Job Market Monitor
Academic Literature
Academic economists played a big role in causing the crisis says Joseph Stiglitz
Academic economists played a big role in causing the crisis. Their models were overly simplified, distorted, and left out the most important aspects. Those faulty models then encouraged policy-makers to believe that the markets would solve all the problems. Before the crisis, if I had been a narrow-minded economist, I would have been very pleased … Continue reading
Immigrants’ lack of economic success | Skilled immigrants do not communicate the realities back home
Skilled immigrants are often the first in their family to come to Canada, and they come alone, said Walsworth. “They’re incredibly brave” but they appear not to be communicating the realities of life, including the challenge of finding employment in their chosen field, with friends and family in their home country. In an effort to … Continue reading
The ‘New Structural Economics’
“I believe that every developing country, including those in Sub-Saharan Africa, can grow at 8 percent or more continuously for several decades, significantly reducing poverty and becoming middle- or even high-income countries in the span of one or two generations, if its government has the right policy framework to facilitate the private sector’s development along … Continue reading
The effects of firm sponsored training for low skilled workers is very positive
“Very few papers exist that focus on firm sponsored training for low skilled workers” writes Ruud Gerards in his preliminary version of his paper. He uses “company data, which is especially rare considering the focus on low skilled workers. Second, they span up to 16 years of wage, job promotion and job performance information for … Continue reading
Who loses in the Great Recession? Those groups who lost in the recessions of the 1980s
“The labor market decline during Great Recession and its aftermath has been both deeper and longer than the early 1980s recession—indeed, the longest and deepest since the Great Depression” write Hilary Hoynes, Douglas L. Miller, and Jessamyn Schaller in Who Suffers During Recessions? published on econ.ucdavis.edu. (Adapted excerpts by Job Market Monitor follow) The labor market effects of the Great … Continue reading
Low wage and income workers are both less likely to receive employer benefits and less likely to receive public benefits
“Three decades of stagnating earnings for bottom deciles of male wage earners and 1990s anti-poverty policies promoting employment among poor single mothers suggest increases in the ranks of low-wage breadwinners living in low-income households. Low-wage workers often get few employer sponsored benefits, while antipoverty programs target poor non-earners; these factors suggest low-wage and lowincome workers … Continue reading
U.S. | Odds of finding a job decreases substantially with the length of time spent searching
“The length of time the jobless spent searching for work before finding a job increased from 5.2 to 10.4 weeks between 2007 and 2010, edging down to 10.0 in 2011; for the unemployed who eventually quit lookingand left the labor force, duration also increased sharply between 2007 and 2011, from 8.7 to 21.4 weeks” write Randy E. … Continue reading
Active Labour Market Policy | Profiling potential long-term unemployment at the individual level
“Many OECD countries have developed and currently utilise a profiling tool which predicts the risk of Long-term unemployment (LTU). Pioneers in the development of this tool in the early 1990s included the US, Australia, Canada and the UK followed in later years by Germany, Denmark, Switzerland, Ireland, France and the Netherlands amongst others” writes Mgr. Tomas … Continue reading
Unemployment Rate | Where is it going ?
Unemployment rate: How low can it go? The unemployment rate has fallen dramatically over the last six months, but just how low can it go? The answer is being debated among two camps of prominent economic thinkers. One school of thought says that unemployment will return to around 5% as the economy eventually recovers. But … Continue reading
U.S. | The top 1 percent got 93% of income growth
93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over according to Emmanuel Saez. Main Findings Source: http://elsa.berkeley.edu/~saez/saez-UStopincomes-2010.pdf “Figure 1 presents the income share of the top decile from 1917 to 2010 in the United States. In 2010, the top … Continue reading
Market Economy | The labor market has been creating much more inequality over the last thirty years
“The labor market has been creating much more inequality over the last thirty years, with the very top earners capturing a large fraction of macroeconomic productivity gains. A number of factors may help explain this increase in inequality, not only underlying technological changes but also the retreat of institutions developed during the New Deal and World War II – … Continue reading
Krugman | Economics is in Crisis
Paul Krugman: To say the obvious: we’re now in the fourth year of a truly nightmarish economic crisis. I like to think that I was more prepared than most for the possibility that such a thing might happen; developments in Asia in the late 1990s badly shook my faith in the widely accepted proposition that … Continue reading
Permanent Layoffs in Canada | Only around 40% are “rare” events, particularly among older workers
A new study by Statistics Canada by Garnett Picot, Zhengxi Lin and Wendy Pyper uses a new longitudinal data source on the separations of workers to address three issues: First, has there in fact been an increase in the permanent layoff rate in Canada in the 1990s, as one might anticipate given concerns about rising job instability? … Continue reading
Mismatch shocks and the natural rate of unemployment
The authors estimate a DSGE model that features nominal rigidities and search frictions in the labor market. They evaluate the importance of mismatch shocks in accounting for the recent behavior of the Beveridge curve. Their fndings suggest that the rise in the unemployment rate during the Great Recession is mainly due to cyclical factors rather than to an increase in … Continue reading
Skills Gap | Mismatch in the Labor Market: The Supply of and Demand for “Middle-Skill” Workers in New England
Alicia Sasser Modestino reports in the Journal of the NEW ENGLAND BOARD OF HIGHER EDUCATION a very common concern that concerned that the region’s slower population growth and loss of residents to other parts of the country will lead to a shortage of skilled labor—particularly when the baby boom generation retires. “Prior to the Great … Continue reading
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