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The Structure of Wages
The distribution of income, the rate of pay raises, and the mobility of employees is crucial to understanding labor economics. Although research abounds on the distribution of wages across individuals in the economy, wage differentials within firms remain a mystery to economists. The first effort to examine linked employer-employee data across countries, The Structure of Wages:An International Comparison analyzes labor trends and their institutional background in the United States and eight European countries. A distinguished team of contributors reveal how a rising wage variance rewards star employees at a higher rate than ever before, how talent becomes concentrated in a few firms over time, and how outside market conditions affect wages in the twenty-first century. From a comparative perspective that examines wage and income differences within and between countries such as Denmark, Italy, and the Netherlands, this volume will be required reading for economists and those working in industrial organization.
Structural Models of Wage and Employment Dynamics
Selected papers from a conference held in honour of Professor Dale T. Mortensen upon the occasion of his 65th birthday. It includes papers on some of Professor Dale T. Mortensen's current research topics, as well as additional theoretical papers, and micro- and macro-econometric papers.
Italy
This Selected Issues paper analyzes the conditions under which Italian banks can earn sufficient profits to grow out of their asset quality problems, rebuild capital buffers, and finance the real economy. A bottom-up analysis of the 15 largest Italian banks suggests that restoring sustainable profitability depends heavily on the growth outlook. Many banks are expected to become more profitable as the economy recovers, but their capacity to lend depends on the size of their capital buffers. However, a number of smaller banks face substantial profitability pressures, highlighting the need to reduce the large stock of nonperforming loans and for further cost cutting and efficiency gains.
Education, Skills, and Technical Change
Over the past few decades, US business and industry have been transformed by the advances and redundancies produced by the knowledge economy. The workplace has changed, and much of the work differs from that performed by previous generations. Can human capital accumulation in the United States keep pace with the evolving demands placed on it, and how can the workforce of tomorrow acquire the skills and competencies that are most in demand? Education, Skills, and Technical Change explores various facets of these questions and provides an overview of educational attainment in the United States and the channels through which labor force skills and education affect GDP growth. Contributors to this volume focus on a range of educational and training institutions and bring new data to bear on how we understand the role of college and vocational education and the size and nature of the skills gap. This work links a range of research areas—such as growth accounting, skill development, higher education, and immigration—and also examines how well students are being prepared for the current and future world of work.
Republic of Lithuania
This Selected Issues paper investigates skills mismatch and active labor market policy in Lithuania. Wage flexibility is underpinned by one of the lowest densities of trade union and employer organization and the rare occurrence of collective bargaining. Thus, wage setting largely happens at the firm level. Real wages and productivity have been traditionally closely linked and temporary deviations have been self-correcting. In contrast, structural unemployment has been traditionally high, although it appears to be gradually falling. Large structural unemployment can have a significant long-term impact on potential growth and, therefore, on employment. Lithuania suffers from relative labor shortage for high-skilled workers and surplus of low- and medium-skilled workers. Thus, there are labor shortages in skill-intensive sectors. Lithuania has shown a sharp rise in skills mismatch for the country in the aftermath of the crisis. Vacancy rates and wage growth by sectors also suggest an excess supply of lower skilled workers and shortage of high-skilled ones.
Ireland
This Selected Issues paper provides an overview of income distribution and the welfare system in Ireland, with a focus on the crisis and postcrisis periods. Ireland’s flexible economy and strong social safety net helped mitigate the adverse effects of the property-driven crisis. Although economic conditions are improving rapidly, lifting employment, ongoing efforts are needed to address the lingering impact on those hardest hit, including the long-term unemployed and unemployed youth. Consistent efforts are needed to support sustainable and inclusive growth and meet ambitious social targets, including the reduction of consistent poverty to 2 percent by 2020.
Labour Markets, Institutions and Inequality
Labour market institutions, including collective bargaining, the regulation of employment contracts and social protection policies, are instrumental for improving the well-being of workers, their families and society. In many countries, these instituti
Towards Convergence in Europe
This book aims to answer a number of important questions. To what extent have European countries converged or diverged with EU-wide economic and social indicators over the past 20 years? What have been the drivers of convergence? Why do some countries lag behind, while others experience continuous upward convergence? Why are these trajectories not always linear? Particular attention is paid to the role of institutions, actors and industrial relations – focusing on the resources and strategies of governments, employers and trade unions – in nudging EU countries onto an upward convergence path.
