Download or read book Essays in Labor and Macroeconomics written by Nobuyuki Kanazawa and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three chapters that empirically examine the interactions among economic variables from three different fields: labor economics, macroeconomics, and financial markets. This dissertation lies at the intersection of these three fields, and the underlying theme is the empirical investigation that enhances our understanding of the mechanisms that drive economic activities that we observe today. The first chapter examines how labor market composition and macroeconomic conditions affect each other. A dual labor market structure that consists of "permanent jobs" and "temporary jobs" is common in many Continental European countries and in Japan, and over the last two decades, the share of temporary workers in these countries has increased markedly. In this chapter, I demonstrate through an analysis of Japanese household panel survey data that permanent workers experience faster wage growth than temporary workers. Then, building a search and matching model of dual labor market with endogenous human capital accumulation, I show that, in the presence of two different types of jobs with different rates of return to experience, a slowing of the economic growth rate in a dual labor market structure can prompt a substantial shift in the composition of jobs. The second chapter proposes a nonparametric method for studying the time series properties of macroeconomic variables. In particular, I focus on a class of learning networks called the Radial Basis Function (RBF). The main advantage of the RBF method is its flexibility and that it requires minimal functional-form assumptions. To assess the potential value of the RBF method, I simulate data points using a nonlinear New-Keynesian (NK) DSGE model and show that the RBF time series can uncover the nonlinear NK structure from simulated data observations whose length is as small as 300 (quarters). I then compare the out-of-sample prediction performance of the resulting network formula with other traditional time series methods, i.e., Vector-Autoregression and Bayesian VAR models. Finally, I apply this RBF time series method to US macroeconomic data from 1960-2010. The third chapter studies the link between the probability of default implied by Credit Default Swaps (CDS) spreads and the final prices of the defaulted bonds as established at the CDS settlement auctions. We observe that the postdefault recovery rates at the observed spreads imply markets were often "surprised" by the credit event. We find that the prices of the bonds that are deliverable at the auctions imply probabilities of default that are systematically different than the default probabilities estimated prior to the event of default using standard methodologies. We discuss the implications for CDS pricing models. We analyze the discrepancy etween the actual and theoretical CDS spreads and we find it is significantly associated both to the CDS market microstructure at the time of the settlement auction and to the general macroeconomic background. We discuss the potential for strategic bidding behavior at the CDS settlement auctions.

Download or read book Three Essays in Labor and Macroeconomics written by Charles T. Carlstrom and published by . This book was released on 1989 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Economic Theory Growth and Labour Markets written by George Bitros and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distinguished contributors in this volume provide a variety of essays, which are written in honor of Emmanuel Drandakis. These essays fall into four uniform areas of economics: economic growth, general equilibrium, labor economics and game theory and applications. The editors focus on a select set of issues that stand high on the agenda of academic research. They provide fresh insights and approaches to the analysis of these issues, and thus open up wider avenues for our understanding of the dilemmas posed for theory and policy. Readers are offered new empirical evidence on such thorny social problems as, for example, unemployment, the intergenerational transmission of human capital and the response of wages to price and endowment changes.

Download or read book Essays on the Macroeconomics of Labor Markets written by Arindam Mandal and published by . This book was released on 2009 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Labor Macroeconomics and Monetary Economics written by Daniele Caratelli and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores three questions in macroeconomics: two pertaining to labor macroeconomics and one concerning monetary economics. In the first chapter, I study the role wealth plays in workers' labor market outcomes and, in turn, how it impacts their earnings prospects over the business cycle. In the second chapter (joint with Basil Halperin) we investigate the optimal monetary policy in an sectoral economy with menu costs and find that the central bank should target constant nominal wages and not constant prices, as is typically prescribed. In the third and final chapter (joint with Aniket Baksy) we show that increased educational attainment played an important role in the decline in worker mobility in the US over the past three decades. This contrast with the existing literature, which attributes the decline to lower economic dynamism.

Download or read book Three Essays on the Macroeconomics of the Labor Market written by Ioannis Kospentaris and published by . This book was released on 2018 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I build macroeconomic models to answer questions of empirical relevance for the study of labor markets. The dissertation consists of an introductory overview and three research essays. The first essay is devoted to duration dependence in unemployment, namely the fact that recently unemployed workers have a signicantly better chance of finding a job than the long-term unemployed. I build a directed search model to quantify the importance of three common explanations for this fact: (i) unobserved worker differences, (ii) skill loss, and (iii) job-search effort decline. Two novel results emerge: first, the bulk of the effect of unobserved heterogeneity is concentrated in the first six months of the unemployment spell; the drop in job-finding rates observed at longer spells is mostly a result of skill loss and lower search effort. Second, skill loss has a vastly greater impact on job-finding than the decline in search effort. These results have two clear implications for labor market policy: (i) the impact of active labor market programs is expected to be larger for the long-term unemployed; (ii) job-training programs are expected to be more effective than job-search assistance policies at reducing long-term unemployment. In the second essay I study how information obtained by a worker while trying to find a job affects her job-search effort. Specically, I analyze how a worker, who is uncertain about her labor market traits and learns about them while looking for a job, allocates her search effort over the unemployment spell. The main result is that search effort is increasing over time when the worker is optimistic about her traits but decreasing when the worker is pessimistic about her traits. This result can explain discrepant empirical findings from previous literature on search effort. The final essay is devoted to job-search effort as an insurance channel. I build a model in which workers face substantial risk in the labor market but they have two means of self-insurance against this risk: increase their savings and their search effort. The main result is that when labor market risk becomes more severe workers increase both their savings and search effort but the increase in savings is twice as large as the increase in search effort. That is, workers make use of search effort as an insurance channel but much less than the savings channel.

Download or read book Essays in Macroeconomics and Labor Markets written by Lawrence F. Warren and published by . This book was released on 2016 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contributes to the current understanding of labor markets, focusing on the use of micro level data and computational modeling to study the interaction of unemployment with various aspects of the macroeconomy. I address the fact that frictions in the labor market carry over into other dimensions of firms' and workers' decisions, such as a firm's incentive to utilize its current labor force, workers' participation in the labor market, and the decision to acquire or discharge debt. In Chapter 1, I study involuntary part-time employment over the business cycle. I document that the population at work part-time for economic reasons ($PTE$) is countercyclical, volatile, and transitory. Workers in $PTE$ are nearly three times more likely than the unemployed to return to full-time work in a given month, and seven times more likely than full-time workers to become unemployed. Using household survey data, I demonstrate that cyclical fluctuations in $PTE$ come from changes in the transition rates between full-time and part-time employment rather than between part-time and unemployment. Moreover, these movements are primarily due to within-job changes in hours. Accordingly, I model part-time work focusing on a firm's decision to hire, fire, or partially utilize its labor force. Firms in the model are heterogeneous in size and productivity, and are subject to search frictions. The model produces firm-level utilization of part-time employment which is consistent with observed worker flows, and varies across the size and age distributions of firms. Over the business cycle, the model matches the observed relative volatility of unemployment and $PTE$. Part-time labor utilization by firms increases the volatility of vacancies and unemployment in the model relative to the case with only an extensive margin. Chapter 2 studies the interaction of a participation margin in a labor market search model.

Download or read book Essays on the Macroeconomics of Labor Markets written by Fatih Karahan and published by . This book was released on 2012 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Macroeconomics of Labor Markets written by Sadhika Bagga and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies different macroeconomic trends observed in the US labor market over the last three to four decades and understands the link between them. The first chapter focuses on understanding the decline in labor market dynamism in the US. It begins by documenting that worker mobility and wages, relative to productivity, have decreased in the US amid a rise in employer market power. It then proposes a theory of the labor market linking these trends, in which a decline in employer competition, characterized by a lower number of firms per worker, drives the decline in worker mobility and wages. The model has two main ingredients: first, there exists a finite number of employers that differ in productivity, and second, employers exert market power by excluding their offers from the set of outside options faced by their employees. The combined effect of these features, in response to a decreasing number of firms per worker, is to reduce the value of workers' outside options, thereby reducing wages and worker mobility in equilibrium. Overall, the calibrated model accounts for 2/3rd of the decline in employer-to-employer transitions rate and a fifth of the decline in wages relative to productivity from the 1980s to the 2010s. Finally, it evaluates the model's key predictions using the public-use data from the Census and documents that labor markets characterized by a lower number of firms per worker are associated with reduced measures of worker mobility and average wages. The second chapter takes a ‘measurement’ perspective to understand the decline in labor market dynamism. The starting point of the chapter is the observation that over the last four decades, employment composition has shifted towards large firms in the US. This has occurred amidst a decline in employer-to-employer transitions or external dynamism. A natural question is, are workers in large firms climbing job ladders internally rather than externally? Using data from various supplements of the Current Population Survey, it finds evidence of the prevalence of internal job ladders within large firms. It documents that job stayers in large firms, relative to small ones, realize a larger annual pay growth and a higher probability of internal job switching. Accounting for internal job ladders amplifies labor market dynamism and offsets part of the decline in external employer-to-employer switching rates. At the same time, there has been a decreasing trend in the rate of internal job switching, suggesting that the forces affecting declining external dynamism could have also had implications on internal job ladders. Finally, it hypothesizes that the decline in internal dynamism could be driven by the firm's endogenous response to decreasing labor market competition. The third chapter studies secular trends in nominal wage rigidity in the US using the 1996-00 and 2008-13 panels of the Survey of Income and Program Participation (SIPP). Using the empirical methodology of Barattieri, Basu & Gottschalk (2014), it purges measurement errors from self-reported wages by disentangling the structure breaks in individual wage series from noise. It finds evidence of, one, an increase in the frequency of wage adjustment among hourly job-stayers from 1996-2013, and two, a higher proportion of wage cuts during the Great Recession relative to the subsequent recovery. These findings are robust when the methodology is applied to salaried workers. They can be seen in light of increasing labor market flexibility in the US over the recent decades

Download or read book Essays in Labor and Macroeconomics written by Nellie Lei Zhao and published by . This book was released on 2016 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Macroeconomic Effects of Labor Market Rigidities written by Andrea De Michelis and published by . This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomics and the Labor Market written by Tara Michelle Sinclair and published by . This book was released on 2005 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomics and Labor Markets written by Miren Azkarate-Askasua and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays on the macroeconomic effects of labor markets with a special emphasis on market power and the determination of wages. In the first chapter, Miguel Zerecero and I study the efficiency and welfare effects of employer and union labor market power. We use data of French manufacturing firms to first document a negative relationship between employment concentration and wages and labor shares. At the micro-level, we identify the effects of employment concentration thanks to mass layoff shocks to competitors. Second, we develop a bargaining model in general equilibrium that incorporates employer and union labor market power. The model features structural labor wedges that are heterogeneous across firms and potentially generate misallocation of resources. We propose an estimation strategy that separately identifies the structural parameters determining both sources of labor market power. Furthermore, we allow different parameters across industries which contributes to the heterogeneity of the wedges. We show that observing wage and employment data is enough to compute counterfactuals relative to the baseline. Third, we evaluate the efficiency and welfare losses from labor market distortions. Eliminating employer and union labor market power increases output by 1.6% and the labor share by 21 percentage points translating into significant welfare gains for workers. Workers' geographic mobility is key to realize the output gains from competition. In the second chapter, Miguel Zerecero and I propose a bias correction method for estimations of quadratic forms in the parameters of linear models. It is known that those quadratic forms exhibit small-sample bias that appears when one wants to perform a variance decomposition such as decomposing the sources of wage inequality. When the number of covariates is large, the direct computation for a bias correction is not feasible and we propose a bootstrap method to estimate the correction. Our method accommodates different assumptions on the structure of the error term including general heteroscedasticity and serial correlation. Our approach has the benefit of correcting the bias of multiple quadratic forms of the same linear model without increasing the computational cost and being very flexible. We show with Monte Carlo simulations that our bootstrap procedure is effective in correcting the bias and we compare it to other methods in the literature. Using administrative data for France, we apply our method by doing a variance decomposition of a linear model of log wages with person and firm fixed effects. We find that the person and firm effects are less important in explaining the variance of log wages after correcting for the bias. In the third chapter, I study peer effects at the workplace. I focus on how potential peers determine a worker's location and her future wage profile. I empirically disentangle if workplace peers affect each other through learning or network effects. Similarly to the literature, I document the importance of learning which is more pronounced for the youngest cohorts arguably with no networks. I propose a structural model to understand the mechanism behind learning. The final goal of the model is to quantify the impact of peer learning the firm geographical allocation of workers, and on the rising between firm wage inequality.

Download or read book Essays on Labor Market in Macroeconomics written by Thomas Coudert and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contributes to both theoretical and empirical aspects of the literature on the labor market in macroeconomics. On the theoretical side, I provide insights both on the impact of labor market institutions on monetary policy and on the efficiency of fiscal policy according to the business cycle position. On the empirical side, I discuss the spillover effects of the Germany's labor market reforms on its trade partners. How do labor markets institutions affect monetary policy? Has fiscal policy the same effect on labor market during economic downturns than during economic upturns? Can the German labor market and fiscal reforms account for Germany's new trading performances?

Download or read book Essays in Macroeconomics written by Marcello Miccoli and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays that investigate aspects of the behavior of employment over the business cycle. I argue that employment, rather than other concepts of labor input, is the important margin of adjustment of labor input over the business cycle. This observation necessitates the use of explicit models of employment to address issues related to the behavior of labor input over the business cycle. I use the tools developed in the literature on "equilibrium unemployment'' -- namely the inclusion of a search and matching friction in the labor market -- and integrate them into the framework of Real Business Cycle models. The latter typically ignores the explicit analysis of employment and excludes involuntary unemployment. The integrated model is therefore suitable to analyze the behavior of employment. I use the integrated model to address the issue of synchronization of the business cycle. In the first essay I investigate the synchronization of changes in employment across sectors in the US economy. In the second essay I argue that from a modeling perspective, generating cross-sector employment correlation is closely related to generating high variability of aggregate unemployment. In the third essay I address the synchronization of business cycles across developed economies.

Download or read book Essays in Macroeconomics and Labor Economics written by Moritz Drechsel-Grau and published by . This book was released on 2021* with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Labor managed Economy written by Jaroslav Vanek and published by . This book was released on 1977 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph comprising an evaluation of workers self management experiences in Peru and Yugoslavia - discusses the solutions to macroeconomics problems such as unequal income distribution, decision making on capital investment, and labour productivity within self-managed firms, etc., and considers micro and macro economic theory relating to efficiency and competition. Graphs and references.