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 classification of dynamic computable basic equilibrium types, IMMPA versions are designed to investigate the effect of adjustment rules on unemployment and poverty within the constructing international. together with either papers initially circulated in the course of the international financial institution, in addition to new fabric that locations this significant paintings in its better context, Adjustment guidelines, Poverty, and Unemployment information the historical past 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
For instance, instead of considering the gross wage in (10), the after-tax wage, (1 − τ )wS , could be introduced, where τ ∈ (0, 1) is the tax rate. Taxation would therefore drive a wedge between the consumption wage (which affects workers’ behavior) and the product wage (which is what producers are concerned about), in addition to differences in price deﬂators, as discussed later. Pisauro (1991) for instance, in his derivation of an effort function based on expected utility maximization, accounts explicitly for taxes on labor.
In most developing countries, enforcement of minimum wage laws is typically lax, often more so in public sector enterprises (compared to private enterprises), as a result of “soft” budget constraints or implicit government guarantees. In an inﬂationary environment, the real minimum wage can fall to very low levels if it is adjusted only infrequently. In such conditions, the minimum wage may not operate as a binding constraint. In the presence of lax enforcement, excessively high minimum wages (relative to the marginal product of labor) provide incentives to evade the law and operate partly illegally, or to shift activities entirely to the informal economy – in a manner very similar to a tightening of job security provisions, as discussed later.
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.
Adjustment Policies, Poverty, and Unemployment: The IMMPA Framework by Pierre-Richard Agenor, Alejandro Izquierdo, Henning Tarp Jensen