Tomas Hellebrandt's Books

World on the Move

Consumption Patterns in a More Equal Global Economy

By: Paolo Mauro,Tomas Hellebrandt

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World on the Move

Consumption Patterns in a More Equal Global Economy

By: Paolo Mauro,Tomas Hellebrandt

The world is poised on the threshold of economic changes that will reduce the income gap between the rich and poor on a global scale while reshaping patterns of consumption. Rapid economic growth in emerging-market economies is projected to enable consumers worldwide to spend proportionately less on food and more on transportation, goods, and services, which will in turn strain the global infrastructure and accelerate climate change. The largest gains will be made in poorer parts of the world, chiefly sub-Saharan Africa and India, followed by China and the advanced economies. In this new study, Tomas Hellebrandt and Paulo Mauro detail how this important moment in world history will unfold and serve as a warning to policymakers to prepare for the profound effects on the world economy and the planet.

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Page Count

221

Publisher

Columbia University Press

Published Date

ISBN 10

0881327174

ISBN 13

9780881327175

China's Economic Transformation

Lessons, Impact, and the Path Forward

By: Jeffrey J. Schott,Sean Miner,Jacob Funk Kirkegaard,Tomas Hellebrandt,Paolo Mauro ,Robert Z. Lawrence,Silvia Merler,Nicolas Veron

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China's Economic Transformation

Lessons, Impact, and the Path Forward

By: Jeffrey J. Schott,Sean Miner,Jacob Funk Kirkegaard,Tomas Hellebrandt,Paolo Mauro ,Robert Z. Lawrence,Silvia Merler,Nicolas Veron

China's efforts to transition from an economy driven by investment and exports to one based on private consumption and services are roiling global markets. Its problems are compounded by an economic slowdown, rising debt levels, languishing real estate market, and lagging productivity growth. In these essays, scholars from the Peterson Institute for International Economics (PIIE) recommend a number of reforms for Chinese leaders to consider, including steps to further open up its capital account and develop its financial markets. This collection of papers is part of a series of interactions and discussions between PIIE and the China Finance 40 (CF40) Forum, which began in 2012. The papers are intended to illuminate the challenges facing China as it engages increasingly with the global economy and builds on its phenomenal economic success of the past three decades.

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Page Count

117

Publisher

Peterson Institute for International Economics

Published Date

ISBN 10

0881327093

ISBN 13

9780881327090

Raising Lower-Level Wages

When and Why It Makes Economic Sense

By: Tomas Hellebrandt, Michael Jarand,Jacob Funk Kirkegaard,Tyler Moran,Adam S. Posen, Justin Wolfers, Jan Zilinsky

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Raising Lower-Level Wages

When and Why It Makes Economic Sense

By: Tomas Hellebrandt, Michael Jarand,Jacob Funk Kirkegaard,Tyler Moran,Adam S. Posen, Justin Wolfers, Jan Zilinsky

As the United States emerges from the Great Recession, concern is rising nationally over the issues of income inequality, stagnation of workers' wages, and especially the struggles of lower-skilled workers at the -bottom end of the wage scale. While Washington deliberates legislation raising the minimum wage, a number of major American employers—for example, Aetna and Walmart—have begun to voluntarily raise the pay of their own lowest-paid employees. In this collection of essays, economists from the Peterson Institute for International Economics analyze the potential benefits and costs of widespread wage increases, if adopted by a range of US private employers. They make this assessment for the workers, the companies, and for the US economy as a whole, including such an initiative's effects on national competitiveness. These economists conclude that raising the pay of many of the lowest-paid US private-sector workers would not only reduce income inequality but also boost overall productivity growth, with likely minimal effect on employment in the current financial context. "It is possible to profit from paying your employees well…and increasing lower-paid workers' wages is the way forward for the United States," argues Adam S. Posen in his lead essay (reprinted from theFinancial Times). Justin Wolfers and Jan Zilinsky argue that higher wages can encourage low-paid workers to be more productive and loyal to their employers and coworkers, reducing costly job turnover and the need for supervision and training of new workers. Tomas Hellebrandt estimates that if all large private sector corporations in the United States outside of sectors that intensively use low-skilled labor increased wages of their low-paid workers to $16 per hour, the pay of 6.2 percent of the $110 million private-sector workers in the United States would increase on average by 38.6 percent. The direct cost to employers would be $51 billion, only around 0.3 percent of GDP. Jacob Kirkegaard and Tyler Moran explore the experience of employers in other advanced countries, with its implications for international competitiveness, and Michael Jarand assesses the impact of a wage increase on the near-term development of the US macroeconomy. Data disclosure: The data underlying the figures in this analysis are available for download in links listed below.

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