연구보고서ILO Research paper 11
Beggar or prosper-thy-neighbour?: the international spillovers of labour cost
- 청구기호
- RP 011
- 발행사항
- Geneva : ILO, 2015
- 형태사항
- 46 p. :. PDF file ;. 1,262 KB
- 키워드
- Real wage, Search and matching, Zero lower bound, Employment, Unemployment, Income distribution, Fiscal policy
- 바로가기
소장정보
위치 | 등록번호 | 청구기호 / 출력 | 상태 | 반납예정일 |
---|---|---|---|---|
이용 가능 (1) | ||||
E0002189 | 대출가능 | - |
이용 가능 (1)
- 등록번호
- E0002189
- 상태/반납예정일
- 대출가능
- -
- 위치/청구기호(출력)
책 소개
Lower labour costs have ambiguous effects on domestic and foreign output in the presence of a transmission channel linking real wages with consumption and savings decisions of households. This transmission channel takes place via credit constrained households. The main result is that lowering labour costs in the home country has a positive impact on the domestic economy as the competitiveness effect dominates the lower labour income/lower domestic consumption effect. However, lower labour costs may produce a significant beggar-thy-neighbour effect in the open economy case for a large set of parameters. The relative strength of the beggar-thy-neighbour effect depends in particular on the relative size of the two households’ populations, on home bias and the substitution between home and foreign goods, as well as on the reaction of monetary policy to inflation. Lastly, lowering labour costs in the home country is detrimental to both the home country and the foreign country in the presence of a zero lower bound in the nominal interest rate.