies depending on various factors including working conditions. Using 2018 Korean childcare and eldercare survey data, we empirically examine the relationship between a worker's commitment levels and working conditions by conducting Tobit and generalized maximum entropy (GME) analyses. Results indicate that training, shorter commutes, predictable schedules, and easy interactions with the care recipient’s family are associated with higher levels of commitment. Our findings highlight the importance of supportive working conditions in promoting quality care.
{"title":"Care workers’ sense of responsibility, working conditions, and the quality of care in South Korea","authors":"Shirin Arslan, Arnob Alam, M. Floro, Seung-Eun Cha, E. Kang","doi":"10.37907/8erp3202j","DOIUrl":"https://doi.org/10.37907/8erp3202j","url":null,"abstract":"As countries like South Korea expand their paid care services, ensuring quality care has become critical. Since care work involves significant emotional labor, a worker’s sense of responsibility for the care recipient's well-being affects the quality of care delivered. In this study, we explore this particular determinant of quality care that has been underexplored to better understand its nature. However, a worker's sense of responsibility or commitment level is not static and varies depending on various factors including working conditions. Using 2018 Korean childcare and eldercare survey data, we empirically examine the relationship between a worker's commitment levels and working conditions by conducting Tobit and generalized maximum entropy (GME) analyses. Results indicate that training, shorter commutes, predictable schedules, and easy interactions with the care recipient’s family are associated with higher levels of commitment. Our findings highlight the importance of supportive working conditions in promoting quality care.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46992802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Who provides unpaid caregiving within the household is of economic and policy relevance. This paper examines how care activities are shared among household members, the extent to which women and men substitute for each other in care and work activities, and whether or not they realize economies of scale in care work. Mongolia and South Korea have nationally representative time-use survey data that allow an exploration of these questions. These two countries differ in their level of economic development and industrial structure, demographic profile, and household composition, providing a comparative perspective on the allocation of time to childcare, domestic work and market work within households. The maximum likelihood estimation results reveal significant evidence of substitution between men and women in childcare, but much less so in domestic work or indirect care, and economies of scale in the care of young children and in women's domestic work.
{"title":"Care work and the demographic composition of households: two Asian cases","authors":"E. King, Hannah L. Randolph, Jooyeoun Suh","doi":"10.37907/7erp3202j","DOIUrl":"https://doi.org/10.37907/7erp3202j","url":null,"abstract":"Who provides unpaid caregiving within the household is of economic and policy relevance. This paper examines how care activities are shared among household members, the extent to which women and men substitute for each other in care and work activities, and whether or not they realize economies of scale in care work. Mongolia and South Korea have nationally representative time-use survey data that allow an exploration of these questions. These two countries differ in their level of economic development and industrial structure, demographic profile, and household composition, providing a comparative perspective on the allocation of time to childcare, domestic work and market work within households. The maximum likelihood estimation results reveal significant evidence of substitution between men and women in childcare, but much less so in domestic work or indirect care, and economies of scale in the care of young children and in women's domestic work.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41818915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Republic of Korea is characterized by rapid growth of its elderly population, a stagnant working-age population, the world’s lowest total fertility rate, and the largest gender wage gap among the OECD countries. The heavy domestic and care work performed by women who receive little or no help from male household members constrains their labor force participation. The government strives to reduce the growing care burden of households, particularly among women, and raise female labor force participation rates as well as fertility rates. We examine the impact of various policy options to attain these objectives using a gendered computable general equilibrium (CGE) model for Korea. It is the first model in the literature using time use data with a focus on care services provided by the market and households. The simulations focus on the impact of policies that expand public care, provide subsidies to care provided by households or the private sector and reduce female wage discrimination. The results indicate that these policies improve the welfare of households with care responsibilities by freeing up time for women to take on jobs that pay better. Their broader economic impact, however, depends on the flexibility of gender roles in the division of labor both in households and in the broader economy.
{"title":"Child and elderly care in South Korea: policy analysis with a gendered, care-focused computable general equilibrium model","authors":"M. Cicowiez, H. Lofgren","doi":"10.37907/3erp3202j","DOIUrl":"https://doi.org/10.37907/3erp3202j","url":null,"abstract":"The Republic of Korea is characterized by rapid growth of its elderly population, a stagnant working-age population, the world’s lowest total fertility rate, and the largest gender wage gap among the OECD countries. The heavy domestic and care work performed by women who receive little or no help from male household members constrains their labor force participation. The government strives to reduce the growing care burden of households, particularly among women, and raise female labor force participation rates as well as fertility rates. We examine the impact of various policy options to attain these objectives using a gendered computable general equilibrium (CGE) model for Korea. It is the first model in the literature using time use data with a focus on care services provided by the market and households. The simulations focus on the impact of policies that expand public care, provide subsidies to care provided by households or the private sector and reduce female wage discrimination. The results indicate that these policies improve the welfare of households with care responsibilities by freeing up time for women to take on jobs that pay better. Their broader economic impact, however, depends on the flexibility of gender roles in the division of labor both in households and in the broader economy.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47181344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper revisits the natural unemployment rate and some studies of labor markets with search frictions that it has inspired. New job strategies being proposed suggest a need for an enhanced labor market research agenda, which looks at additional movements in the labor force. New directions in the conduct of monetary policy beyond concerns over dangers to banks and financial markets posed by interest-rate adjustment may follow as a matter of course in the context of newly emerged labor market policy.
{"title":"Unemployment and monetary policy: a revisit and new job strategies","authors":"D. Canlas","doi":"10.37907/1erp3202j","DOIUrl":"https://doi.org/10.37907/1erp3202j","url":null,"abstract":"This paper revisits the natural unemployment rate and some studies of labor markets with search frictions that it has inspired. New job strategies being proposed suggest a need for an enhanced labor market research agenda, which looks at additional movements in the labor force. New directions in the conduct of monetary policy beyond concerns over dangers to banks and financial markets posed by interest-rate adjustment may follow as a matter of course in the context of newly emerged labor market policy.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48607115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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