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Evaluation Labour Adjustment Costs From Trade Shocks Illustrations For The Us Economy Using An Applied General Equilibrium Model With Transactions
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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.
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 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.
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 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 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 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 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 Employee Decisions with Respect to 401(k) Plans by : Andrea L. Kusko
Download or read book Employee Decisions with Respect to 401(k) Plans written by Andrea L. Kusko and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 401(k) plans have been the most rapidly growing type of employer- provided pension plan during the last decade. This paper utilizes employee-level data from the 401(k) plan at a medium-sized U.S. manufacturing firm to analyze the participation and contribution decisions of workers eligible for this plan. Our analysis reveals two important features of 401(k) participant behavior. First, contribution decisions of eligible employees are relatively insensitive to the rate of employer matching on worker contributions. Most employees maintain the same participation status and contribution rate year after year, despite substantial changes in the employer's match rate at the firm we study. This suggests that employer matching may not be a critical factor in explaining the growth of 401(k) plans. Second, we find that institutional constraints on contributions, imposed either by the employer or by the IRS, are an extremely important influence on contributor behavior. About three quarters of eligible employees contributed at rates that place them at one of the 'corners' or 'kinks' in the 401(k) opportunity set. This finding must be recognized in any analysis of how changes in 401(k) plan provisions are likely to affect contribution levels.
Book Synopsis What Determines Expected International Asset Returns? by : Campbell R. Harvey
Download or read book What Determines Expected International Asset Returns? written by Campbell R. Harvey and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper characterizes the forces that determine time-variation in expected international asset returns. We offer a number of innovations. By using the latent factor technique, we do not have to prespecify the sources of risk. We solve for the latent premiums and characterize their time-variation. We find evidence that the first factor premium resembles the expected return on the world market portfolio. However, the inclusion of this premium alone is not sufficient to explain the conditional variation in the returns. We find evidence of a second factor premium which is related to foreign exchange risk. Our sample includes new data on both international industry portfolios and international fixed income portfolios. We find that the two latent factor model performs better in explaining the conditional variation in asset returns than a prespecified two factor model. Finally, we show that differences in the risk loadings are important in accounting for the cross-sectional variation in the international returns.
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 Health, Income, and Risk Aversion by : John Mullahy
Download or read book Health, Income, and Risk Aversion written by John Mullahy and published by . This book was released on 1994 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic costs of adverse health outcomes have typically been evaluated in a context of risk neutrality, an approach that ignores the potential welfare importance of individuals' risk preferences. This paper presents a framework that unifies the research in health capital and earnings with that on risk preferences in the presence of stochastic outcomes. The model is implemented to obtain estimates of the economic damages due both to general health problems as well as to one specific health problem that is of considerable interest from society's perspective: alcoholism. Our empirical findings, based on data from the Epidemiologic Catchment Area survey, indicate that failure to recognize the possibility of risk averse preferences leads to a potentially serious underestimation of the magnitudes of the 'costs' of alcoholism and poor health. In particular, it is shown that while alcoholism problems have negative impacts on the conditional mean of income (consistent with most of the existing literature), they also have positive impacts on the conditional variance of income. Our conclusions are to some degree provisional because our estimates of conditional variances are necessarily biased to the extent that unobserved heterogeneity is an important determinant of the moment structure of income in our sample.
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 Intellectual Capital and the Birth of U.S. Biotechnology Enterprises by : Lynne G. Zucker
Download or read book Intellectual Capital and the Birth of U.S. Biotechnology Enterprises written by Lynne G. Zucker and published by . This book was released on 1994 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between the intellectual capital of scientists making frontier discoveries, the presence of great university bioscience programs, the presence of venture capital firms, other economic variables, and the founding of U.S. biotechnology enterprises during 1976-1989. Using a linked cross-section/time- series panel data set, we find that the timing and location of the birth of biotech enterprises is determined primarily by intellectual capital measures, particularly the local number of highly productive 'star' scientists actively publishing genetic sequence discoveries. Great universities are likely to grow and recruit star scientists, but their effect is separable from the universities. When the intellectual capital measures are included in our poisson regressions, the number of venture capital firms in an area reduces the probability of foundings. At least early in the process, star scientists appear to be the scarce, immobile factors of production. Our focus on intellectual capital is related to knowledge spillovers, but in this case 'natural excludability' permits capture of supranormal returns by scientists. Given this reward structure technology transfer was vigorous without any special intermediating structures. We believe biotechnology may be prototypical of the birth patterns in other innovative industries.
Book Synopsis On the Need for Fiscal Discipline in a Union by : Joshua Aizenman
Download or read book On the Need for Fiscal Discipline in a Union written by Joshua Aizenman and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the behavior of public debt in countries forming a union (as outlined, e.g., by the Maastricht treaty). We consider a federal union of states where the center has limited control over the spending patterns of the union members, and where the union members' behavior has repercussions for the future public debt. The public has preferences against higher public debt, and will oust high-debt administrations. Adverse shocks are shown to induce a regime switch from a cooperative outcome to limited cooperation, and from limited cooperation to the noncooperative outcome. While a transitory adverse shock calls for a higher public debt in the cooperative regime, the switch towards limited cooperation entails a drop in the public debt (relative to the cooperative desirable outcome). With limited cooperation further drops in income will call for a drop in public debt. If the adverse shock is powerful enough, sustaining limited cooperation may become unfeasible. A regime switch may yield nonlinearities, where the macroeconomic behavior is abruptly altered following the switch. Our model provides a tentative support for limits on public debt, needed to free the instrument of deficit financing for use in bad recessions.
