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The Evolution Of The Wage Elasticity Of Labor Supply Over Time
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Book Synopsis The Evolution of the Wage Elasticity of Labor Supply Over Time by : Todd E. Elder
Download or read book The Evolution of the Wage Elasticity of Labor Supply Over Time written by Todd E. Elder and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The uncompensated wage elasticity of labor supply is a fundamental parameter in economics. Despite its central role, very few papers have studied directly how it has changed over time. We examine the evolution of the uncompensated labor supply elasticity using cross-sectional methods over the last four decades. We find robust evidence that the elasticities weakly increased between 2000 and 2020, which represents a striking reversal from the sizeable declines for single and married women between 1979 and 2000. We additionally find that these changes arose almost entirely on the extensive margin. We then conduct a series of counterfactual simulations to identify which factors are most responsible for these trends.
Book Synopsis Monopsony in Motion by : Alan Manning
Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Book Synopsis The Race between Education and Technology by : Claudia Goldin
Download or read book The Race between Education and Technology written by Claudia Goldin and published by Harvard University Press. This book was released on 2009-07-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century. The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
Book Synopsis Changes in Male Labor Supply and Wages by : Paul J. Devereux
Download or read book Changes in Male Labor Supply and Wages written by Paul J. Devereux and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s, both wages and labor supply of poorly educated men fell substantially relative to those of educated men. Some observers have interpreted this positive association between changes in wages and labor supply as reflecting movement along stable labor supply curves. The author casts doubt on this interpretation by showing that the wage elasticity necessary to account, by itself, for the observed labor supply decline would greatly exceed elasticity levels typically found in prior studies. Analysis of Census data shows little relationship between changes in relative wages at the state level and changes in male labor supply. Also, panel data analysis shows no strong correlation between long-run changes in individual hours and wages. The small implied labor supply elasticities suggest that very little of the labor supply changes of men during the 1980s can be related to changes in relative wages.
Book Synopsis The Labor Market and Economic Adjustment by : Pierre-Richard Agénor
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309444454 Total Pages :643 pages Book Rating :4.3/5 (94 download)
Book Synopsis The Economic and Fiscal Consequences of Immigration by : National Academies of Sciences, Engineering, and Medicine
Download or read book The Economic and Fiscal Consequences of Immigration written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-07-13 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.
Book Synopsis Finite Wage Elasticity of Labor Supply to the Firm by : Robert G. James
Download or read book Finite Wage Elasticity of Labor Supply to the Firm written by Robert G. James and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joan Robinson first suggested that the labor supply curve for a firm may be upward sloping with a finite wage elasticity. Recently, a rapidly growing volume of microeconomics studies have found empirical support for Robinson's suggestion. This paper develops two macroeconomic implications. First, owners of non-labor resources receive rents above their contribution to production. Thus, estimates of non-labor productivity that utilize market returns have a bias. Second, deceased wage elasticity of labor supply for firms may amplify and/or cause recessions. Implementing policies to reverse a decreased elasticity may be an appropriate response to a recession. Empirical evidence from recessions is found to be consistent with finite pro-cyclical wage elasticity.
Book Synopsis Wage Expectations in Labor Supply and the Time-series and Cross-section Effects of State Unemployment by : Lee A. Lillard
Download or read book Wage Expectations in Labor Supply and the Time-series and Cross-section Effects of State Unemployment written by Lee A. Lillard and published by . This book was released on 1981 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis Working Time by : François Contensou
Download or read book Working Time written by François Contensou and published by Edward Elgar Publishing. This book was released on 2000 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Placing working time in the context of history, and examining its function in both a profit maximization framework and a trade union model, Contensou and Vranceanu (economics, ESSEC, France) argue that the tools of microeconomic analysis must be modified to explain the terms of contemporary labor contracts. In discussing concepts such as cost structure, compensating wage, overtime pay, and trade union negotiation they emphasize the possibilities for political intervention on working time. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis A Micro Model of Labor Supply by : Malcolm S. Cohen
Download or read book A Micro Model of Labor Supply written by Malcolm S. Cohen and published by . This book was released on 1970 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Micromodel of labour supply in respect of adult men, the woman worker and young workers in the USA - describes the statistical method used, covers the response of labour supply to wages rates and the rate of unemployment in standard metropolitan statistical areas (urban areas), etc., and examines the effect of educational levels, age group differences, etc. Statistical tables.
Book Synopsis Law and Employment by : James J. Heckman
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.
Book Synopsis Do Workers Work More If Wages are High? by : Ernst Fehr
Download or read book Do Workers Work More If Wages are High? written by Ernst Fehr and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Revisiting European Unemployment by : Olivier J. Blanchard
Download or read book Revisiting European Unemployment written by Olivier J. Blanchard and published by Economic and Social Reseach Institute (ESRI). This book was released on 1998 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper starts from two sets of facts about Continental Europe. The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then develops a model of capital accumulation, unemployment and factor prices. Using this model to look at the data, it reaches two main conclusions: The initial increase in unemployment, from the mid-1970s to the mid-1980s, was mostly due to a failure of wages to adjust to the slowdown in underlying factor productivity growth. The initial effect was to decrease profit rates and capital shares. Over time, the reaction of firms was to reduce capital accumulation and move away from labor, leading to a steady increase in unemployment, and a recovery of the capital share. The reason why wage moderation, clearly evident in the data since the mid-1980s, has not led to a decrease in unemployment is that another type of shift has been at work, this time on the labor demand side. At a given wage and a given capital stock firms have steadily decreased employment. The effect of this adverse shift in labor demand has been to lead to both continued high unemployment, and increasing capital shares. What lies behind this shift in labor demand? There are two potential lines of explanation. The first is shifts in the distribution of rents away from workers, for example, the elimination of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe are introducing technologies biased against labor and towards capital.
Book Synopsis Culture as Learning by : Raquel Fernandez (Ph.D.)
Download or read book Culture as Learning written by Raquel Fernandez (Ph.D.) and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Married women's labor force participation has increased dramatically over the last century. Why this has occurred has been the subject of much debate. This paper investigates the role of culture as learning in this change. To do so, it develops a dynamic model of culture in which individuals hold heterogeneous beliefs regarding the relative long-run payoffs for women who work in the market versus the home. These beliefs evolve rationally via an intergenerational learning process. Women are assumed to learn about the long-term payoffs of working by observing (noisy) private and public signals. They then make a work decision. This process generically generates an S-shaped figure for female labor force participation, which is what is found in the data. The S shape results from the dynamics of learning. I calibrate the model to several key statistics and show that it does a good job in replicating the quantitative evolution of female LFP in the US over the last 120 years. The model highlights a new dynamic role for changes in wages via their effect on intergenerational learning. The calibration shows that this role was quantitatively important in several decades.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309337852 Total Pages :155 pages Book Rating :4.3/5 (93 download)
Book Synopsis Immigration Policy and the Search for Skilled Workers by : National Academies of Sciences, Engineering, and Medicine
Download or read book Immigration Policy and the Search for Skilled Workers written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-12-29 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market for high-skilled workers is becoming increasingly global, as are the markets for knowledge and ideas. While high-skilled immigrants in the United States represent a much smaller proportion of the workforce than they do in countries such as Australia, Canada, and the United Kingdom, these immigrants have an important role in spurring innovation and economic growth in all countries and filling shortages in the domestic labor supply. This report summarizes the proceedings of a Fall 2014 workshop that focused on how immigration policy can be used to attract and retain foreign talent. Participants compared policies on encouraging migration and retention of skilled workers, attracting qualified foreign students and retaining them post-graduation, and input by states or provinces in immigration policies to add flexibility in countries with regional employment differences, among other topics. They also discussed how immigration policies have changed over time in response to undesired labor market outcomes and whether there was sufficient data to measure those outcomes.
Book Synopsis Labor, Credit, and Goods Markets by : Nicolas Petrosky-Nadeau
Download or read book Labor, Credit, and Goods Markets written by Nicolas Petrosky-Nadeau and published by MIT Press. This book was released on 2017-11-10 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
