Download or read book Essays in incomplete insurance and frictional labour markets written by Rigas Oikonomou and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Incomplete Insureance and Friction Labour Markets written by Rigas Oikonomou and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Frictional Labour Markets with Heterogeneous Agents written by Markus Riegler and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Unemployment Insurance and Labor Market written by Po-Chun Huang and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of three chapters studying the effects of unemployment insurance (UI) on the behavior of workers and employers. The first chapter investigates how the low UI tax base in the United States creates a disincentive to hire low wage workers and by how much. In the United States, unemployment benefits are funded by a payroll tax levied on wages below a given ceiling. With this limit, the earnings of low-wage workers are taxed more heavily than are the earnings of high-wage workers. I offer evidence on the employment effects of the low UI tax base by exploiting state variation in the UI tax base over 30 years. Using a difference-in-differences design and data from the Current Population Survey, I estimate that indexing the tax base increases the teenage employment rate by about 2-3 percentage points, and doubling the tax base in the non-indexed states is estimated to raise the teenage employment rate by about 4 percentage points. These results offer evidence that the erosion of the real UI tax base has reduced the employment of low-wage workers. The second chapter uses administrative unemployment insurance (UI) data and an unemployment benefits extension for workers aged 45 or older in Taiwan to estimate the effects of extended benefits on unemployment duration and reemployment outcomes. Using a regression discontinuity design, we estimate that a 90-day increase in potential duration increases the insured duration by 57 days and the nonemployment duration by 41 days. While we do not find wage gains overall for UI recipients around 45 years old, the benefits extension is estimated to increase the reemployment wage for the lower-wage workers, who are most likely to exhaust their benefits. Our findings suggest that the liquidity constraints at the exhaustion point might play an important role in the effect of a benefit extension on job match quality. The third chapter estimates the effects of the Taiwanese reemployment bonus program on the timing of reemployment. The reemployment bonus in Taiwan has a unique structure--it offers 50% of the remaining UI entitlements to workers who become reemployed before exhausting their unemployment benefits. We exploit variation in bonus offer around the time the bonus was introduced to identify the incentive effects of the bonus program. Using administrative UI claim and corresponding earning records, we find that the bonus program in Taiwan provides unemployed workers strong incentives to accept reemployment--the program is estimated to increase the monthly hazard (conditional probability) of reemployment by nearly 7 percentage points (on a base of about 10 percent) in the first month of a nonemployment spell, and by 6.6 percentage points (on a base of about 9 percent) in the second month of a nonemployment spell (see Table 3.3). These are large increases in both absolute and relative terms--that is, they represent increases in the conditional probability of becoming reemployed of 68 percent and 75 percent in the first two months of nonemployment. Consistent with the declining bonus offer schedule, the estimated bonus effect on the monthly reemployment hazard gradually declines and disappears after the eighth month of the nonemployment spell."--Pages ii-iii
Download or read book Essays on Insurance Institutions and Aggregate Labor Market written by Winfried Koeniger and published by . This book was released on 2001 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Earnings Instability written by Șahin Avcioğlu and published by . This book was released on 2017 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1: We study the link between market thickness, labour market flexibility and wage dynamics. We consider an economy with two sectors; a risk-free sector that employs workers only, and a risky sector with matching frictions that employs both workers and employers. Workers are risk-averse, whereas employers are risk-neutral. In the risky sector, complete contracts are unavailable due to informational reasons; hence flexible self-enforcing contracts are the only means to share risk. We show that shifts out of stable employment into flexible employment engendered by improvements in search effectiveness increases the average real wage and wage volatility in the risky sector while raising the (expected) real wages and worker welfare in the whole economy. Furthermore, depending on parameter values, it may also increase economy-wide real wage volatility. Therefore, our model can explain the transitory variation in workers' earnings observed after the 1970s, even for job stayers. Chapter 2: We study the relationship between unemployment insurance, employment creation and protection, and wage dynamics. We consider a labour market in which risk-averse workers and risk-neutral employers must match for production to occur. Contracts are incomplete; therefore self-enforcing contracts are the only means to share risk. We jointly analyse the impact of financing and spending aspects of labour market policies on the welfare of the parties and wage volatility. On the financing side, we show that either ring tax or hiring tax strictly dominate payroll tax in terms of efficiency gains and may increase the employers' welfare. On the spending side, even though unemployment payment increases workers' welfare, it does so by increasing wage volatility and decreasing employers' welfare. On the other hand, hiring payment may increase the employers' welfare without causing any change in workers' welfare. While unemployment payment redistributes income between unemployed and employed workers, hiring payment produces inter-temporal redistribution during employment. The joint usage of hiring tax and hiring payment may function as minimum wage and increase the employers' welfare by smoothing the employees' income in the relationship. Chapter 3: We employ a stylized model to analyse the relationship between factor market integration (i.e., off-shoring and immigration), unemployment, and earnings instability due to employment variation. We show that factor market integration can indeed increase both frictional and long-term unemployment. Moreover, it will raise earnings instability by increasing unemployment within a parameter space.
Download or read book Essays on Labor Market Risk and Asset Based Income Insurance written by Felix Wellschmied and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on a Frictional Labour Market with Inactive Workers written by Antonio Parlavecchio and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Quantitative Macroeconomics written by Philipp Grübener and published by . This book was released on 2021 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains four independent essays in heterogeneous agent macroeconomics. They explore the sources of income inequality and income risk and study the optimal design of public redistribution and insurance. The first chapter, joint with Filip Rozsypal, studies the origins of idiosyncratic earnings risk in frictional labor markets, with a particular focus on the role of firms for worker earnings risk. First, using administrative matched employer-employee data from Denmark, we document key properties of the worker earnings growth distribution, the firm revenue growth distribution, and their joint distribution. The worker earnings and firm revenue growth distributions exhibit strong deviations from normality, in particular excess kurtosis, with many workers and firms experiencing very small changes to their earnings/revenues, but a significant minority experiencing very large changes. Large earnings losses are more likely for workers in firms with negative revenue growth, driven both by separations to unemployment and earnings losses on the job. Second, we develop a model framework consistent with the data, with four key features: i) frictional labor markets and on the job search to capture unemployment risk and wage growth through a job ladder, ii) multi-worker firms to capture gross and net worker flows, iii) risk averse workers such that earnings risk matters, and iv) contracting with two-sided limited commitment because earnings of job stayers are changing infrequently in the data. Third, we use the model to explore policies designed to mitigate earnings fluctuations. The second chapter, joint with Annika Bacher and Lukas Nord, studies one particular private insurance margin against individual income risk only available to couples, which is the so called added worker effect. Specifically, we study how this intra-household insurance against individual job loss through increased spousal labor market participation varies over the life cycle. We show in U.S. data that the added worker effect is much stronger for young than for old households. A stochastic life cycle model of two-member households with job search in a frictional labor market is capable of replicating this finding. The model suggests that a lower added worker effect for the old is driven primarily by better insurance through asset holdings. Human capital differences between employed young and old contribute to the difference but are quantitatively less important, while differences in job arrival rates play a limited role. In the third chapter, joint with Axelle Ferriere, Gaston Navarro, and Oliko Vardishvili, we study optimal redistribution, taking into account not just the large income and wealth inequality in the data, but also the distribution of income risk that is key in the first two chapters. The U.S. fiscal system redistributes through a rich set of taxes and transfers, the latter accounting for a large part of the income of the poor. Motivated by this, we study the optimal joint design of transfers and income taxes. Within a simple heterogeneous-household framework, we derive analytical results on the optimal relationship between transfers and tax progressivity. Higher transfers are associated with lower optimal income tax progressivity. Redistribution is achieved with generous transfers while efficiency is preserved via a lower progressivity of income taxes. As such, the optimal tax-and-transfer system features larger progressivity of average than of marginal tax rates. We then quantify the optimal tax-and-transfer system in a rich incomplete-market model with realistic distributions of income, wealth, and income risk. The model features a novel flexible functional form for progressive income taxes and means-tested transfers. Relative to the current U.S. fiscal system, the optimal policy consists of more generous means-tested transfers, which phase-out at a slower rate. These larger transfers are financed with higher tax rates, but the taxes are not more progressive than the current system. The fourth chapter, joint with Axelle Ferriere and Dominik Sachs, also studies optimal redistribution, but instead of considering a stationary environment it analyzes the dynamics of the equity-efficiency trade-off along the growth path. To do so, we incorporate the optimal income taxation problem into a state-of-the-art multi-sector structural change general equilibrium model with non-homothetic preferences. We identify two key opposing forces. First, long-run productivity growth allows households to shift their consumption expenditures away from necessities. This implies a reduction in the dispersion of marginal utilities, and therefore calls for a welfare state that declines along the growth path. Yet, economic growth is also systematically associated with an increase in the skill premium, which raises inequality and the desire to redistribute. We quantitatively analyze these opposing forces for two countries: the U.S. from 1950 to 2010, and China from 1989 to 2009. Optimal redistribution decreases at early stages of development, as the role of non-homotheticities prevails. At later stages of development the rising income inequality dominates and the welfare state should become more generous.
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Trade and Labor Markets written by Carl Davidson and published by W.E. Upjohn Institute. This book was released on 2004 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book World of Work Report 2013 written by International Labor Office and published by International Labour Organisation. This book was released on 2014-01-30 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World of Work Report 2013 provides analyses the global employment situation five years after the start of the global financial crisis. It looks at labour market performance and projections both at the global and regional levels
Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Download or read book The Minimum Wage and Labor Market Outcomes written by Christopher J. Flinn and published by MIT Press. This book was released on 2011-02-04 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a search and bargaining model to assess the welfare effects of minimum wage changes and to determine an “optimal” minimum wage. In The Minimum Wage and Labor Market Outcomes, Christopher Flinn argues that in assessing the effects of the minimum wage (in the United States and elsewhere), a behavioral framework is invaluable for guiding empirical work and the interpretation of results. Flinn develops a job search and wage bargaining model that is capable of generating labor market outcomes consistent with observed wage and unemployment duration distributions, and also can account for observed changes in employment rates and wages after a minimum wage change. Flinn uses previous studies from the minimum wage literature to demonstrate how his model can be used to rationalize and synthesize the diverse results found in widely varying institutional contexts. He also shows how observed wage distributions from before and after a minimum wage change can be used to determine if the change was welfare-improving. More ambitiously, and perhaps controversially, Flinn proposes the construction and formal estimation of the model using commonly available data; model estimates then enable the researcher to determine directly the welfare effects of observed minimum wage changes. This model can be used to conduct counterfactual policy experiments—even to determine “optimal” minimum wages under a variety of welfare metrics. The development of the model and the econometric theory underlying its estimation are carefully presented so as to enable readers unfamiliar with the econometrics of point process models and dynamic optimization in continuous time to follow the arguments. Although most of the book focuses on the case where only the unemployed search for jobs in a homogeneous labor market environment, later chapters introduce on-the-job search into the model, and explore its implications for minimum wage policy. The book also contains a chapter describing how individual heterogeneity can be introduced into the search, matching, and bargaining framework.
Download or read book Fabian Essays in Socialism written by Bernard Shaw and published by . This book was released on 1908 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Index to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards written by and published by . This book was released on 2005 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
