CEEAplA Working Paper Series 2004
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Browsing CEEAplA Working Paper Series 2004 by Author "Menezes, António Gomes de"
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- Demand shocks and productivity growthPublication . Menezes, António Gomes deThis paper presents evidence on the relationship between cyclical shocks and productivity growth, for 20 2-digit SIC US manufacturing industries and a set of monetary policy, fiscal policy, and oil price shocks. The paper uses as a measure of productivity change a Solow residual corrected for a wide range of non-technological effects due to imperfect-competition, non-constant returns to scale, and cyclical utilization rates of capital and labor services. The empirical framework identifies policy shocks independently of productivity measurement issues via a two-step procedure. While the typical industry shows weak responses of productivity to the shocks considered, in some industries temporary contractionary policy shocks lead to increases in productivity. In addition, the results reveal that there are localized asymmetries, with contractionary policy shocks having larger produtivity effects than their expansionary counterparts. The results support the thesis that job reallocation is an important channel linking contractionary policy shocks and productivity growth. These results support the pit-stop view of downturns.
- Determinantes da participação dos beneficiários no programa do Rendimento Mínimo Garantido no mercado de trabalhoPublication . Fortuna, Mário; Faria, Sandra Dias; Vieira, José Cabral; Menezes, António Gomes deWe present micro econometric evidence on the determinants of the probability that beneficiaries of the Minimum Guaranteed Income (MGI) participate in market production or in home production. We use a micro data set which covers all the beneficiaries of the MGI, up to 2001, for the Portuguese Region with the highest incidence of this program, namely, the Azores. We find striking diferences between women’s and men’s behaviour with respect to labour market participation decisions, with women heavily specialized in home production and men in market production. The probability of participating decreases with income support. Moreover, there are several aspects of household demographics that matter to female participation decisions. Therefore, policies designed to promote female labour supply should not be of the type one size fits all and must improve the terms of trade between home production and market production for women.
- Low-pay higher pay and job quality : empirical evidence for PortugalPublication . Vieira, José Cabral; Menezes, António Gomes de; Gabriel, PatríciaThis paper examines to what extent low pay jobs can be considered of low quality. For this purpose, we use three waves (1997-1999) of the European Community Household Panel (ECHP) for Portugal. The results indicate that low pay workers report a lower level of job satisfaction when compared with their higher paid counterparts. Moreover, some of the determinants of job satisfaction differ between these two types of workers. This supports the idea that low wage employment mainly comprises low quality jobs and is consistent with the segmented labour market theory, which claims the existence of good and bad jobs. This is, however, at odds with some empirical evidence recently reported for the British labour market where low pay individuals report a higher level of satisfaction, which is more in line with the notion that these workers obtain compensating differences in the form of non-pecuniary benefits.
- On the effects of economic fluctuations on productivity growthPublication . Menezes, António Gomes deWe analyze the productivity effects of shocks to the real interest rate and to demand and supply conditions in a world where productivity enhancing activities are disruptive. The model predicts that temporary demand downturns may have positive productivity effects if the real interest rate is not too countercyclical, and that supply shocks do not affect productivity growth. The model is used to derive refined novel empirical tests on the so-called Opportunity Cost View of recessions (Aghion and Saint-Paul (1998)) vis a vis the competing theories of learning-by-doing and capital market imperfections.