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Globalization, Labor Markets And International Adjustment

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Executive Summary

The theme of this paper is the impact of globalization and population trends, in particular various forms of labor mobility, on labor markets and inflation. Of course, labor has always been mobile, to a greater or lesser degree. But for a long while the macroeconomic impact of labor mobility did not seem to spill over across national borders. Countries where workers were more willing to move in search for jobs tended, other things equal, to have more flexible labor markets and lower structural unemployment.

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