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Each variable is computed as index with reference period the quarter of the different troughs. Notes: The figure reports a comparison among employment (panel a), compensation per employee (panel b) and output per worker (panel c) in all the expansion periods dated by the CEPR business cycle dating committee. The behaviour of nominal wages appears less puzzling in the light of the feeble productivity dynamics (Panel c). However, against the background of a tightening labour market, the trajectory of nominal wage growth has been very muted – so much so that the current upswing has been labelled a ‘wage-less recovery’. During this period of recovery, employment has been expanding at its fastest rate compared to all the other expansion periods. The recovery that began in early 2013 certainly cannot be described as ‘jobless’. Figure 3 compares employment (Panel a) and compensation per employee (Panel b) across the euro area recoveries. Nominal wage growth in the euro area decreased only modestly over the crisis years and struggled to gain consistent momentum during the subsequent recovery.2 Given their importance for the inflation outlook, nominal wage dynamics have taken centre-stage in the monetary policy debate in recent years (Draghi 2016). The black line represents the respective linear fit. Data are quarterly and taken from the ECB Statistical Data Warehouse. the one with the highest unconditional correlation in the period before the Global Financial Crisis. The document also contains a wide array of case studies illustrating past ILO interventions, and accompanies the user through each stage of the crisis response.Notes: The figure reports a scatterplot between y-o-y log-differenced nominal wages (compensation per employee) and the fifth lag of y-o-y log-differenced employment, i.e. It presents what the ILO has to offer in these contexts and provides guidance for engaging in country level response. The guide is based on practical experience and good practices derived from ILO interventions. It introduces key concepts and definitions characterizing situations of this kind, providing practical instructions and guidance, and outlines multidisciplinary approaches to recovering, creating and protecting decent work opportunities in these settings.
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Since 1919 and its foundation, the ILO has continued to prove its raison d’être posed by the challenges of war, conflict, terrorism and violence through its advocacy in the promotion of social justice through the world of work.īuilding on the previous versions, this thoroughly revised guide reiterates the central role and capacity of the ILO in situations of fragility, conflict and disaster and specifically in the Humanitarian-Development-Peace Nexus. Social justice and decent work are key to long-lasting peace and stability. This in turn can create more grievances, with limited opportunities, also leading at times to more violence and conflicts. In a world of multiple crises, conflict and violence interact with the conditions created by additional stress such as climate change, that give rise to fragility, and the increasing frequency and intensity of disasters.