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Labor Market Heterogeneity Aggregation And The Lucas Critique
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Book Synopsis Labor-market heterogeneity, aggregation, and the Lucas critique by : Yongsung Chang
Download or read book Labor-market heterogeneity, aggregation, and the Lucas critique written by Yongsung Chang and published by . This book was released on 2010 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses biases in policy predictions due to the lack of invariance of "structural'' parameters in representative-agent models. We simulate data under various fiscal policy regimes from a heterogeneous-agents economy with incomplete asset markets and indivisible labor supply. Imperfect aggregation manifests itself through preference shocks in the estimated representative-agent model. Preference and technology parameter estimates are not invariant with respect to policy changes. As a result, the bias in the representative-agent model's policy predictions is large compared to the length of predictive intervals that reflect parameter uncertainty.
Book Synopsis Labor Market Heterogeneity and the Aggregate Matching Function by : Régis Barnichon
Download or read book Labor Market Heterogeneity and the Aggregate Matching Function written by Régis Barnichon and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Markets, Inequality and the Aggregate Economy by : Pubali Chakraborty
Download or read book Labor Markets, Inequality and the Aggregate Economy written by Pubali Chakraborty and published by . This book was released on 2020 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: My research focuses on examining the role of heterogeneity in influencing aggregate outcomes, with a focus on labor market issues.
Book Synopsis Labor-Market Heterogeneity, Aggregation, and the Policy-(in)variance of DSGE Model Parameters by : Yongsung Chang
Download or read book Labor-Market Heterogeneity, Aggregation, and the Policy-(in)variance of DSGE Model Parameters written by Yongsung Chang and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Macroeconomic Effects of Labor Market Heterogeneity and Impact of Public Policies on Labor Outcomes by : Ammar Farooq
Download or read book Essays in Macroeconomic Effects of Labor Market Heterogeneity and Impact of Public Policies on Labor Outcomes written by Ammar Farooq and published by . This book was released on 2017 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation explores the macroeconomic implications of heterogeneity in labor markets and the role of public policy in improving labor market efficiency. First, I aim to shed light on the importance of individual and firm level decisions in determining aggregate labor market outcomes such as the level of mismatch in worker skills and job requirements. Second, I analyze the role of public policy in affecting these decisions and hence, the economy wide aggregates.
Book Synopsis Heterogeneity and Aggregation in the Labor Market by : Yongsung Chang
Download or read book Heterogeneity and Aggregation in the Labor Market written by Yongsung Chang and published by . This book was released on 2003 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Market Heterogeneity by : Xiaoxue Song
Download or read book Labor Market Heterogeneity written by Xiaoxue Song and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation consists of three chapters studying the heterogeneity in the labor market. Chapter 1 studies the by-age employment heterogeneity in response to technology shocks. Chapter 2 studies the by-age labor force participation heterogeneity in response to macroeconomic shocks. Chapter 3 studies the effect of monetary policy on the employment of occupations with different levels of routine task intensity. A central question in macroeconomics is how employment changes in response to technological progress. In Chapter 1, I broaden this question by investigating if there exist age-specific effects. I use the mixed autoregression (MAR) model to explicitly model the employment to population ratio as a function of age. The results show the responses of young and old employment ratios are much more negative than prime-age, and the response of the young is three times lower than that of the old. Moreover, the forecast error variance decomposition results show that technology shocks' contribution decreases by age. The labor force participation rate is weakly procyclical, as opposed to employment, which is strongly procyclical. Therefore, labor force participation is mostly assumed to be constant in the literature. However, the young, prime-age, and old participation rates are heterogeneous in cyclicality and volatility. In Chapter 2, I study the heterogeneity in the participation of 16-65 old in response to important macroeconomic shocks. I extend the identification scheme in the MAR model from zero to sign restrictions, which enable me to include labor market shocks important for explaining participation rate fluctuations. The results show that young, prime-age, and old participation rates respond differently to the technology, demand, labor supply, and wage bargaining shocks.Routine occupation employment share has decreased, while non-routine occupation employment share has increased since the 1980s. This trend of job polarization has been contributing to the growth in wage inequality in the US. In Chapter 3, I study the effect of a contractionary monetary policy shock on occupational employment with different levels of routine task inputs in a MAR model. I show that routine occupation groups' employment, especially those with higher offshorability, are disproportionally affected by a contractionary monetary policy shock.
Book Synopsis Worker Heterogeneity and Labor Market Frictions by : Etienne Lalé
Download or read book Worker Heterogeneity and Labor Market Frictions written by Etienne Lalé and published by . This book was released on 2013 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains several lines of research in macroeconomics and labor economics conducted during the course of my phd. The unifying theme of this research is the study of labor markets that are subject to macro-search frictions and are populated by heterogeneous workers. Combining these features is important for our understanding of the functioning of labor markets, both from a positive and normative standpoint. The first chapter of this dissertation is resolutely on the positive side. It analyzes how the combination of labor market frictions and worker heterogeneity in skills can shed light on the observed fluctuations in entries into and exits out of the labor force. The second chapter is also on the positive ground, but it brings labor market policies to the fore of the analysis. Along with heterogeneity in human capital over the lifecycle, it shows how some policy tools have contributed to the divergent employment experiences of older workers in Europe and in the United States since the 1980s. The third chapter more naturally lends itself to policy implications. It provides a quantitative study of the employment and welfare effects of statutory severance payments in an economy with wealth heterogeneity reflecting the absence of perfect insurance markets faced by risk-averse workers.
Book Synopsis Aggregate Labor Market Issues in Models with Heterogeneous Agents by : Eric R. Young
Download or read book Aggregate Labor Market Issues in Models with Heterogeneous Agents written by Eric R. Young and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Market Performance and Heterogeneity by : Samuel Danthine
Download or read book Labor Market Performance and Heterogeneity written by Samuel Danthine and published by . This book was released on 2004 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis NBER Macroeconomics Annual 2003 by : Mark Gertler
Download or read book NBER Macroeconomics Annual 2003 written by Mark Gertler and published by Mit Press. This book was released on 2004 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.
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.
Book Synopsis A History of Macroeconomics from Keynes to Lucas and Beyond by : Michel De Vroey
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
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:
Book Synopsis Financial Markets and the Real Economy by : John H. Cochrane
Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
Download or read book Informality written by Guillermo Perry and published by World Bank Publications. This book was released on 2007 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes informality in Latin America, exploring root causes and reasons for and implications of its growth. This book uses two distinct but complementary lenses. It concludes that reducing informality levels and overcoming the "culture of informality" will require actions to increase aggregate productivity in the economy.
Book Synopsis The Oxford Handbook of Computational Economics and Finance by : Shu-Heng Chen
Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.
