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Vizhdan Boranova, Raju Huidrom, Ezgi O. Ozturk, Ara Stepanyan, Petia Topalova, and Shihangyin (Frank) Zhang
The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks—both directly and via supply chains—during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe. Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable.
International Monetary Fund. Asia and Pacific Dept
The Korean economy is slowing in the face of strong global headwinds. It is projected to bottom out during the course of 2012, regaining momentum towards the end of the year, in line with the global recovery. The main short-term risk to the outlook is a further intensification of the euro area crisis and its spillover. Parliamentary elections took place in April and the presidential election is scheduled for December, making 2012 a year of political transition.
International Monetary Fund

significant proportion of expenditure occurs abroad and then the purchased items are imported by individuals (for example, car sale markets in Lithuania are frequented by the population of other Baltic States). Under such circumstances, price collections need to be considered in terms of the scope of the index (for example, should prices in other countries be considered?) as well as the more complicated matter of pricing the same or similar quality car each month. 6.37 An overview of local price collection for straightforward outlets is given in Figure 6.1 . This

Alexander Hijzen and Pedro S. Martins

extension Car sale 08-10-2010 10-01-2011 Viana do Castelo retail 08-10-2010 29-12-2010 Clinical analysis labs 08-11-2010 28-02-2011 Wine trade sector 22-11-2010 28-02-2011 Football clubs (players) 15-12-2010 22-03-2011 Cork industry, North, Office workers 29-12-2010 26-04-2011 Wine industry, cellars 10-01-2011 26-04-2011 Textile industry 24-01-2011 Hotels and restaurants, Centre and South 24-01-2011 23-05-2011 Aveiro retail 22-02-2011 23-05-2011 Electric and

Alexander Hijzen and Pedro S. Martins
In many countries, notably across Europe, collective bargaining coverage is enhanced by government-issued extensions that widen the reach of collective agreements beyond their signatory parties to all firms and workers in the same sector. This paper analyses the causal impact of such extensions on employment using a natural experiment in Portugal: the immediate suspension by the government that took office in 21 June 2011 of the (until then) nearly automatic extensions. The combination of this suspension and the time needed for processing the extension applications resulted in a sharp and unanticipated decline in the extension probability of agreements signed several month earlier around 1 March 2011. Our results, based on a regression discontinuity design and matched employer-employee-agreement panel data, suggest that extensions had a negative impact on employment growth. Moreover, the effects tend to be concentrated among non-affiliated firms. The lack of representativeness of employer associations is a potentially important factor behind the adverse effect of extensions. Another is the role of retro-activity in combination with the administrative delay in processing extensions. This is particularly relevant in the context of a recession.