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Author: Mr. Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1513596179
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
Kurzarbeit (KA), Germany’s short-time work program, is widely credited with saving jobs and supporting domestic demand during the COVID-19 recession. We quantify the impact by exploiting state-level variation in exposure to the pandemic shock and KA take-up. We construct a shift-share measure of the labor demand shock and instrument KA take-up using the pre-existing, state-specific share of workers eligible for KA. We find, first, that KA was crucial in mitigating unemployment: absent its expansion the unemployment rate would have increased by an additional 3 pp on average at the trough of the recession. Second, KA also bolstered domestic demand: the contraction in consumption could have been 2 to 3 times larger absent the program. Finally, we provide preliminary evidence on the sensitivity of the medium-run reallocation of resources to the prevalence of jobretention schemes during the Global Financial Crisis.
Author: Mr. Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1513596179
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
Kurzarbeit (KA), Germany’s short-time work program, is widely credited with saving jobs and supporting domestic demand during the COVID-19 recession. We quantify the impact by exploiting state-level variation in exposure to the pandemic shock and KA take-up. We construct a shift-share measure of the labor demand shock and instrument KA take-up using the pre-existing, state-specific share of workers eligible for KA. We find, first, that KA was crucial in mitigating unemployment: absent its expansion the unemployment rate would have increased by an additional 3 pp on average at the trough of the recession. Second, KA also bolstered domestic demand: the contraction in consumption could have been 2 to 3 times larger absent the program. Finally, we provide preliminary evidence on the sensitivity of the medium-run reallocation of resources to the prevalence of jobretention schemes during the Global Financial Crisis.
Author: W. Raphael Lam
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The COVID-19 pandemic had posed a dramatic impact on labor markets across Europe. Forceful fiscal responses have prevented an otherwise sharper contraction. Many countries introduced or expanded job-retention schemes to preserve jobs and support households. This paper uses a microsimulation approach (EUROMOD) and household data to assess the effectiveness of those schemes in stabilizing household income during the pandemic across European countries. Empirical evidence shows that job-retention schemes were effective in stabilizing income and, along with other measures, absorbed nearly 80 percent of market income shocks—almost doubling the extent of the automatic stabilization of the pre-pandemic tax and benefit systems. The large effects are related to the widespread use and scaling up of those schemes and a deep but short-lived disruption to labor markets during the pandemic. Along with other fiscal support measures, job-retention schemes helped mitigate the rise in the unemployment rate, by about 3 percentage points, and income inequality during the pandemic. Our results show that job-retention schemes were largely targeted, in which households more vulnerable to income losses, such as lower-income families, youth, and low-skilled workers, are able to stabilize their income.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264340335
Category :
Languages : en
Pages : 404
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Book Description
The 2021 edition of the OECD Employment Outlook focusses on the labour market implications of the COVID‐19 crisis. Chapters 1-3 concentrate on the main labour market and social challenges brought about by the crisis and the policies to address them.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513594435
Category : Business & Economics
Languages : en
Pages : 78
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Book Description
Germany’s economy contracted by just under 5 percent in 2020, outperforming most European peers. But renewed waves of infections and associated lockdowns caused economic activity to plunge again in the first quarter of this year. While the pace of mass vaccination has picked up and the economy has started to reopen, the recovery path is beset with risks, particularly with respect to the progress of the pandemic and supply shortages in major industries. The authorities have maintained appropriately accommodative fiscal and financial policies, and most measures supporting households and firms have been extended through 2021.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264527117
Category :
Languages : en
Pages : 103
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Book Description
This report provides a detailed assessment of job retention support (ERTE) in Spain during the COVID-19 crisis. It provides three major insights. First, job retention support in Spain has been transformed from a little used and difficult to access scheme before the COVID-19 crisis to a scheme that can be scaled up quickly in response to a major economic downturn and be phased out easily as economic conditions recover. Second, the use of ERTE was stronger in regions, industries and occupations most affected by the COVID-19 crisis, suggesting support was effectively targeted to firms and workers that needed it most. Third, job retention was highly effective in supporting employment during the COVID-19 crisis. It not only prevented a major surge in unemployment but also avoided that the labour market became congested with too many job seekers competing for too few job vacancies. The labour market reform of December 2021 consolidated many of the important changes that made job retention support so successful during the COVID-19 crisis and in addition introduced a specific mechanism that allows scaling up support in the case of large adverse shocks.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264475893
Category :
Languages : en
Pages : 142
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Book Description
Thriving middle classes are the backbone of democratic societies and strong economies, but in many countries, they face mounting pressure as their economic strength is eroding relative to higher-income households. Real wages and incomes for most middle-class households have grown only very slowly, and rising expenditures have been putting further pressure on living standards.
Author: David Natali (OSE)
Publisher: ETUI
ISBN: 2874523747
Category : European Union countries
Languages : en
Pages : 298
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Book Description
The sixteenth edition of Social policy in the European Union: state of play has a triple ambition. First, it provides easily accessible information to a wide audience about recent developments in both EU and domestic social policymaking. Second, the volume provides a more analytical reading, embedding the key developments of the year 2014 in the most recent academic discourses. Third, the forward-looking perspective of the book aims to provide stakeholders and policymakers with specific tools that allow them to discern new opportunities to influence policymaking. In this 2015 edition of Social policy in the European Union: state of play, the authors tackle the topics of the state of EU politics after the parliamentary elections, the socialisation of the European Semester, methods of political protest, the Juncker investment plan, the EU’s contradictory education investment, the EU’s contested influence on national healthcare reforms, and the neoliberal Trojan Horse of the Transatlantic Trade and Investment Partnership (TTIP).
Author: Valentina Vasile
Publisher: Springer Nature
ISBN: 3031477804
Category :
Languages : en
Pages : 332
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Book Description
Author: Mr.Christian H Ebeke
Publisher: International Monetary Fund
ISBN: 1513570919
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
Author: Nordiska Ministerrådet
Publisher: Nordic Council of Ministers
ISBN: 9289322950
Category : Economic policy
Languages : en
Pages : 303
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Book Description
