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Essays On Dynamic Contracts And Labor Markets
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Book Synopsis Essays on Dynamic Contracts and Labor Markets by : Atsushi Nishimura
Download or read book Essays on Dynamic Contracts and Labor Markets written by Atsushi Nishimura and published by . This book was released on 2006 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the second chapter, we extend the Ben-Porath (1967) model to include partially transferable human capital and analyze the effects of the changes in transferability of human capital on wages and mobility. Specifically, we show that an increase in transferability of human capital is qualitatively consistent with recent trends in the U.S. labor market such as the increases in wage inequality and occupational mobility.
Book Synopsis Three Essays on Dynamic Contracts with Applications to the Labor Market by : Nicola Pavoni
Download or read book Three Essays on Dynamic Contracts with Applications to the Labor Market written by Nicola Pavoni and published by . This book was released on 2000 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Estimation of Semi-structural Dynamic Models of the Labor Market by : François Poinas
Download or read book The Estimation of Semi-structural Dynamic Models of the Labor Market written by François Poinas and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays in microeconometrics and applied labor economics. In the first two essays, we estimate dynamic models of schooling choices and employment contract outcomes of the French population. The first essay focuses on the comparison between second-generation immigrants from Africa and their French-natives counterparts. We show that the gap in higher education attainments between those two sub-populations is mainly explained by parents' background and that schooling investment is the main determinant of the gap in permanent employment. The second essay investigates the role played by educational attainments on the employment contract transitions in the early career. We find that a first fixed term contract has a positive impact on the probability of employment in a permanent contract, except for a limited set of the population endowed with particular schooling attainments and unobserved characteristics. Globally, schooling attainments account for around one third of the variance in the probability of permanent employment. The third essay is devoted to the analysis of intra-firm promotions of American executives. We estimate a dynamic model of promotions, in which we disentangle the spurious and the causal impacts of the speed of past advancement. We find that the principal determinant of promotions is unobserved heterogeneity and that the speed of past advancement in the firm's hierarchy (fast tracks) does not have a causal impact on promotions. Functional area has a high explanatory power in promotion outcomes.
Book Synopsis Essays on Dynamic Contracts: Microfoundation and Macroeconomic Implication by : Kunio Tsuyuhara
Download or read book Essays on Dynamic Contracts: Microfoundation and Macroeconomic Implication written by Kunio Tsuyuhara and published by . This book was released on 2011 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters pertaining to issues of long-term relationships in labour markets. In Chapter 1, I analyze a model of a two-period advice game. The decision maker chooses to retain or replace the advisor after the first period depending on the first period events. Even though the decision maker and the advisor have identical preferences, this potential replacement creates incentive for the advisor to avoid telling the truth. I show the condition under which the decision maker can find a random retention rule that induces a truthful report from the advisor, and I characterize an optimal retention rule that maximizes the decision maker's expected payoff.Lastly, in Chapter 3, I quantitatively assess wage dispersion and business cycle implications of the model developed in Chapter 2. In terms of wage dispersion, the model with on-the-job search with wage-tenure contracts seems to accommodate sizable frictional wage dispersion. The model, however, generates very small productivity difference among workers, and shows weak evidence that the productivity difference generated by the endogenous variations in incentives is responsible for frictional wage dispersion. In terms of business cycle implications, workers' endogenous effort choice first amplifies the effect of productivity shock on unemployment rate. Second, responses of workers to productivity shocks generate marked difference between the effects of temporary productivity shock and that of permanent shock. Third, the analysis shows the importance of the distributional effect on macroeconomic variables during the transitory periods after a shock.In Chapter 2, I propose a search theoretic model of optimal employment contract under repeated moral hazard. The model integrates two important attributes of the labour market: workers' work incentive on the job and their mobility in the labour market. Even though all workers and firms are ex ante homogeneous, these two factors jointly generate (1) wages and productivity that increase with worker's tenure and (2) endogenous dynamic heterogeneity of the labour productivity of the match. The interaction of these factors provides novel implications for wage dispersion, labour mobility, and the business cycle behaviour of macroeconomic variables.
Book Synopsis Essays on Dynamic Contracts by : Kunio Tsuyuhara
Download or read book Essays on Dynamic Contracts written by Kunio Tsuyuhara and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Two Essays on Dynamic Labor Markets by : Soo-Bong Uh
Download or read book Two Essays on Dynamic Labor Markets written by Soo-Bong Uh and published by . This book was released on 1989 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Share Contracts, Labor Supply, and the Estimation of Models for Dynamic Panel Data by : Seung Chan Ahn
Download or read book Three Essays on Share Contracts, Labor Supply, and the Estimation of Models for Dynamic Panel Data written by Seung Chan Ahn and published by . This book was released on 1990 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Dynamic Behavior in Labor Markets by : Jonathan James
Download or read book Essays on Dynamic Behavior in Labor Markets written by Jonathan James and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Macroeconomics of Labor Market and Firm Dynamics by : Felicien Jesugo Goudou
Download or read book Essays on the Macroeconomics of Labor Market and Firm Dynamics written by Felicien Jesugo Goudou and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contributes to understanding labor market frictions and how these frictions impact macroeconomic aggregates such as unemployment and productivity. It also critically examines environmental policies such as carbon taxes and green financing. The first chapter examines how non-compete contracts signed between employers and employees affect unemployment, productivity, and welfare in the economy. These contracts stipulate that the employee, while under contract, cannot work for a competing employer for a specified period, typically ranging from one to two years after separation from their initial employer. This type of contract is widespread in the United States and affects at least one in five employees in the country. Results show that a high enforceable incidence of these contracts can compress wages and generate unemployment. This is primarily due to the fact that some individuals who have signed such contracts face difficulties in finding new employment after separating from their initial job. The article proposes reducing the duration of the post-employment restrictions of these contracts to mitigate their effects on workers. However, it is worth noting that these contracts partially benefit employers by incentivizing them to invest in employee training, thereby increasing overall productivity. Speaking of employment contracts, the second chapter evaluates the implications of the coexistence of temporary contracts (fixed-term contracts) and permanent contracts (indefinite-term contracts) on worker flows between unemployment, employment, and labor force non-participation over the life-cycle. This analysis is particularly important due to the effects of these flows on aggregate employment and wages over the life-cycle. It is found that transitions of individuals from permanent employment to unemployment are the most significant factor explaining aggregate employment over the life-cycle. Any policy aimed at increasing employment should target this flow of workers. Moreover, the transition of individuals from temporary employment to unemployment is significant in explaining the low employment of young individuals in European countries like France, especially for those with higher levels of education. The article goes further by constructing a model that explains the observed transition profiles during agents' life-cycle and analyzes how the effects linked to employment protection reforms in European countries are distributed among workers based on their level of education and age. Finally, the third chapter provides a critical assessment of environmental policies such as emissions taxes on production units and green financing. The article shows that despite their effectiveness in reducing emissions, these policies can negatively impact resource allocation, such as capital, among firms, thus reducing aggregate productivity. This is because some highly productive but seriously financially constrained firms may struggle to invest in emission reduction technology, while less productive but wealthy entrepreneurs invest more easily. The burden of emissions-related fiscal measures forces the former to exit the market, thereby reducing productivity. This suggests that other policies, such as green subsidies, are important to mitigate these potential distortions.
Book Synopsis Essays on Labor Market Dynamics by : Christina Hyde Patterson
Download or read book Essays on Labor Market Dynamics written by Christina Hyde Patterson and published by . This book was released on 2019 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters on labor market dynamics. In the first chapter, I show empirically that the unequal incidence of recessions is a core channel through which aggregate shocks are amplified. I show that the aggregate marginal propensity to consume (MPC) is larger when income shocks disproportionately hit high-MPC individuals, and I define the Matching Multiplier as the increase in the output multiplier originating from the matching of workers to jobs with different income elasticities - a greater matching multiplier translates into more powerful amplification in a range of business cycle models. Using administrative data from the United States, I document that the earnings of individuals with a higher marginal propensity to consume are more exposed to recessions. I show that this covariance between worker MPCs and the elasticity of their earnings to GDP is large enough to increase shock amplification by 40 percent over a benchmark in which all workers are equally exposed. Using local labor market variation, I validate this amplification mechanism by showing that areas with higher matching multipliers experience larger employment fluctuations over the business cycle. Lastly, I derive a generalization of the matching multiplier in an incomplete markets model and show numerically that this mechanism is quantitatively similar within this structural framework. In the second chapter, joint with David Autor, David Dorn, Lawrence Katz, and John Van Reenen, we explore the well-documented fall of labor's share of GDP in the United States and many other countries. Existing empirical assessments typically rely on industry or macro data, obscuring heterogeneity among firms. In this paper, we analyze micro panel data from the U.S. Economic Census since 1982 and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms." If globalization or technological changes advantage the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms. Since these firms have high markups and a low labor share of firm value-added and sales, this depresses the aggregate labor share. We empirically assess seven predictions of this hypothesis: (i) industry sales will increasingly concentrate in a small number of firms; (ii) industries where concentration rises most will have the largest declines in the labor share; (iii) the fall in the labor share will be driven largely by reallocation rather than a fall in the unweighted mean labor share across all firms; (iv) the between-firm reallocation component of the fall in the labor share will be greatest in the sectors with the largest increases in market concentration; (v) the industries that are becoming more concentrated will exhibit faster growth of productivity and innovation; (vi) the aggregate markup will rise more than the unweighted firm markup; and (vii) these patterns should be observed not only in U.S. firms, but also internationally. We find support for all of these predictions. In the third chapter, I explore how the distribution of tasks across industries affects labor market responses to shocks. I present a model in which task-level wages connect industries employing the same tasks, meaning that the distribution of tasks across industries insures some workers against shocks and alters their labor market experiences. Workers trained in more dispersed tasks (e.g. accountants) face less unemployment risk from industry-specific shocks than workers who do tasks that are concentrated in few industries (e.g. petroleum engineers). Using industry and regional data, I show empirical evidence that supports the model's predictions - industries that employ more specialized labor contract less in response to demand shocks than industries with less specialized labor. JEL Classifications: E21, J23, D33
Book Synopsis Essays on the Dynamics of the Labor Market by : Leena Rudanko
Download or read book Essays on the Dynamics of the Labor Market written by Leena Rudanko and published by . This book was released on 2007 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the business cycle dynamics of the aggregate labor market. In two essays I advance the theoretical modelling of these markets and examine whether the new theory does quantitatively better at accounting for empirical evidence than existing models. Both essays examine models where market incompleteness faced by workers implies that long term wage contracts play a role in providing consumption smoothing to workers. The terms of these state contingent contracts depend on: (1) the preferences of the contracting parties, (2) whether parties can commit to contracts. The essays embed such optimal dynamic contracting problems into a Mortensen-Pissarides style model of labor market flows with aggregate shocks, contributing to the theoretical modelling of wage determination in this model framework. I find that market incompleteness has quantitatively only limited ability to explain the volatility puzzle facing existing models: unemployment varies strongly over the business cycle, while labor productivity varies much less. Whether the models are consistent with wage data hinges both on the preferences of contracting parties: entrepreneurs versus workers, as well as constraints on contracting.
Book Synopsis Essays in Labor Market Dynamics by : Manuel E. Toledo
Download or read book Essays in Labor Market Dynamics written by Manuel E. Toledo and published by . This book was released on 2007 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Dynamic Contracts and Macroeconomics by : Gokce Uysal
Download or read book Essays in Dynamic Contracts and Macroeconomics written by Gokce Uysal and published by . This book was released on 2006 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Dynamic Economics by : Xiaodong Huang
Download or read book Essays on Dynamic Economics written by Xiaodong Huang and published by . This book was released on 1998 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Firm and Labor Market Dynamics by : Jiaming Mao
Download or read book Essays in Firm and Labor Market Dynamics written by Jiaming Mao and published by . This book was released on 2013 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Firm Dynamics, Financial Frictions, and the Labor Market by : Dongchen Zhao
Download or read book Essays on Firm Dynamics, Financial Frictions, and the Labor Market written by Dongchen Zhao and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters. The first chapter concerns the secular changes in the U.S. firm size distribution and firm dynamics. This chapter sets up a quantitative model of firm dynamics with debt heterogeneity to study the implications of changes in real interest rates for the firm size distribution and firm dynamics. It shows that the decline in long-term real interest rates since the early 1980s can account for a significant fraction of the shift in employment shares to large firms as well as the decline in firms per capita and firm entry rates experienced in the U.S. over the same period. In the model, firms endogenously choose financial intermediaries issuing debt with either earnings-based (EBC) or asset-based (ABC) borrowing constraints. The two types of constraints arise naturally from the imperfect enforceability of debt contracts and are in line with recent empirical findings. A decline in real interest rates benefits firms with EBC more because they are not constrained by their assets and can expand more due to increased earnings. Since firms with higher earnings optimally choose earnings-based lending, the decline in real interest rates shifts employment shares to larger firms. Moreover, the growth of large firms crowds out smaller firms and firm entry through general equilibrium effects. The paper tests the mechanism in cross-country data from the OECD and finds a stronger association between the decline in real interest rates and changes in firm dynamics, especially in countries with deeper credit markets. In the second chapter, I study the effects of government regulations on firm dynamism. The impact of government regulations on the economy is a central topic in policy debates. However, due to the endogeneity of regulations and challenges in measuring them, these debates remain contentious. This paper establishes the causal effects of government regulations on firm dynamism by employing a novel shift-share (Bartik) instrument in conjunction with the RegData dataset, which quantifies regulations based on the text of federal regulatory documents. The primary assumption for identification is that, for each sector, the exposure to regulations from different government agencies at the beginning of the period is exogenous to any confounding factors. The findings reveal that government regulatory restrictions significantly increase firm exit rates and discourage the formation of establishments, while having no substantial impact on firm entry. Furthermore, these restrictions contribute to reduced job creation, elevated job destruction, and diminished overall employment. These effects are consistently observed across various age groups. The results lend support to the idea that government regulations can raise production costs for firms and/or enhance the monopolistic power of certain companies. Both mechanisms can diminish the profits of affected firms, leading to increased firm exit rates and reduced labor demand. Additionally, the findings refute the interpretation of regulations as solely serving as entry barriers. The final chapter of the dissertation investigates the labor market outcomes for involuntary part-time workers and their subsequent effects on welfare levels. Through an analysis of survey data, I demonstrate that involuntary part-time workers exhibit reservation wages comparable to those of unemployed workers. This similarity largely stems from parallel wage offers and offer arrival rates. Contrary to previous research, this finding indicates that involuntary part-time workers experience welfare levels akin to unemployed workers. One possible explanation for this discrepancy lies in the methodology of prior studies. Conclusions drawn from earlier research, which primarily focused on the faster transition of involuntary part-time workers into full-time positions compared to other workers, may be flawed. This is because these workers also tend to revert to their previous job types at a faster rate. To further explore the implications of these discoveries, I employ a quantitative search model. The calibrated model supports the assertion that involuntary part-time workers experience welfare levels similar to those of unemployed workers. Furthermore, the model suggests that neither extending unemployment insurance to part-time workers nor enhancing the likelihood that unemployed workers transition to part-time positions would effectively increase the prevalence of full-time employment
Book Synopsis Two Essays in the Theory of Labor Contracts by : Hajime Miyazaki
Download or read book Two Essays in the Theory of Labor Contracts written by Hajime Miyazaki and published by . This book was released on 1977 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
