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Ebook How Did Labour Market Racial Discrimination Evolve After The End Of Apartheid?

Submitted by wulan on Fri, 06/04/2010 - 07:21

In 1994, the onset of democracy in South Africa formally ended several decades of discriminatory policies and legislation, which deeply affected the structure and the efficiency of the labour market. Hence, the legacy of apartheid is reflected by large racial inequalities in the access to the labour market in addition to a wellestablished racial occupational and wage hierarchy.

Differences in human capital investment, as well as in other individual attributes, play a great role in explaining the varying incidence of unemployment across racial groups, the relatively small proportion of African workers in high-skilled jobs and their lower earnings. Furthermore, the continuance of discriminatory employers’ behaviour, whether it is voluntary or not, is likely to reinforce these individual differences in productivity. As the fight against racial discrimination became a key aim of the new government’s policy and legislation, it is worth investigating the degree of discriminatory labour practices and their development in the second half of the 90’s.

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Ebook Monetary Rules, Indeterminacy, and the Business-Cycle Stylised Facts

Submitted by wulan on Sat, 02/06/2010 - 08:49

In recent years, several papers–see in particular Clarida, Gali, and Gertler (2000) and Lubik and Schorfheide (2004)–have documented marked changes in the conduct of U.S. monetary policy over the post-WWII era. Specifically, the reaction function of the U.S. monetary authority is estimated to have been passive, and destabilising, before Volcker, and active and stabilising since then.

A second group of studies see, e.g., Kim and Nelson (1999), McConnell and Perez-Quiros (2000), Kim, Nelson, and Piger (2003), and Stock and Watson (2002)–has documented a marked increase in U.S. economic stability over (roughly) the last two decades, with the volatility of reduced-form innovations to both inflation and output growth being estimated to have drastically fallen compared to previous years.

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Ebook Currency Crises in Developed and Emerging Market Economies: A Comparative Empirical Treatment

Submitted by puput on Tue, 02/09/2010 - 02:44

One of the most persuasive arguments in favor of a fixed exchange rate regime is that it imposes discipline on monetary and fiscal policies. Another compelling argument is that it alleviates problems of noncooperative decision making on the part of governments of interdependent economies. Fixing the exchange rate is therefore seen as a surrogate form of international policy coordination.

These arguments, in effect, reinforce the belief that it is impossible to pursue a fixed exchange rate regime and monetary policies simultaneously. However, they do not take into consideration the speculative behavior of foreign exchange market participants, whose actions can have a decided impact on the value of a country's currency. Throughout the history of fixed exchange rates, both developed and emerging market economies have experienced repeated speculative currency attacks. Many of these attacks can occur unexpectedly, have real effects, and be purely self-fulfilling; moreover, they can sometimes be difficult to prevent.

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