History Dependence In Wages And Cyclical Selection

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History Dependence in Wages and Cyclical Selection

Author : Anja Bauer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)

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Book Synopsis History Dependence in Wages and Cyclical Selection by : Anja Bauer

Download or read book History Dependence in Wages and Cyclical Selection written by Anja Bauer and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using administrative employer-employee data from Germany, we investigate the relationship between wages and past and present labor market conditions. Furthermore, we revisit recent findings of greater wage cyclicality of new hires. Overall, we find strong evidence for history dependent wages, manifested in both hiring and retention premiums - which is consistent with a variety of contract models. Taking into account composition effects as well as cyclical variation in unobserved match quality, we find that wages of new hires from unemployment are no more cyclical, but those of job changers are more cyclical than those of existing workers. We argue that much of the excess wage cyclicality of new hires discussed by the literature can be explained by cyclical job ladder movements in match quality of new hires from employment. In a novel empirical approach, where we further take into account occupational selection, we show that if job ladder movements accompany a simultaneous change of employers and occupations, the resulting wages are particularly cyclical sensitive.

NBER Macroeconomics Annual 2013

Author : Jonathan A. Parker
Publisher : University of Chicago Press
ISBN 13 : 022616554X
Total Pages : 407 pages
Book Rating : 4.2/5 (261 download)

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Book Synopsis NBER Macroeconomics Annual 2013 by : Jonathan A. Parker

Download or read book NBER Macroeconomics Annual 2013 written by Jonathan A. Parker and published by University of Chicago Press. This book was released on 2014-05-22 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The twenty-eighth edition of the NBER Macroeconomics Annual continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. As in previous years, this volume not only addresses recent developments in macroeconomics, but also takes up important policy-relevant questions and opens new debates that will continue for years to come. The first two papers in this year’s issue tackle fiscal and monetary policy, asking how interest rates and inflation can remain low despite fiscal policy behavior that appears inconsistent with a monetary policy regime focused only on inflation and output and not on fiscal balances as recently observed in the U.S. The third examines the implications of reference-dependent preferences and moral hazard in employment fluctuations in the labor market. The fourth paper addresses money and inflation, analyzing the long run inflation rate, the coexistence of money with pledgeable and money-like assets, and why inflation did not increase in response to business-cycle fluctuations in productivity. And the fifth looks at the stock market and how it relates to the real economy. The final chapter discusses the large and public shift towards more expansionary monetary policy that has recently occurred in Japan.

The Race between Education and Technology

Author : Claudia Goldin
Publisher : Harvard University Press
ISBN 13 : 0674037731
Total Pages : 497 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis The Race between Education and Technology by : Claudia Goldin

Download or read book The Race between Education and Technology written by Claudia Goldin and published by Harvard University Press. This book was released on 2009-07-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century. The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.

Selected Works of Joseph E. Stiglitz

Author : Joseph E. Stiglitz
Publisher : Oxford University Press
ISBN 13 : 0199533709
Total Pages : 767 pages
Book Rating : 4.1/5 (995 download)

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Book Synopsis Selected Works of Joseph E. Stiglitz by : Joseph E. Stiglitz

Download or read book Selected Works of Joseph E. Stiglitz written by Joseph E. Stiglitz and published by Oxford University Press. This book was released on 2009 with total page 767 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in a series of six volumes containing a selection of Joseph Stiglitz's most important and widely cited work, this volume includes a number of seminal papers on the economics of information. The volume contains substantial additional original commentary by Joseph Stiglitz on his work and the field more generally.

Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Selected Readings in Employment and Manpower: History of employment and manpower policy in the United States. 3 v. in 4

Author : United States. Congress. Senate. Committee on Labor and Public Welfare
Publisher :
ISBN 13 :
Total Pages : 496 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Selected Readings in Employment and Manpower: History of employment and manpower policy in the United States. 3 v. in 4 by : United States. Congress. Senate. Committee on Labor and Public Welfare

Download or read book Selected Readings in Employment and Manpower: History of employment and manpower policy in the United States. 3 v. in 4 written by United States. Congress. Senate. Committee on Labor and Public Welfare and published by . This book was released on 1964 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Efficiency Wage Models of the Labor Market

Author : George A. Akerlof
Publisher : Cambridge University Press
ISBN 13 : 9780521312844
Total Pages : 196 pages
Book Rating : 4.3/5 (128 download)

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Book Synopsis Efficiency Wage Models of the Labor Market by : George A. Akerlof

Download or read book Efficiency Wage Models of the Labor Market written by George A. Akerlof and published by Cambridge University Press. This book was released on 1986-11-28 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors explore the reasons why involuntary unemployment happens when supply equals demand.

NBER Macroeconomics Annual 1986

Author :
Publisher :
ISBN 13 : 9780262560375
Total Pages : 409 pages
Book Rating : 4.5/5 (63 download)

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Book Synopsis NBER Macroeconomics Annual 1986 by :

Download or read book NBER Macroeconomics Annual 1986 written by and published by . This book was released on 1986 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Basic Guide to the National Labor Relations Act

Author : United States. National Labor Relations Board. Office of the General Counsel
Publisher : U.S. Government Printing Office
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Basic Guide to the National Labor Relations Act by : United States. National Labor Relations Board. Office of the General Counsel

Download or read book Basic Guide to the National Labor Relations Act written by United States. National Labor Relations Board. Office of the General Counsel and published by U.S. Government Printing Office. This book was released on 1997 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The State of Working America 2006/2007

Author : Lawrence R. Mishel
Publisher : Comstock Publishing Associates
ISBN 13 : 9780801445293
Total Pages : 448 pages
Book Rating : 4.4/5 (452 download)

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Book Synopsis The State of Working America 2006/2007 by : Lawrence R. Mishel

Download or read book The State of Working America 2006/2007 written by Lawrence R. Mishel and published by Comstock Publishing Associates. This book was released on 2007 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for previous editions of The State of Working America: "The State of Working America remains unrivaled as the most-trusted source for a comprehensive understanding of how working Americans and their families are faring in today's economy."--Robert B. Reich"It is the inequality of wealth, argue the authors, rather than new technology (as some would have it), that is responsible for the failure of America's workplace to keep pace with the country's economic growth. The State of Working America is a well-written, soundly argued, and important reference book."--Library Journal "If you want to know what happened to the economic well-being of the average American in the past decade or so, this is the book for you. It should be required reading for Americans of all political persuasions."--Richard Freeman, Harvard University "A truly comprehensive and useful book that provides a reality check on loose statements about U.S. labor markets. It should be cheered by all Americans who earn their living from work."--William Wolman, former chief economist, CNBC's Business Week "The State of Working America provides very valuable factual and analytic material on the economic conditions of American workers. It is the very best source of information on this important subject."--Ray Marshall, University of Texas, former U.S. Secretary of Labor"An indispensable work . . . on family income, wages, taxes, employment, and the distribution of wealth."--Simon Head, The New York Review of Books "No matter what political camp you're in, this is the single most valuable book I know of about the state of America, period. It is the most referenced, most influential resource book of its kind."--Jeff Madrick, author, The End of Affluence "This book is the single best yardstick for measuring whether or not our economic policies are doing enough to ensure that our economy can, once again, grow for everybody."--Richard A. Gephardt "The best place to review the latest developments in changes in the distribution of income and wealth."--Lester ThurowThe State of Working America, prepared biennially since 1988 by the Economic Policy Institute, includes a wide variety of data on family incomes, wages, taxes, unemployment, wealth, and poverty-data that enable the authors to closely examine the effect of the economy on the living standards of the American people.

International Macroeconomics in the Wake of the Global Financial Crisis

Author : Laurent Ferrara
Publisher : Springer
ISBN 13 : 3319790757
Total Pages : 300 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Equilibrium Unemployment Theory, second edition

Author : Christopher A. Pissarides
Publisher : MIT Press
ISBN 13 : 0262264064
Total Pages : 273 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Equilibrium Unemployment Theory, second edition by : Christopher A. Pissarides

Download or read book Equilibrium Unemployment Theory, second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.

Transformational Growth and the Business Cycle

Author : Edward Nell
Publisher : Routledge
ISBN 13 : 1134752326
Total Pages : 388 pages
Book Rating : 4.1/5 (347 download)

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Book Synopsis Transformational Growth and the Business Cycle by : Edward Nell

Download or read book Transformational Growth and the Business Cycle written by Edward Nell and published by Routledge. This book was released on 2005-09-27 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment. This creates the possibility that markets will work differently in particular historical periods. This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present. The book focuses on six countries: USA, United Kingdom, Canada, Germany, Japan and Argentina. In all cases the earlier period, dominated by craft-based technologies, proves to be the one in which markets adjust through a weakly stabilising price mechanism. By contrast, in the later period, in all cases, with the exception of Argentina, there is no evidence of such a price mechanism, but in its place can be seen a multiplier-accelerator process which, arguably, reflects a change of technology to mass-production.

The Global Trade Slowdown

Author : Cristina Constantinescu
Publisher : International Monetary Fund
ISBN 13 : 1498399134
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Global Trade Slowdown by : Cristina Constantinescu

Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.

The Employment and Wage Effects of Oil Price Changes

Author : Mr.Eswar Prasad
Publisher : International Monetary Fund
ISBN 13 : 1451845510
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Employment and Wage Effects of Oil Price Changes by : Mr.Eswar Prasad

Download or read book The Employment and Wage Effects of Oil Price Changes written by Mr.Eswar Prasad and published by International Monetary Fund. This book was released on 1995-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we use micro panel data to examine the effects of oil price changes on employment and real wages, at the aggregate and industry levels. We also measure differences in the employment and wage responses for workers differentiated on the basis of skill level. We find that oil price increases result in a substantial decline in real wages for all workers, but raise the relative wage of skilled workers. The use of panel data econometric techniques to control for unobserved heterogeneity is essential to uncover this result, which is completely hidden in OLS estimates. We find that changes in oil prices induce changes in employment shares and relative wages across industries. However, we find little evidence that oil price changes cause labor to consistently flow into those sectors with relative wage increases.

Looking Into the Black Box

Author : Barbara Petrongolo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)

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Book Synopsis Looking Into the Black Box by : Barbara Petrongolo

Download or read book Looking Into the Black Box written by Barbara Petrongolo and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Works of Irving Fisher Vol 3

Author : William J Barber
Publisher : Taylor & Francis
ISBN 13 : 1040240917
Total Pages : 521 pages
Book Rating : 4.0/5 (42 download)

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Book Synopsis The Works of Irving Fisher Vol 3 by : William J Barber

Download or read book The Works of Irving Fisher Vol 3 written by William J Barber and published by Taylor & Francis. This book was released on 2024-10-28 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 14-volume edition contains the key works and commentary by leading Fisher scholars, allowing modern readers access to the major issues in Fisherian economic thought.