By Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen
Pierre-Richard Agenor's pioneering paintings on built-in Macroeconomics versions for Poverty research (IMMPA) is cataloged for the 1st time during this must-read volume.A type of dynamic computable common equilibrium types, IMMPA types are designed to research the effect of adjustment guidelines on unemployment and poverty within the constructing global. together with either papers initially circulated in the course of the international financial institution, in addition to new fabric that locations this crucial paintings in its higher context, Adjustment regulations, Poverty, and Unemployment information the background and makes use of of those versions thus far, in addition to pointing to destiny advancements for his or her usage.
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Additional info for Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework
280–1)). Suppose that consumption and effort decisions are separable and that the decision to provide effort depends only on the wage earned, wS , and the disutility of effort. 31 Let π denote the probability (per unit time) that the worker is caught shirking, in which case he is ﬁred and must seek employment in another sector, where efﬁciency considerations are absent and the going wage is . The level of effort provided is either e (when employed and not shirking) or em (when shirking while 28 The average wage, given by (wS S + wU U )/(S + U ), is also increasing in x as long as the wage gap is positive, that is, ω > 1.
Source: Adapted from Agénor and Montiel (1999, p. 73). that employment in the formal sector is equal to OF LFc and unemployment to LFc L¯ F . Finally, panel D is an adaptation of the Harris-Todaro labor allocation mechanism (1), which assumes that equilibrium obtains when the wage rate in the informal sector is equal to the expected wage in the formal sector. The downward-sloping locus QQ is a rectangular hyperbola along which this equality holds (see Corden and Findlay (1975)). As indicated above, the expected wage in the formal sector is deﬁned as the product of the actual wage in that sector times the probability of being hired, which is measured by the employment ratio: wF (LFd /OF LFc ).
In their model, a rise in ﬁring costs (which are redistributed to consumers in the form of lump-sum transfers) corresponds to a distortion that decreases the returns of labor, leading to a fall in labor supply and eventually to a drop in employment. The model predicts that more stringent employment protection has an ambiguous impact on the level of overall employment, because it reduces both job creation and destruction. 9 In Latin America, for instance, job turnover rates (that is, the sum of job creation and destruction rates) appear to be quite high in the manufacturing sector, ranging from 15 to 30 percent depending on the country (Inter-American Development Bank (2003, p.