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Author : Venky Venkateswarany
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (958 download)
Download or read book Heterogeneous Information and Labor Market Fluctuations written by Venky Venkateswarany and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sherif Khalifa
Publisher :
ISBN 13 :
Total Pages : 173 pages
Book Rating : 4.:/5 (837 download)
Download or read book Economic Fluctuations in a Labor Market with Heterogeneous Agents written by Sherif Khalifa and published by . This book was released on 2006 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Etienne Lalé
Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.:/5 (87 download)
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.
Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 download)
Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Author : Pawel Michal Krolikowski
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)
Download or read book Job Heterogeneity and Aggregate Labor Market Fluctuations written by Pawel Michal Krolikowski and published by . This book was released on 2019 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper disciplines a model with search over match quality using microeconomic evidence on worker mobility patterns and wage dynamics. In addition to capturing these individual data, the model provides an explanation for aggregate labor market patterns. Poor match quality among first jobs implies large fluctuations in unemployment due to a responsive job destruction margin. Endogenous job destruction generates a burst of layoffs at the onset of a recession and, together with on-the-job search, generates a negative comovement between unemployment and vacancies. A significant job ladder, consistent with the empirical wage dispersion, provides ample scope for the propagation of vacancies and unemployment.
Author : Brigitte Hochmuth
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Aggregate Fluctuations and Labor Market Policies: the Role of Equilibrium Effects, Heterogeneity, and Nonlinearities written by Brigitte Hochmuth and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Veronica Guerrieri
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Heterogeneity, Job Creation and Unemployment Volatility written by Veronica Guerrieri and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I explore the impact of match-specific heterogeneity at the job creation margin on business cycle fluctuations. I show that this form of heterogeneity alone does not help to amplify labor market volatility, either under full or under asymmetric information. First, I show analytically that, under full information, heterogeneity has no first-order effect on the response of unemployment and job creation to productivity, and actually tends to dampen the response of market tightness. Then, in a series of calibrations, I show that with both full and asymmetric information, the model delivers labor market volatilities close to the representative-agent, full-information benchmark.
Author : Xiaoxue Song
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.8/5 (417 download)
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.
Author : National Academies of Sciences, Engineering, and Medicine
Publisher : National Academies Press
ISBN 13 : 0309440068
Total Pages : 259 pages
Book Rating : 4.3/5 (94 download)
Download or read book Building America's Skilled Technical Workforce written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-06-04 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: Skilled technical occupationsâ€"defined as occupations that require a high level of knowledge in a technical domain but do not require a bachelor's degree for entryâ€"are a key component of the U.S. economy. In response to globalization and advances in science and technology, American firms are demanding workers with greater proficiency in literacy and numeracy, as well as strong interpersonal, technical, and problem-solving skills. However, employer surveys and industry and government reports have raised concerns that the nation may not have an adequate supply of skilled technical workers to achieve its competitiveness and economic growth objectives. In response to the broader need for policy information and advice, Building America's Skilled Technical Workforce examines the coverage, effectiveness, flexibility, and coordination of the policies and various programs that prepare Americans for skilled technical jobs. This report provides action-oriented recommendations for improving the American system of technical education, training, and certification.
Author : K. Burdett
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (812 download)
Download or read book The Market for Information in a Heterogeneous Labor Market written by K. Burdett and published by . This book was released on 1974 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jens Rubart
Publisher : Springer Science & Business Media
ISBN 13 : 3540699554
Total Pages : 212 pages
Book Rating : 4.5/5 (46 download)
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 2007-04-04 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The labor markets of important OECD countries show a similar picture: high wages and low unemployment for skilled workers and low wages but high unemployment for low-skilled workers. During the last 10 years this fact has been studied under the hypothesis of "skill-biased technological change" within the context of endogenous growth models. Recent research, however, has shown that the employment and wage differentials vary at business cycle frequencies.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. Due to the introduction of employment protection mechanisms and minimum wages the analysis accounts for key facts of continental European labor markets.
Author : John B. Taylor
Publisher : Elsevier
ISBN 13 : 0444594884
Total Pages : 2744 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 2016-11-12 with total page 2744 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world’s leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved
Author : Mr.Olivier Coibion
Publisher : International Monetary Fund
ISBN 13 : 1475505493
Total Pages : 57 pages
Book Rating : 4.4/5 (755 download)
Download or read book Innocent Bystanders? Monetary Policy and Inequality in the U.S. written by Mr.Olivier Coibion and published by International Monetary Fund. This book was released on 2012-08-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Author : Fabien Petit
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)
Download or read book Heterogeneous Adjustments of Labor Markets to Automation Technologies written by Fabien Petit and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the labor market adjustments to four automation technologies (i.e. robots, communication technology, information technology, and software/database) in 227 regions across 22 European countries from 1995 to 2017. By constructing a measure of technology penetration, we estimate changes in regional employment and wages affected by automation technologies along with the reallocation of workers between sectors. We find that labor market adjustments to automation technologies differ according to i) the technology involved, ii) the sector of penetration, iii) the sectoral composition of the region, and iv) the region's technological capabilities. These adjustments are driven largely by the reallocation of low-paid workers across sectors.
Author : Yongsung Chang
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (731 download)
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.
Author :
Publisher :
ISBN 13 :
Total Pages : 119 pages
Book Rating : 4.:/5 (914 download)
Download or read book Essays on Heterogeneity in Labor Markets written by and published by . This book was released on 2014 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: In my thesis, I study the effects of agents' heterogeneity on labor market outcomes, with particular focus on sorting, performance, wages, and inequality. Chapter one studies multidimensional matching between workers and jobs. Workers differ in manual and cognitive skills and sort into jobs that demand different combinations of these two skills. To study this multidimensional sorting, I develop a theoretical framework that generalizes the unidimensional notion of assortative matching. I derive the equilibrium in closed form and use this explicit solution to study biased technological change. The key finding is that an increase in worker-job complementarities in cognitive relative to manual inputs leads to more pronounced sorting and wage inequality across cognitive relative to manual skills. This can trigger wage polarization and boost aggregate wage dispersion. I then estimate the model for the US during the 1990s. I identify a significant increase in complementarities of cognitive inputs and in cognitive skill-bias in production. Counterfactual exercises suggest that these technology shifts can account for observed changes in worker-job sorting, wage polarization and a significant part of the increase in US wage dispersion. Chapter two develops a theory that links differences in men's and women's social networks to disparities in their labor market performance. We are motivated by our empirical finding that men's and women's networks differ. Men have a higher degree (more network links) than women, but women have a higher clustering coefficient (a woman's friends are also friends among each other). In our model, a worker with a higher degree has better access to information. In turn, a worker with a higher clustering coefficient faces more peer pressure. Both peer pressure and access to information can attenuate a team moral hazard problem in the work place. But whether peer pressure or access to information is more important depends on the work environment. We find that, in environments where uncertainty is high, information is crucial and, therefore, men outperform women / in line with findings from sectors with high earnings' uncertainty like the financial or film industry.
Author : Zhe Li
Publisher :
ISBN 13 : 9780494610053
Total Pages : 296 pages
Book Rating : 4.6/5 (1 download)
Download or read book Essays on Environmental Policies, Heterogeneous Firms, Labor Market Dynamics and Inflation written by Zhe Li and published by . This book was released on 2009 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis covers three issues: the aggregate and welfare effects of environmental policies when plants are heterogeneous; what causes the different patterns of employment dynamics in small versus large firms over business cycles; and the welfare costs of expected and unexpected inflation.In the first chapter, we show that accounting for plant heterogeneity is important for the evaluation of environmental policies. We develop a general equilibrium model in which monopolistic competitive plants differ in productivity, produce differentiated goods and choose optimally a discrete emission-reduction technology. Emission-reduction policies affect both the fraction of plants adopting the advanced emission-reduction technology and the market shares of those with high levels of productivity. Calibrated to the Canadian data, the model shows that the aggregate costs of an emission tax to implement the Kyoto Protocol are 40 percent larger than the costs that would result with homogenous plants.In the second chapter, we incorporate labor search frictions into a model with lumpy investment to explain a set of firm-size-related facts about the United States labor market dynamics over business cycles. Contrary to the predictions of standard models, we observe that job destruction is procyclical in small firms but countercyclical in large ones. Calibrated to U.S. data, the model generates this asymmetric pattern of employment dynamics in small versus large firms. This is because a favorable aggregate productivity shock tightens the labor market. A tighter labor market hurts investing small firms. As a result, workers move from small to large firms during booms.In the third chapter, we analyze the welfare costs of inflation when money is essential to facilitate trades among anonymous agents and information about nominal shocks is incomplete as in Lucas (1972). In the model, the transactions in which money is essential coincide with those in which agents are affected by monetary shocks. Consequently, the average value of money and its variation in value in different markets affect agents simultaneously when the supply of money changes. Calibrated to U.S. data, we find that the welfare costs of expected inflation are almost three orders higher than the welfare costs of unexpected inflation.
