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You searched for: Content Type Working Paper Remove constraint Content Type: Working Paper Publishing Institution Minda de Gunzburg Center for European Studies, Harvard University Remove constraint Publishing Institution: Minda de Gunzburg Center for European Studies, Harvard University Political Geography United Kingdom Remove constraint Political Geography: United Kingdom Topic Economics Remove constraint Topic: Economics
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  • Author: Stefan Collignon
  • Publication Date: 05-2006
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: This paper models unemployment as a general equilibrium solution in labor and capital markets, while the natural rate hypothesis explains unemployment simply as a partial equilibrium in the labor market. It is shown that monetary policy can have long-run effects by affecting required returns on capital and investment. If monetary policy is primarily concerned with maintaining price stability, the interaction between wage bargaining and the central bank's credibility as an inflation fighter becomes a crucial factor in determining employment. Different labor market institutions condition different monetary policy reactions. With centralized wage bargaining, a central bank mandate focusing primarily on price stability is sufficient. With an atomistic labor market, the central bank must also consider output as a policy objective.
  • Topic: Civil Society, Development, Economics, Markets
  • Political Geography: United States, United Kingdom, Europe
  • Author: Steffen Hillmert
  • Publication Date: 01-2006
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: This paper proposes a comparison of skill formation in Germany and Britain over the last decades. Taking historical trends into account, the two cases can be regarded as representing different types of skill production regimes. Institutional features include a relatively low degree of standardization of training and a larger amount of on-the-job training in Britain. In Germany, post-compulsory training has been conducted predominantly within the dual system of vocational training, underlining the vocational specificity of a large part of the labor market. As a consequence, international differences in individual skill investments, transitions from school to work and other life-course patterns can be observed. At least in Britain, however, the situation seems to have changed considerably during the 1990s. The paper argues that the divergence in more recent developments can still be understood as an expression of historical path dependency given the traditional connections between the post-compulsory training system and the broader societal context in which it is embedded. These concern, in particular, links with the system of general and academic education as the basis for – and also a possible competitor with – vocational training; links with the labor market as they are indicated by specific skill requirements and returns to qualifications; and, links with the order of social stratification in the form of the selective acquisition and the social consequences of these qualifications. The links manifest themselves as typical individual-level consequences and decisions. Founded on the basis of these distinctions, the aim of this paper is to investigate the preceding conditions for recent developments in the qualification systems of Britain and Germany, which have adapted to specific challenges during the last decades.
  • Topic: Development, Economics
  • Political Geography: United Kingdom, Europe, Germany
  • Author: Michael J. Oliver, Hugh Pemberton
  • Publication Date: 05-2004
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: Despite considerable interest in the means by which policy learning occurs, and in how it is that the framework of policy may be subject to radical change, the “black box” of economic policymaking remains surprisingly murky. This article utilizes Peter Hall's concept of “social learning” to develop a more sophisticated model of policy learning; one in which paradigm failure does not necessarily lead to wholesale paradigm replacement, and in which an administrative battle of ideas may be just as important a determinant of paradigm change as a political struggle. It then applies this model in a survey of UK economic policymaking since the 1930s: examining the shift to “Keynesianism” during the 1930s and 1940s; the substantial revision of this framework in the 1960s; the collapse of the “Keynesian-plus” framework in the 1970s; and the major revisions to the new “neo-liberal” policy framework in the 1980s and 1990s.
  • Topic: Economics, Industrial Policy, International Trade and Finance
  • Political Geography: United Kingdom, Europe
  • Author: Pepper D. Culpepper
  • Publication Date: 01-2001
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: Faced with the fact of sweeping regulatory reform, how do companies decide how to respond to a new set of policies? This paper argues that this problem requires a new conception of policymaking: a conception that recognizes the analytical primacy of achieving coordination under uncertainty. I call this challenge the problem of securing decentralized cooperation. Negotiated reforms are a common leitmotif of the current wave of reforms taking place in various European countries, whereas American attempts to reinvent government opt to replace the state with the market. There are general lessons in this approach for both strategies. Unlike the earlier attempts to establish neo-corporatist bargains at the national level in European countries, the success of bargained pacts in Europe will depend increasingly on allowing private actors to design the best solutions to centrally identified problems. The challenges of bringing private information to bear on public policy will increase in the future, and not only in supply-side economic policy reforms. One such area is environmental regulation, which is typically viewed as an area of pure state regulation. This is also an area where market-based solutions are frequently proposed as the most efficient solution to problems of pollution. As I demonstrate through the initiative of the Chesapeake Bay Program in the United States, the challenges identified above for areas of economic policymaking are now relevant to environmental initiatives, even in liberal market economies such as the US and the UK. The extent of government success in such initiatives will be determined by the ability of governments to understand the importance of private information and their capacity to develop private sector institutions that can help procure it. Attempts to replace a malfunctioning state with a market solution, currently very much in vogue in certain quarters in the United States, will fail, as long as they do not recognize the distinctive problems inherent in securing decentralized cooperation.
  • Topic: Economics, Industrial Policy
  • Political Geography: United States, United Kingdom, Europe