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Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The Us Economy Using An Applied General Equilibrium Model With Transactions Costs
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Book Synopsis Evaluating Labour Adjustment Costs from Trade Shocks: Illustrations for the U.S. Economy Using an Applied General Equilibrium Model with Transactions Costs by : Ramon L. Clarete
Download or read book Evaluating Labour Adjustment Costs from Trade Shocks: Illustrations for the U.S. Economy Using an Applied General Equilibrium Model with Transactions Costs written by Ramon L. Clarete and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evaluation Labour Adjustment Costs from Trade Shocks by : Ramon L. Clarete
Download or read book Evaluation Labour Adjustment Costs from Trade Shocks written by Ramon L. Clarete and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evaluation Labour Adjustment Costs from Trade Shocks Illustrations for the U.S. Economy Using an Applied General Equilibrium Model with Transactions.. by : Ramon L. Clarete
Download or read book Evaluation Labour Adjustment Costs from Trade Shocks Illustrations for the U.S. Economy Using an Applied General Equilibrium Model with Transactions.. written by Ramon L. Clarete and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evaluating Labour Adjustment Costs from Trade Shocks by : Ramon L. Clarete
Download or read book Evaluating Labour Adjustment Costs from Trade Shocks written by Ramon L. Clarete and published by . This book was released on 1994 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a general equilibrium approach to calculating labour adjustment costs induced by trade policy changes or external sector shocks, which we illustrate by analyzing the adjustment consequences of eliminating quotas and tariffs on U.S. imports. In our approach, factor adjustments in the presence of transactions costs are endogenously determined within the equilibrium structure. The conventional way of calculating such labour adjustment costs is to use full equilibrium models which exclude adjustment costs, and apply exogenous estimates of duration of unemployment to implied intersectoral labour reallocations. By using an equilibrium model in which adjustment costs are absent, the conventional approach tends to overstate the amount of labour that moves to other sectors and hence introduces an upward bias to estimates of adjustment costs. As well, such an approach tends to ignore the impact on intersectoral wage rates. Our results suggest that concerns over adjustment problems should focus as much on the consequences of adjustment costs in impeding factor mobility, as on the magnitude of the adjustment costs themselves. Compared to the redistributive effects they induce by inhibiting labour movement in response to policy or other changes, these costs may be small.
Book Synopsis Trade and Income Distribution by : William R. Cline
Download or read book Trade and Income Distribution written by William R. Cline and published by Peterson Institute. This book was released on 1997 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Cline also finds that trade liberalization has tended to raise skilled wages rather than reduce unskilled wages. Moreover, its impact has probably been no larger than falling transport and communication costs. Most importantly for policy, model simulations for the future show more limited trade impact than in the past and little unequalizing impact of further trade liberalization. Book jacket."--Jacket.
Book Synopsis Updated Notes on the Interindustry Wage Structure by : Steven G. Allen
Download or read book Updated Notes on the Interindustry Wage Structure written by Steven G. Allen and published by . This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents and analyzes changes in the wage structure across manufacturing industries over the last one hundred years. Inter-industry differentials in wages are highly stable for production workers, but autocorrelation patterns for nonproduction workers are considerably weaker. Industry wage patterns are very similar for production and nonproduction workers today, but this has been true only since 1958. Dispersion of wages across industries has shown varying trends over the last one hundred years, but has never in this century been higher than it is today. The variables that are most strongly correlated with wage growth are productivity growth, rising union density, rising capital intensity, and profit growth.
Download or read book Working Paper Series written by and published by . This book was released on 1994 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion by : Larry H. P. Lang
Download or read book Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion written by Larry H. P. Lang and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news and (3) the stock market discounts asset sale proceeds retained by the selling firm. In support of this hypothesis, we find that the typical firm in our sample performs poorly before the sale and that the average stock-price reaction to asset sales is positive only when the proceeds are paid out.
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1993 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reverse Engineering the Yield Curve by : David K. Backus
Download or read book Reverse Engineering the Yield Curve written by David K. Backus and published by . This book was released on 1994 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prices of riskfree bonds in any arbitrage-free environment are governed by a pricing kernel: given a kernel, we can compute prices of bonds of any maturity we like. We use observed prices of multi-period bonds to estimate, in a log-linear theoretical setting, the pricing kernel that gave rise to them. The high-order dynamics of our estimated kernel help to explain why first-order, one-factor models of the term structure have had difficulty reconciling the shape of the yield curve with the persistence of the short rate. We use the estimated kernel to provide a new perspective on Hansen-Jagannathan bounds, the price of risk, and the pricing of bond options and futures.
Book Synopsis Fixed Exchange Rates, Inflation and Macroeconomic Discipline by : Sebastian Edwards
Download or read book Fixed Exchange Rates, Inflation and Macroeconomic Discipline written by Sebastian Edwards and published by . This book was released on 1994 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use data from Guatemala and Honduras to investigate some implications of the Purchasing Power Parity theory over the long run. In particular, we address two questions. First, to what extent did the fixed exchange rate regime impose macroeconomic discipline on these countries. Second, what was the impact of terms of trade shocks and growth differentials on inflation rate differentials between those countries and the United States. We found that the fixed parities regime worked properly until the mid-1970s, providing some constraint on central bank behavior. However, the evidence suggests that the fixed exchange rate system was not sufficient to avoid inflation outbursts and balance of payments crises. Specifically, it was unable to accommodate large negative terms of trade shocks in the late 1970s and early 1980s.
Book Synopsis The Impact of the Federal Reserve Bank's Open Market Operations by : Campbell R. Harvey
Download or read book The Impact of the Federal Reserve Bank's Open Market Operations written by Campbell R. Harvey and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as `Fed Time'. Using previously unavailable data on open market operations, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time. Surprisingly, the Fed Time volatility is higher on days when open market operations are absent. In addition, little systematic differences in market impact are observed for reserve-draining versus reserve-adding operations. These results suggest that the financial markets correctly anticipate the purpose of open market operations but are unable to forecast the timing of the operations.
Book Synopsis Explaining the Duration of Exchange-rate Pegs by : Michael W. Klein
Download or read book Explaining the Duration of Exchange-rate Pegs written by Michael W. Klein and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is a theoretical and empirical investigation into the duration of exchange-rate pegs. The theoretical model considers a policy-maker who must trade off the economic costs of real exchange- rate misalignment against the political cost of realignment. The optimal time to spend on a peg is derived and factors that influence peg duration are identified. The predictions of the model are tested using logit analysis with a data set of exchange-rate pegs for sixteen Latin American countries and Jamaica during the 1957-1991 period. We find that the real exchange rate is a significant determinant of the likelihood of a devaluation. Structural variables, such as the openness of the economy and its geographical trade concentration, also significantly affect the likelihood of a devaluation. Finally, political events that change the political cost of realignment, such as regular and irregular executive transfers, are empirically important determinants of the likelihood of a devaluation.
Book Synopsis Long-run Convergence of Ethnic Skill Differentials by : George J. Borjas
Download or read book Long-run Convergence of Ethnic Skill Differentials written by George J. Borjas and published by . This book was released on 1994 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates if the ethnic skill differentials introduced into the United States by the inflow of very dissimilar immigrant groups during the Great Migration of 1880-1910 disappeared during the past century. An analysis of the 1910, 1940, and 1980 Censuses and the General Social Surveys revealed that ethnic differentials converge slowly. It might take four generations, or roughly 100 years, for the skill differentials introduced by the Great Migration to disappear. The analysis also indicates that the economic mobility experienced by American-born blacks resembles that of the white ethnic groups that made up the Great Migration.
Book Synopsis Economic Growth, Population Theory, and Physiology by : Robert William Fogel
Download or read book Economic Growth, Population Theory, and Physiology written by Robert William Fogel and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sketches a theory of the secular decline in morbidity and mortality that takes account of changes in human physiology since 1700. The synergism between technological and physiological improvements has produced a form of human evolution, much more rapid than natural selection, which is still ongoing in both OECD and developing countries. Thermodynamic and physiological aspects of economic growth are defined and their impact on growth rates is assessed. Implications of this theory for population forecasting, measurement of national income, demand for leisure, pension policies, and for the demand for health care are considered.
Book Synopsis Balanced and Unbalanced Growth by : James E. Rauch
Download or read book Balanced and Unbalanced Growth written by James E. Rauch and published by . This book was released on 1994 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: A mechanism of endogenous growth suitable for investigation of sectoral or regional interaction is developed. It is shown how the high value placed on production linkages by economic historians might be reconciled with the high value placed on openness (often implying lack of linkages) by observers of contemporary less developed countries. When the output of one sector is traded and the output of the other is nontraded, it is shown how the traded goods sector acts as the 'engine of growth' in the sense that its profitability of knowledge acquisition primarily determines the steady state aggregate growth rate. It is also shown how sectors or regions interact out of steady state through product, labor, and capital markets, and in particular how if the former interaction dominates the growth of one sector 'pulls along' the growth of the other while if the latter two interactions dominate one sector or region booms while the other declines. The paper builds on these results to show why liberalization of foreign trade should lead to a transition from a lower to a higher steady state growth rate and why, during the course of this transition, growth might initially be even slower than before liberalization. On this basis a reinterpretation of the post-1973 economic performance of Chile is offered. A final application to economic integration of previously separate regions or countries shows that the largest growth effects are to be had if one region is allowed to decline and provide a source of cheap labor for the other region.
Book Synopsis Retirement in a Family Context by : Alan L. Gustman
Download or read book Retirement in a Family Context written by Alan L. Gustman and published by . This book was released on 1994 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: A structural econometric model of retirement of married couples is specified and estimated with recent panel data from the NLS for Mature Women. A coincidence of spouses retiring together, despite the younger ages of wives, suggests explicit efforts at coordination. The estimates suggest that one reason is a coincidence of tastes for leisure. More importantly, each spouse, and perhaps husbands in particular, values retirement more once their spouse has retired. The opportunity set accounts for peaks in the retirement hazards of each spouse, but coordination in opportunities is not responsible for coordination of retirement dates.
