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Author : Steven J. Davis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Sticky Wages on the Layoff Margin written by Steven J. Davis and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert E. Hall
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (12 download)
Download or read book Employment Efficiency and Sticky Wages written by Robert E. Hall and published by . This book was released on 2005 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment.
Author : Hyuntae Kim
Publisher :
ISBN 13 :
Total Pages : 181 pages
Book Rating : 4.:/5 (129 download)
Download or read book Essays on Wage Stickiness and Labor Turnover written by Hyuntae Kim and published by . This book was released on 2019 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The impact of wage stickiness on job separations is a crucial concern for macroeconomists and policy makers. The measurement of the impact of wage stickiness on job separations is, however, challenging as finding a good measure of wage stickiness is difficult. This dissertation consists of three essays providing novel approaches to measuring the impact of wage stickiness on job separations. The first chapter uses elapsed time since the last wage reset and expected duration to the next wage change to show that wage stickiness affects job separations and also constructs a model that clarifies the underlying mechanisms. The second chapter extends the previous model to include job-to-job flows and worker specific productivity shocks. The third chapter uses differences in wage setting practices (performance pay vs. fixed pay) to test the impact of wage stickiness on job separations. The first chapter tests the impact of wage stickiness on job separations by exploiting that wage stickiness predicts distinct patterns in job separations with respect to the timing of wage change. First, the longer a wage remains unchanged, the more likely it becomes mispriced. This obsolescence of wage should create more job separations if costly wage adjustment prevents wage resets ('wage obsolescence effect'). Second, as a wage approaches its next scheduled reset, separations due to wage stickiness should decline as harms from amispriced current wage become less important ('proximity effect'). My estimation results do show that a longer wage spell generates more separations for hourly workers, especially for lower-wage hourly workers, but not for salaried workers. But contrary to the second prediction, proximity to the next wage change is actually associated with an increase in job separation rates. I interpret this finding as reflecting imperfect information on match productivity, with new information spiking before scheduled wage changes. Estimation by job characteristics supports this claim: the rise in separations toward the next scheduled wage change periods is only prominent for workers with arguably high uncertainty about their individual productivity, salaried workers performing abstract tasks. I confirm the importance of wage stickiness and informational frictions in a Mortensen-Pissarides type search model. Sticky wages are necessary to generate the wage obsolescence effect while information frictions can explain the rise in separations as wage resetting approaches. The second chapter extends the search and matching model of the first chapter to include job-to-job flows and worker specific productivity shocks. Under a standard calibration, the model successfully replicates the wage obsolescence effects both for job-to-job and job-to-nonemployment separations. The introduction of worker specific productivity shocks allows the model to generate quits due to the ongoing wage becoming too low and increases the relative importance of separations driven by wage stickiness. However, the quantitative importance of the quits to nonemployment due to wage stickiness is much less significant than that of the layoffs. The last chapter exploits differences in wage contract arrangements (fixed versus performance based) to test the role of wage stickiness on job separations. Performance based wage contracts align productivity with labor cost, making wages more flexible. Therefore, if wage stickiness creates job separations, performance pay should reduce job separations. I provide empirical evidence that performance pay reduces the probability of job separation and makes separations respond less to cyclical unemployment fluctuations compared to fixed pay jobs. These findings support the presumption that wage stickiness creates excess job separations"--Pages vi-viii.
Author : Mark Bils
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (868 download)
Download or read book How Sticky Wages in Existing Jobs Can Affect Hiring written by Mark Bils and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a matching model of employment with wages that are flexible for new hires, but sticky within matches. We depart from standard treatments of sticky wages by allowing effort to respond to the wage being too high or low. Shimer (2004) and others have illustrated that employment in the Mortensen-Pissarides model does not depend on the degree of wage flexibility in existing matches. But this is not true in our model. If wages of matched workers are stuck too high in a recession, then firms will require more effort, lowering the value of additional labor and reducing new hiring.
Author : David Glasner
Publisher : Springer Nature
ISBN 13 : 3030834263
Total Pages : 521 pages
Book Rating : 4.0/5 (38 download)
Download or read book Studies in the History of Monetary Theory written by David Glasner and published by Springer Nature. This book was released on 2021-11-01 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.
Author : David Glasner
Publisher : Cambridge University Press
ISBN 13 : 0521361753
Total Pages : 296 pages
Book Rating : 4.5/5 (213 download)
Download or read book Free Banking and Monetary Reform written by David Glasner and published by Cambridge University Press. This book was released on 1989-08-25 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book boldly challenges the conventional view that the state must play a dominant role in the monetary system.
Author : Abhijit V. Banerjee
Publisher : PublicAffairs
ISBN 13 : 1541762878
Total Pages : 398 pages
Book Rating : 4.5/5 (417 download)
Download or read book Good Economics for Hard Times written by Abhijit V. Banerjee and published by PublicAffairs. This book was released on 2019-11-12 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The winners of the Nobel Prize show how economics, when done right, can help us solve the thorniest social and political problems of our day. Figuring out how to deal with today's critical economic problems is perhaps the great challenge of our time. Much greater than space travel or perhaps even the next revolutionary medical breakthrough, what is at stake is the whole idea of the good life as we have known it. Immigration and inequality, globalization and technological disruption, slowing growth and accelerating climate change--these are sources of great anxiety across the world, from New Delhi and Dakar to Paris and Washington, DC. The resources to address these challenges are there--what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us. If we succeed, history will remember our era with gratitude; if we fail, the potential losses are incalculable. In this revolutionary book, renowned MIT economists Abhijit V. Banerjee and Esther Duflo take on this challenge, building on cutting-edge research in economics explained with lucidity and grace. Original, provocative, and urgent, Good Economics for Hard Times makes a persuasive case for an intelligent interventionism and a society built on compassion and respect. It is an extraordinary achievement, one that shines a light to help us appreciate and understand our precariously balanced world.
Author : George Farkas
Publisher : Springer Science & Business Media
ISBN 13 : 9780306428654
Total Pages : 374 pages
Book Rating : 4.4/5 (286 download)
Download or read book Industries, Firms, and Jobs written by George Farkas and published by Springer Science & Business Media. This book was released on 1988-07-31 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a welcome reassertion of an old tradition of interdisdplinary research. That tradition has tended to atrophy in the last decade, largely because of an enormous expansion of the domain of neoc1assical economics. The expansion has fed on two sdentific developments: first, human capital theory; second, contract theory. Both developments have taken phenomena critical to the operation of the economy but previously understood in terms of categories separate and distinct from those with which economists generally work and sought to apply the same analytical techniques that we use to understand other economic problems. Human capital theory has applied conventional techniques to questions of labor supply. It began this endeavor with the supply of trained labor and then expanded to a general theory of labor supply by broadening the analysis to the allocation of time over the individual's life, the interdependendes of supply decisions within the family, and finally to the formation of the family itself. Similarly, contract theory has moved from a theory that explains the existence of c10sed economic institutions to a theory of their formation and internaioperation. The hallmark of both of these developments is the extension and applica tion of analytical techniques based on purposive maximization under con traints and the interaction of individual decision makers through a com petitive market or its analogue.
Author : Scott Kevin Walker
Publisher : Sentinel
ISBN 13 : 1595231110
Total Pages : 290 pages
Book Rating : 4.5/5 (952 download)
Download or read book Unintimidated written by Scott Kevin Walker and published by Sentinel. This book was released on 2014-08-26 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: The controversial governor recounts his fight to reform his state and issues a call to action for the whole country In 2010, Scott Walker was elected governor of Wisconsin with a mandate to improve its economy and restore fiscal responsibility. With the state facing a $3.6 billion budget deficit, he proposed a series of reforms to limit the collective bargaining power of public employee unions, which was costing taxpayers billions in pension and health care costs. . In June 2012, he won a special recall election with a higher share of the vote than he had for his original election, becoming the first governor in the country to survive a recall election. In this book, Governor Walker shows how his commitment to limited but effective government paid off. During his tenure Wisconsin has saved more than $1 billion, property taxes have gone down for the first time in twelve years, and the deficit was turned into a surplus. He also shows what his experiences can teach defenders of liberty across the country about standing up to the special interests that favor the status quo.
Author : Piero Ferri
Publisher : Springer Science & Business Media
ISBN 13 : 3642772412
Total Pages : 172 pages
Book Rating : 4.6/5 (427 download)
Download or read book Wages, Regime Switching, and Cycles written by Piero Ferri and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The initial purposes of this book were to update and extend the discussion and the results presented ill our previous book, The Labor Market and Business Cycle Theories. Our 1990 article, which appeared in The Journal of Economic Behavior and Organization, represented a first step in this direction. The consequences of this effort have materialized in a number of new chapters that has led de facto to a new book, in which the surviving parts have been largely revised. The 1989 book was too mathematically oriented for many Keynesians and post Keynesians to be fully appreciated and insufficiently microfounded for both new classicals and new-Keynesians to be warmly accepted, yet we received positive and encouraging comments, and it was sold out very quickly. It was an attempt to dis cuss dynamics in Keynesian terms, based on a double assumption that maintains its validity-that both economic facts and analytical and methodological innova tions had contributed to a renewed interest in business cycles, which over time has had its "ups and downs." Since then, many more articles and books have appeared, stressing in particular the role of microfoundations and of nonlinearities in shaping business cycle theory.
Author : Andrew Weiss
Publisher : Princeton University Press
ISBN 13 : 140086206X
Total Pages : 126 pages
Book Rating : 4.4/5 (8 download)
Download or read book Efficiency Wages written by Andrew Weiss and published by Princeton University Press. This book was released on 2014-07-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Known for his seminal work in efficiency-wage theory, Andrew Weiss surveys recent research in the field and presents new results. He shows how wage schedules affect the kinds of workers a firm employs and how well those workers perform on the job. Using straightforward examples, he demonstrates how efficiency-wage theory can explain labor market outcomes and guide government policy. There is a separate section of applications to less developed countries. "Efficiency-wage models represent one of the most important developments in economic theory of recent years. They have, at last, provided integrated explanations both of macroeconomic phenomena, such as unemployment and wage rigidity, and microeconomic phenomena, such as wage dispersion. Weiss--one of the pioneers of efficiency-wage theory--provides here a masterful survey, a lucid and systematic and yet critical account of this rapidly developing branch of economics. This book should be required reading in all courses in macroeconomics."--Joseph Stiglitz, Stanford University "Efficiency Wages should be on the bookshelf of all labor and macroeconomists."--Lawrence H. Summers, Harvard University "A splendid monograph ... most readable... I will put it on my reading list."--Partha Dasgupta, Stanford University Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author : Katharine G. Abraham
Publisher : University of Chicago Press
ISBN 13 : 9780226001432
Total Pages : 519 pages
Book Rating : 4.0/5 (14 download)
Download or read book Labor in the New Economy written by Katharine G. Abraham and published by University of Chicago Press. This book was released on 2010-11-15 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the structure of the economy has changed over the past few decades, researchers and policy makers have been increasingly concerned with how these changes affect workers. In this book, leading economists examine a variety of important trends in the new economy, including inequality of earnings and other forms of compensation, job security, employer reliance on temporary and contract workers, hours of work, and workplace safety and health. In order to better understand these vital issues, scholars must be able to accurately measure labor market activity. Thus, Labor in the New Economy also addresses a host of measurement issues: from the treatment of outliers, imputation methods, and weighting in the context of specific surveys to evaluating the strengths and weaknesses of data from different sources. At a time when employment is a central concern for individuals, businesses, and the government, this volume provides important insight into the recent past and will be a useful tool for researchers in the future.
Author : William Mitchell
Publisher : Edward Elgar Publishing
ISBN 13 : 1848441428
Total Pages : 309 pages
Book Rating : 4.8/5 (484 download)
Download or read book Full Employment Abandoned written by William Mitchell and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book by William Mitchell and Joan Muysken is both important and timely. It deals with the issue of the abandonment of full employment as an objective of economic policy in the OECD countries. It argues persuasively that macroeconomic policy has been restrictive over the recent, and not so recent past, and has produced substantial open and disguised unemployment. But the authors show how a job guarantee policy can enable workers, who would otherwise be unemployed, to earn a wage and not depend on welfare support. If such a policy is fully supported by appropriate fiscal and monetary programmes, it can create full employment with price stability, which the authors label as a Non-Accelerating-Inflation-Buffer Employment Ratio (NAIBER). This book is essential reading for any one wishing to understand how we can return to full employment as the normal state of affairs. Philip Arestis, University of Cambridge, UK This book dismantles the arguments used by policy makers to justify the abandonment of full employment as a valid goal of national governments. Bill Mitchell and Joan Muysken trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to natural rate conceptions of unemployment since the 1960s has driven an ideological backlash against Keynesian policy interventions. The authors contend that neo-liberal governments now consider unemployment to be an individual problem rather than a reflection of systemic policy failure and that they are content to use unemployment as a policy instrument to control inflation and coerce the unemployed with work tests and compliance programmes rather than provide sufficient employment. They present a comprehensive theoretical and empirical critique of this policy approach, with a refreshing new framework for understanding modern monetary economies. The authors show that the reinstatement of full employment with price stability is a viable policy goal that can be achieved by activist fiscal policy through the introduction of a Job Guarantee. Full Employment Abandoned will appeal to graduate and postgraduate students and researchers of economics and politics with an interest in macroeconomic policy and the labour market, particularly unemployment and neo-liberal policy frameworks.
Author : Alfred Rappaport
Publisher : Simon and Schuster
ISBN 13 : 0684844567
Total Pages : 225 pages
Book Rating : 4.6/5 (848 download)
Download or read book Creating Shareholder Value written by Alfred Rappaport and published by Simon and Schuster. This book was released on 1999-10-13 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist, consultant, and Wall Street Journal contributor Alfred Rappaport provides managers and investors with the practical tools and tests for a corporate strategy that creates shareholder value. The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? Through the lens of high-stakes case studies, like the notable acquisition of Duracell International by Gillette, Rappaport dissects the intricate decisions and risks inherent in the merger and acquisition process. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Author : James J. Heckman
Publisher : University of Chicago Press
ISBN 13 : 0226322858
Total Pages : 585 pages
Book Rating : 4.2/5 (263 download)
Download or read book Law and Employment written by James J. Heckman and published by University of Chicago Press. This book was released on 2007-11-01 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law and Employment analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that were introduced or reformed in Latin America in the past thirty years have had important economic consequences. Nobel Prize-winning economist James J. Heckman and Carmen Pagés document the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this volume shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, Law and Employment provides comparative analysis of Latin American economies against a range of European countries and the United States. The book breaks new ground by quantifying not only the cost of regulation in Latin America, the Caribbean, and in the OECD, but also the broader impact of this regulation.
Author : Daniel S. Hamermesh
Publisher : Princeton University Press
ISBN 13 : 9780691025872
Total Pages : 466 pages
Book Rating : 4.0/5 (258 download)
Download or read book Labor Demand written by Daniel S. Hamermesh and published by Princeton University Press. This book was released on 1996-01-28 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Daniel Hamermesh provides the first comprehensive picture of the disparate field of labor demand. The author reviews both the static and dynamic theories of labor demand, and provides evaluative summaries of the available empirical research in these two subject areas. Moreover, he uses both theory and evidence to establish a generalized framework for analyzing the impact of policies such as minimum wages, payroll taxes, job- security measures, unemployment insurance, and others. Covering every aspect of labor demand, this book uses material from a wide range of countries.
Author : David I. Kertzer
Publisher : Univ of California Press
ISBN 13 : 0520377109
Total Pages : 427 pages
Book Rating : 4.5/5 (23 download)
Download or read book Aging in the Past written by David I. Kertzer and published by Univ of California Press. This book was released on 2024-07-26 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thanks to improved food, medicine, and living conditions, the average age of the population is increasing throughout the modern industrialized world. Yet, despite the recent upsurge of scholarly interest in the lives of older people and the blossoming of historical demography, little historical demographic attention has been paid to the lives of the elderly. A landmark volume, Aging in the Past marks the emergence of the historical demographic study of aging. Following a masterly explication of the new field by Peter Laslett, leading scholars in family history and historical demography offer new research results and fresh analyses that greatly increase our understanding of aging, historically and across cultures. Focusing primarily on post-Industrial Europe and the United States, they explore a range of issues under the broad topics of living arrangements, widowhood, and retirement and mortality. This important work provides a much-needed historical perspective on and suggests possible alternative solutions to the problems of the aged. Contributors: George Alter, Rudolf Andorka, Allen C. Goodman, Myron P. Gutmann, Michael R. Haines, E. A. Hammel, Tamara K. Hareven, Nancy Karweit, David I. Kertzer, Peter Laslett, Andrejs Plakans, Roger L. Ransom, Daniel Scott Smith, Richard Sutch, Peter Uhlenberg, Richard Wall, Charles Wetherell This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1995.
