Time Variation In Us Wage Dynamics

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Time Variation in U.S. Wage Dynamics

Author : Boris Hofmann
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (65 download)

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Book Synopsis Time Variation in U.S. Wage Dynamics by : Boris Hofmann

Download or read book Time Variation in U.S. Wage Dynamics written by Boris Hofmann and published by . This book was released on 2010 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated magnitudes, can only be explained by assuming a high degree of wage indexation in conjunction with a weak reaction of monetary policy to inflation during the "Great Inflation", and low indexation together with aggressive inflation stabilization of monetary policy before and after this period. This means that the monetary policy regime is not only captured by the parameters of the monetary policy rule, but importantly also by the degree of wage indexation and resultant second round effects in the labor market. Accordingly, the degree of wage indexation is not structural in the sense of Lucas (1976).

Understanding U.S. Wage Dynamics

Author : Mr.Yasser Abdih
Publisher : International Monetary Fund
ISBN 13 : 1484363574
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Understanding U.S. Wage Dynamics by : Mr.Yasser Abdih

Download or read book Understanding U.S. Wage Dynamics written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model explains the data fairly well. The model reveals that the upward pressure on wage growth from recent tightening in the labor market has been dampened by a persistent decline in trend labor productivity growth and the share of income that accrues to labor. These themes are reinforced and complemented at the micro-economic level. Lower regional unemployment puts an upward pressure on wages of individuals, although this effect has become weaker since 2008. But there is downward pressure on wages for individuals with occupations that are exposed to automation and offshoring, and in industries with a higher concentration of large firms. All these factors appear to play a role illustrating why it is difficult to single out any one culprit for the observed wage growth moderation.

Employment Turnover and Wage Dynamics in U.S. Manufacturing, 1932-1972

Author : John Geweke
Publisher :
ISBN 13 :
Total Pages : 526 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Employment Turnover and Wage Dynamics in U.S. Manufacturing, 1932-1972 by : John Geweke

Download or read book Employment Turnover and Wage Dynamics in U.S. Manufacturing, 1932-1972 written by John Geweke and published by . This book was released on 1975 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Time Variation in the Dynamics of Worker Flows

Author : Michele Campolieti
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (854 download)

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Book Synopsis Time Variation in the Dynamics of Worker Flows by : Michele Campolieti

Download or read book Time Variation in the Dynamics of Worker Flows written by Michele Campolieti and published by . This book was released on 2011 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding U.S. Wage Dynamics

Author : Mr.Yasser Abdih
Publisher : International Monetary Fund
ISBN 13 : 148436208X
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Understanding U.S. Wage Dynamics by : Mr.Yasser Abdih

Wage Dynamics and Returns to Unobserved Skill

Author : Lance Lochner
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Wage Dynamics and Returns to Unobserved Skill by : Lance Lochner

Download or read book Wage Dynamics and Returns to Unobserved Skill written by Lance Lochner and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists disagree about the factors driving the substantial increase in residual wage inequality in the U.S. over the past few decades. We identify and estimate a general model of log wage residuals that incorporates: (i) changing returns to unobserved skills, (ii) a changing distribution of unobserved skills, and (iii) changing volatility in wages due to factors unrelated to skills. Using data from the PSID, we estimate that the returns to unobserved skills have declined by as much as 50% since the mid-1980s despite a sizable increase in residual inequality. Instead, the variance of skills rose over this period due to increasing variability in life cycle skill growth. Finally, we develop an assignment model of the labor market and show that both demand and supply factors contributed to the downward trend in the returns to skills over time, with demand factors dominating for non-college-educated men.

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.

US Wage and Price Dynamics

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (836 download)

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Book Synopsis US Wage and Price Dynamics by :

Download or read book US Wage and Price Dynamics written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Entrepreneurial Wage Dynamics in the Knowledge Economy

Author : Adam K. Korobow
Publisher : Springer Science & Business Media
ISBN 13 : 1461511216
Total Pages : 134 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Entrepreneurial Wage Dynamics in the Knowledge Economy by : Adam K. Korobow

Download or read book Entrepreneurial Wage Dynamics in the Knowledge Economy written by Adam K. Korobow and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role that small firms and entrepreneurship play in economic development has been particularly contentious. Joseph Schumpeter (1911), in his early work, argued that through a process of "creative destruction," small and new firms would serve as agents of change and a catalyst for innovation and growth. But, he later rescinded this view, instead concluding that large corporations were the engines of growth. Just as it seemed that a consensus had emerged among scholars and policy makers that small business was at best superfluous and at worst a drag on growth and economic development, David Birch provided evidence that, in fact, small firms were the engines of job creation. The early skepticism of challenge to Birch's findings revolved around methodology and measurement. However, a wave of subsequent studies by different authors, spanning different time periods, sectors, and even countries, generally confirmed Birch's original findings-for most developed countries and in most time periods, small business has provided most of the job creation.

The Economics of Overtime Working

Author : Robert A. Hart
Publisher : Cambridge University Press
ISBN 13 : 9780521801423
Total Pages : 188 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis The Economics of Overtime Working by : Robert A. Hart

Download or read book The Economics of Overtime Working written by Robert A. Hart and published by Cambridge University Press. This book was released on 2004-08-26 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive economic evaluation of overtime working includes theoretical, empirical and policy aspects based on international evidence.

Unequal We Stand

Author : Jonathan Heathcote
Publisher : DIANE Publishing
ISBN 13 : 1437934919
Total Pages : 61 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Unequal We Stand by : Jonathan Heathcote

Download or read book Unequal We Stand written by Jonathan Heathcote and published by DIANE Publishing. This book was released on 2010-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conducted a systematic empirical study of cross-sectional inequality in the U.S., integrating data from various surveys. The authors follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. They document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Charts and tables. This is a print-on-demand publication; it is not an original.

Preventing Ageing Unequally

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264279083
Total Pages : 258 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Preventing Ageing Unequally by : OECD

Download or read book Preventing Ageing Unequally written by OECD and published by OECD Publishing. This book was released on 2017-10-18 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines how the two global mega-trends of population ageing and rising inequalities have been developing and interacting, both within and across generations.

Longitudinal Models in the Behavioral and Related Sciences

Author : Kees van Montfort
Publisher : Routledge
ISBN 13 : 1351559753
Total Pages : 464 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Longitudinal Models in the Behavioral and Related Sciences by : Kees van Montfort

Download or read book Longitudinal Models in the Behavioral and Related Sciences written by Kees van Montfort and published by Routledge. This book was released on 2017-09-29 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume reviews longitudinal models and analysis procedures for use in the behavioral and social sciences. Written by distinguished experts in the field, the book presents the most current approaches and theories, and the technical problems that may be encountered along the way. Readers will find new ideas about the use of longitudinal analysis in solving problems that arise due to the specific nature of the research design and the data available. Longitudinal Models in the Behavioral and Related Sciences opens with the latest theoretical developments. In particular, the book addresses situations that arise due to the categorical nature of the data, issues related to state space modeling, and potential problems that may arise from network analysis and/or growth-curve data. The focus of part two is on the application of longitudinal modeling in a variety of disciplines. The book features applications such as heterogeneity on the patterns of a firm’s profit, on house prices, and on delinquent behavior; non-linearity in growth in assessing cognitive aging; measurement error issues in longitudinal research; and distance association for the analysis of change. Part two clearly demonstrates the caution that should be taken when applying longitudinal modeling as well as in the interpretation of the results. This new volume is ideal for advanced students and researchers in psychology, sociology, education, economics, management, medicine, and neuroscience.

Persistent Inequalities

Author : Howard Botwinick
Publisher : BRILL
ISBN 13 : 9004269592
Total Pages : 386 pages
Book Rating : 4.0/5 (42 download)

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Book Synopsis Persistent Inequalities by : Howard Botwinick

Download or read book Persistent Inequalities written by Howard Botwinick and published by BRILL. This book was released on 2017-11-20 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contrast to orthodox theory, Howard Botwinick uses a classical Marxist analysis of real capitalist competition to show that substantial patterns of wage disparity among similar workers can persist despite high levels of competition in both capital and labor markets.

Generational Income Mobility in North America and Europe

Author : Miles Corak
Publisher : Cambridge University Press
ISBN 13 : 9781139455763
Total Pages : 348 pages
Book Rating : 4.4/5 (557 download)

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Book Synopsis Generational Income Mobility in North America and Europe by : Miles Corak

Download or read book Generational Income Mobility in North America and Europe written by Miles Corak and published by Cambridge University Press. This book was released on 2004-11-25 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labour markets in North America and Europe have changed tremendously in the face of increased globalisation and technical progress, raising important challenges for policy makers concerned with equality of opportunity. This book examines the influence of both changes in income inequality and of social policies on the degree to which economic advantage is passed on between parents and children in the rich countries. Standard theoretical models of generational dynamics are extended to examine generational income and earnings mobility over time and across space. Over twenty contributors from North America and Europe offer comparable estimates of the degree of mobility, changes in mobility, and the impact of government policy. In so doing, they strengthen the analytical tool kit used in the study of generational mobility, and offer insights for research and directions in dealing with equality of opportunity and child poverty.

Life-span Developmental Psychology

Author : Paul B. Baltes
Publisher : Psychology Press
ISBN 13 : 1317760336
Total Pages : 307 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis Life-span Developmental Psychology by : Paul B. Baltes

Download or read book Life-span Developmental Psychology written by Paul B. Baltes and published by Psychology Press. This book was released on 2014-01-02 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the changes we see over the life-span? How can we explain them? And how do we account for individual differences? This volume continues to examine these questions and to report advances in empirical research within life-span development increasing its interdisciplinary nature. The relationships between individual development, social context, and historical change are salient issues discussed in this volume, as are nonnormative and atypical events contributing to life-span change.

Continuous Time Modeling in the Behavioral and Related Sciences

Author : Kees van Montfort
Publisher : Springer
ISBN 13 : 3319772198
Total Pages : 442 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Continuous Time Modeling in the Behavioral and Related Sciences by : Kees van Montfort

Download or read book Continuous Time Modeling in the Behavioral and Related Sciences written by Kees van Montfort and published by Springer. This book was released on 2018-10-11 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique book provides an overview of continuous time modeling in the behavioral and related sciences. It argues that the use of discrete time models for processes that are in fact evolving in continuous time produces problems that make their application in practice highly questionable. One main issue is the dependence of discrete time parameter estimates on the chosen time interval, which leads to incomparability of results across different observation intervals. Continuous time modeling by means of differential equations offers a powerful approach for studying dynamic phenomena, yet the use of this approach in the behavioral and related sciences such as psychology, sociology, economics and medicine, is still rare. This is unfortunate, because in these fields often only a few discrete time (sampled) observations are available for analysis (e.g., daily, weekly, yearly, etc.). However, as emphasized by Rex Bergstrom, the pioneer of continuous-time modeling in econometrics, neither human beings nor the economy cease to exist in between observations. In 16 chapters, the book addresses a vast range of topics in continuous time modeling, from approaches that closely mimic traditional linear discrete time models to highly nonlinear state space modeling techniques. Each chapter describes the type of research questions and data that the approach is most suitable for, provides detailed statistical explanations of the models, and includes one or more applied examples. To allow readers to implement the various techniques directly, accompanying computer code is made available online. The book is intended as a reference work for students and scientists working with longitudinal data who have a Master's- or early PhD-level knowledge of statistics.