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Worker Heterogeneity And Labor Market Frictions
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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 Wages, Unemployment and Inequality with Heterogeneous Firms and Workers by : Elhanan Helpman
Download or read book Wages, Unemployment and Inequality with Heterogeneous Firms and Workers written by Elhanan Helpman and published by . This book was released on 2010 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we develop a multi-sector general equilibrium model of firm heterogeneity, worker heterogeneity and labor market frictions. We characterize the distributions of employment, unemployment, wages and income within and between sectors as a function of structural parameters. We find that greater firm heterogeneity increases unemployment, wage inequality and income inequality, whereas greater worker heterogeneity has ambiguous effects. We also find that labor market frictions have non-monotonic effects on aggregate unemployment and inequality through within- and between-sector components. Finally, high-ability workers have the lowest unemployment rates but the greatest wage inequality, and income inequality is lowest for intermediate ability. Although these results are interesting in their own right, the main contribution of the paper is in providing a framework for analyzing these types of issues.
Book Synopsis Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality by : Elhanan Helpman
Download or read book Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality written by Elhanan Helpman and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Recent research has emphasized firm heterogeneity as a source of comparative advantage. Combining this approach with labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and inequality. This paper reviews this approach and reports a number of results from recent studies
Book Synopsis Essays on Labor Market Frictions and Worker Productivity by : David Wonyoung Jang
Download or read book Essays on Labor Market Frictions and Worker Productivity written by David Wonyoung Jang and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation examines how labor market adjustment happens in times of economic downturns or policy changes. Chapter 1 analyzes how the contribution of intensive margin adjustments to the cyclical fluctuations in total hours worked has increased in the US since the 1980s. I document that the job tenure length has increased during this period and labor hours adjustments in recessions are more prominent in economies with higher job tenure lengths. I build a search-and-matching model with part-time workers and job-specific human capital accumulation. With the model, I claim that the improvement in initial match quality can account for the increased use of intensive margin adjustments along the business cycle. A policy simulation shows that subsidizing intensive margin adjustments via Short-time compensation (STC) policy is more effective in reducing unemployment volatility when the initial match productivities are higher and job separations are lower. Chapter 1 explored the impact of job-specific human capital on intensive margin adjustments, while Chapter 2 examines the role of ex-ante worker heterogeneity. Chapter 2 finds that the pool of IPT workers increasingly consists of high-wage workers who are more attached to the labor market during recessions. According to the microdata from the Current Population Survey, this cyclical change is driven by the inflows into the IPT pool, especially the full-time to IPT flow. The demographic compositional changes of the IPT pool in recessions suggest a new channel through which the intensive margin adjustments can affect aggregate unemployment fluctuations by driving up firms' hiring standards during economic downturns. Chapter 3 focuses on a natural experiment in Oregon and Florida that changed the enforceability of non-compete agreements (NCA) between firms and workers. Using the experiment, I find that banning NCA can have a negative consequence on low-wage workers and an unintentional distributional impact. The unemployment duration increases after the ban which exacerbates the loss of general human capital of unemployed workers. I propose the crowding out effect of unemployed workers due to the ban can cause what I observe in the data and the potential cost of banning NCA for workers. Together, these chapters provide insights into different aspects of labor market dynamics, highlighting the importance of initial match quality, worker heterogeneity, and policy implications for labor market institutions
Download or read book Sticky Feet written by Claire H. Hollweg and published by World Bank Publications. This book was released on 2014-07-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report quantifies labor mobility costs in developing countries and simulates the implied adjustment paths of employment and wages following a change in trade policy. High mobility costs are shown to reduce the potential gains to trade reform.
Book Synopsis Equilibrium Wage Dispersion with Worker and Employer Heterogeneity by : Fabien Postel-Vinay
Download or read book Equilibrium Wage Dispersion with Worker and Employer Heterogeneity written by Fabien Postel-Vinay and published by . This book was released on 2002 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Macroecomics with Heterogeneous Households by : Youngsoo Jang
Download or read book Essays in Macroecomics with Heterogeneous Households written by Youngsoo Jang and published by . This book was released on 2017 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: My second study investigates the effect of compositional change in the pool of job-seeking workers on aggregate unemployment during recessions. According to the Heterogeneity Hypothesis, this compositional effect is large enough to play an important role in the persistence of aggregate unemployment because labor market frictions are different between observable demographic groups. In order to examine this effect, I build a simple model that is the extension of Krusell et.al (2012) in the sense that the model features search frictions and labor supply decisions along the extensive margin. I conduct three experiments to investigate the compositional effect on aggregate unemployment. Firstly, I assume the cyclical labor market frictions that are the same within a gender but different between genders. This may capture both the cyclicality of labor frictions for each worker and the compositional effect. I regard it as my benchmark. Secondly, I fix labor market frictions over time, but they are still different between groups, which might capture the compositional effect. Lastly, all of the individuals have the same labor market frictions, but they are cyclicality, which is regarded as the examination of the effect of the cyclicality for each worker. For each exercise, I obtain the impulse-response function of aggregate unemployment as well as that of other labor market variables. My result is that the main source of the persistence and cyclicality of aggregate unemployment is the cyclicality of labor market frictions for overall individual workers. Rather, the effect of changes in the pool of unemployed is not large enough to affect aggregate unemployment.
Book Synopsis Misallocation Effects of Labor Market Frictions by : Stanislav Rabinovich
Download or read book Misallocation Effects of Labor Market Frictions written by Stanislav Rabinovich and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Heterogeneous Labor, Labor Market Frictions and Employment Effects of Technological Change by : Jens Rubart
Download or read book Heterogeneous Labor, Labor Market Frictions and Employment Effects of Technological Change written by Jens Rubart and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination Frictions and Job Heterogeneity by : John R. Kennes
Download or read book Coordination Frictions and Job Heterogeneity written by John R. Kennes and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a competing auction model of a labor market with a continuum of heterogeneous workers and firms. We estimate this model and compare it to closely related models of price posting using Danish data on wages and productivities. Assuming heterogeneous workers with no comparative advantage, we find that each model gives a reasonable approximation of the statistical moments of both the wage and productivity distribution. A sensitivity analysis then draws out further implications of the theory. We explain how the feasible matchings between workers and firms changes as the worker moves up the job ladder, how the identification of assortative matching is fundamentally different in directed and undirected search models, how our theory accounts for business cycle facts related to inter-temporal changes in job offer distributions, and how our model could also be used to identify the contributions of specific versus general human capital.
Book Synopsis Labor Market Rigidities, Trade and Unemployment by : Elhanan Helpman
Download or read book Labor Market Rigidities, Trade and Unemployment written by Elhanan Helpman and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a two-country two-sector model of international trade in which one sector produces homogeneous products while the other produces differentiated products. The differentiated-product industry has firm heterogeneity, monopolistic competition, search and matching in its labor market, and wage bargaining. Some of the workers searching for jobs end up being unemployed. Countries are similar except for frictions in their labor markets. We study the interaction of labor market rigidities and trade impediments in shaping welfare, trade flows, productivity, price levels and unemployment rates. We show that both countries gain from trade but that the flexible country -- which has lower labor market frictions -- gains proportionately more. A flexible labor market confers comparative advantage; the flexible country exports differentiated products on net. A country benefits by lowering frictions in its labor market, but this harms the country's trade partner. And the simultaneous proportional lowering of labor market frictions in both countries benefits both of them. The model generates rich patterns of unemployment. Specifically, trade integration -- which benefits both countries -- may raise their rates of unemployment. Moreover, differences in rates of unemployment do not necessarily reflect differences in labor market rigidities; the rate of unemployment can be higher or lower in the flexible country. Finally, we show that the flexible country has both higher total factor productivity and a lower price level, which operates against the standard Balassa-Samuelson effect.
Book Synopsis The Employment Effects of Technological Change by : Jens Rubart
Download or read book The Employment Effects of Technological Change written by Jens Rubart and published by Springer Science & Business Media. This book was released on 2007-08-15 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an empirical and theoretical examination of the short- and medium run impacts of technological advances on the employment and wages of workers which differ in their earned educational degree. Furthermore, by introducing labor market frictions and wage setting institutions the author shows the importance of such imperfections in order to replicate empirical facts.
Book Synopsis Firm and Worker Dynamics in a Frictional Labor Market by : Adrien G. Bilal
Download or read book Firm and Worker Dynamics in a Frictional Labor Market written by Adrien G. Bilal and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a random-matching model of a frictional labor market with firm and worker dynamics. Multi-worker firms choose whether to shrink or expand their employment in response to shocks to their decreasing returns to scale technology. Growing entails posting costly vacancies, which are filled either by the unemployed or by employees poached from other firms. Firms also choose when to enter and exit the market. Tractability is obtained by proving that, under a parsimonious set of assumptions, all workers' and firm decisions are characterized by their joint marginal surplus, which in turn only depends on the firm's productivity and size. As frictions vanish, the model converges to a standard competitive model of firm dynamics which allows a quantification of the misallocation cost of labor market frictions. An estimated version of the model yields cross-sectional patterns of net poaching by firm characteristics (e.g., age and size) that are in line with the micro data. The model also generates a drop in job-to-job transitions as firm entry declines, offering an interpretation to U.S. labor market dynamics around the Great Recession. All these outcomes are a reflection of the job ladder in marginal surplus that emerges in equilibrium.
Book Synopsis Heterogeneous Workers and International Trade by : Gene M. Grossman
Download or read book Heterogeneous Workers and International Trade written by Gene M. Grossman and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I survey the recent theoretical literature that incorporates heterogeneous labor into models of international trade. The models with heterogeneous labor have been used to study how talent dispersion can be a source of comparative advantage, how the opening of trade affects the full distribution of wages, and how trade affects industry productivity and efficiency via its impact on sorting and matching in the labor market. Some of the most recent contributions also introduce labor market frictions to study the effects of trade on structural unemployment and on mismatch between workers and firms.
Book Synopsis Technological Change, Firm Heterogeneity and Wage Inequality by : Guido Matias Cortes
Download or read book Technological Change, Firm Heterogeneity and Wage Inequality written by Guido Matias Cortes and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that skill-biased technological change not only affects wage gaps between skill groups, but also increases wage inequality within skill groups, across workers in different workplaces. Building on a heterogeneous firm framework with labor market frictions, we show that an industry-wide skill-biased technological change shock will increase between-firm wage inequality within the industry through four main channels: changes in the skill wage premium (as in traditional models of technological change); increased employment concentration in more productive firms; increased wage dispersion between firms for workers of the same skill type; and increased dispersion in the skill mix that firms employ, due to more sorting of skilled workers to more productive firms. Using rich administrative matched employer-employee data from Germany, we provide empirical evidence of establishment-level patterns that are in line with the predictions of the model. We further document that industries with more technological adoption exhibit particularly pronounced patterns along the dimensions highlighted by the model.
Book Synopsis Firm and Worker Dynamics in a Frictional Labor Market by : Adrien Bilal
Download or read book Firm and Worker Dynamics in a Frictional Labor Market written by Adrien Bilal and published by . This book was released on 2019 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a random-matching model of a frictional labor market with firm and worker dynamics. Multi-worker firms choose whether to shrink or expand their employment in response to shocks to their decreasing returns to scale technology. Growing entails posting costly vacancies, which are filled either by the unemployed or by employees poached from other firms. Firms also choose when to enter and exit the market. Tractability is obtained by proving that, under a parsimonious set of assumptions, all workers' and firm decisions are characterized by their joint marginal surplus, which in turn only depends on the firm's productivity and size. As frictions vanish, the model converges to a standard competitive model of firm dynamics which allows a quantification of the misallocation cost of labor market frictions. An estimated version of the model yields cross-sectional patterns of net poaching by firm characteristics (e.g., age and size) that are in line with the micro data. The model also generates a drop in job-to-job transitions as firm entry declines, offering an interpretation to U.S. labor market dynamics around the Great Recession. All these outcomes are a reflection of the job ladder in marginal surplus that emerges in equilibrium.
Book Synopsis Essays on Labor Markets by : Sayoudh Roy
Download or read book Essays on Labor Markets written by Sayoudh Roy and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three chapters that study various aspects of the labor force. The first two chapters study how labor markets respond to aggregate influences, when labor market frictions interact with other market features, and a third chapter that evaluates the impact of heterogeneity in households on interest rates. In the first two chapters, I focus on how the post-recession recovery of labor market variables is affected by imperfections in the market. The first chapter investigates the role of on-the-job search in the recovery process of employment, and how labor market power can suppress wages and incentivize against on-the-job search. Labor Market power allows a small number of firms to influence wages and employment in the market, and the suppression of wages persuades workers against expending costly search effort. The second chapter focuses on how the presence of financial frictions can affect the response of labor market variables in a frictional labor market. When bank liquidity is constrained in the event of a downturn, affecting the amount of loans available to firms, firms are unable to purchase the capital input they require to complement labor. This results in firms posting fewer vacancies, and a lower matching rate for workers, which hinders the recovery of employment. The third chapter introduces discount rate heterogeneity in Huggett (1993) and Aiyagari (1994) and evaluates the impact on interest rates.
