Download or read book Job Duration Seniority and Earnings written by Katharine G. Abraham and published by . This book was released on 1986 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stylized fact that seniority and earnings in a cross-section are positively related, even after controlling for total labor market experience, has served as the basis for theoretical analyses of implicit labor contracts suggesting that workers post bonds in the form of deferred compensation in order to ensure their continued performance at an adequate level. An alternative interpretation is that good workers or workers in good jobs or good matches both earn more throughout the job and have longer job durations. Another stylized fact, that labor market experience and earnings in a cross section are positively related, has been taken as evidence of the importance of general human capital accumulation. An alternative interpretation of this evidence is that workers with more experience have had more time to find good jobs and/or good matches, resulting in higher earnings. Earnings functions are estimated including a measure of the completed duration of jobs in order to distinguish between the competing hypotheses regarding both seniority and experience. These yield three main results. First, workers in longer jobs earn significantly more in every year of the job than do workers in shorter jobs. Second, controlling for completed job duration eliminates most of the apparent return to seniority found in standard cross-section models. Thus, it appears that implicit contracts that provide for workers posting bonds through deferred wage payments are less important than has been believed. Third, for blue collar workers there is evidence thata part of the small observed (cross-sectional) return to labor market experience is due to sorting of workers into better jobs over time. There is no evidence of sorting for white collar workers

Download or read book Job Duration Seniority and Earnings Classic Reprint written by Katharine Abraham and published by Forgotten Books. This book was released on 2018-02-21 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Job Duration, Seniority, and Earnings An important stylized fact of the labor market is that workers with longer seniority have higher earnings even after controlling for total labor market experience. The empirical support for this stylized fact is that standard earnings functions estimated using cross-section data produce significant positive seniority coefficients even when a measure of total labor market experience is also included in the regression. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Download or read book Job Duration Seniority and Earnings Primary Source Edition written by Katharine G. Abraham and published by Nabu Press. This book was released on 2013-10 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.

Download or read book Do Wages Rise with Job Seniority written by Joseph G. Altonji and published by . This book was released on 1985 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extent to which wages rise with the accumulation of seniority(tenure) in a firm after one controls for total labor market experience is a fundamental question about the structure of earnings. A variety of studies have found a large, positive partial effect of tenure on wages. This paper re-examines the evidence using a simple instrumental variables scheme to deal with well known estimation biases which arise from the fact that tenure is likely to be related to unobserved individual and job characteristics affecting the wage. We use the variation of tenure over a given job match as the principal instrumental variable for tenure. The variation intenure over the job, in contrast to variation in tenure across individuals and jobs, is uncorrelated by construction with the fixed individual specific and job match specific components of the error term of the wage equation. Our main findingis that the partial effect of tenure on wages is small, and that general labor market experience and job shopping in the labor market account for most wage growth over a career. The strong cross section relationship between tenure and wages is due primarily to heterogeneity bias

Download or read book Specific Capital Mobility and Wages written by Robert H. Topel and published by . This book was released on 1990 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Seniority Earnings and Unions written by Alison L. Booth and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Empirical Methods for the Study of Labour Force Dynamics written by Kenneth Wolpin and published by Routledge. This book was released on 2013-10-11 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last twenty years there has been an explosion of economic research on labor force dynamics; the movement of individuals between labor force states. This book focuses on the methods by which behavioral theories of labor force dynamics have been empirically implemented. Most attention is paid to the partial equilibrium two-state transitional model of job search behavior. That model is the foundation for much of our thinking about the nature of unemployment at both the individual and aggregate levels. Although the basic formulation has remained the same, approaches to the empirical implementation of such models has changed dramatically.

Download or read book Empirical Methods for the Study of Labor Force Dynamics written by Kenneth I. Wolpin and published by Psychology Press. This book was released on 2001 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last twenty years there has been an explosion of economic research on labour force dynamics. This book focuses on the methods by which behavioural theories of labour force dynamics have been empirically implemented.

Download or read book Why Wages Don t Fall during a Recession written by Truman F. BEWLEY and published by Harvard University Press. This book was released on 2009-06-30 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: A deep question in economics is why wages and salaries don't fall during recessions. This is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Although economists have posited many theories to account for wage rigidity, none is satisfactory. Eschewing "top-down" theorizing, Truman Bewley explored the puzzle by interviewing--during the recession of the early 1990s--over three hundred business executives and labor leaders as well as professional recruiters and advisors to the unemployed. By taking this approach, gaining the confidence of his interlocutors and asking them detailed questions in a nonstructured way, he was able to uncover empirically the circumstances that give rise to wage rigidity. He found that the executives were averse to cutting wages of either current employees or new hires, even during the economic downturn when demand for their products fell sharply. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees and in convincing them to internalize the managers' objectives for the company. Bewley's findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labor markets from clearing. Table of Contents: Acknowledgments 1. Introduction 2. Methods 3. Time and Location 4. Morale 5. Company Risk Aversion 6. Internal Pay Structure 7. External Pay Structure 8. The Shirking Theory 9. The Pay of New Hires in the Primary Sector 10. Raises 11. Resistance to Pay Reduction 12. Experiences with Pay Reduction 13. Layoffs 14. Severance Benefits 15. Hiring 16. Voluntary Turnover 17. The Secondary Sector 18. The Unemployed 19. Information, Wage Rigidity, and Labor Negotiations 20. Existing Theories 21. Remarks on Theory 22. Whereto from Here? Notes References Index Reviews of this book: In Why Wages Don't Fall During A Recession, [Truman Bewley] tackles one of the oldest, and most controversial, puzzles in economics: why nominal wages rarely fall (and real wages do not fall enough) when unemployment is high. But he does so in a novel way, through interviews with over 300 businessmen, union leaders, job recruiters and unemployment counsellors in the north-eastern United States during the early 1990s recession...Mr. Bewley concludes that employers resist pay cuts largely because the savings from lower wages are usually outweighed by the cost of denting workers' morale: pay cuts hit workers' standard of living and lower their self-esteem. Falling morale raises staff turnover and reduces productivity...Mr. Bewley's theory has some interesting implications...[and] has a ring of truth to it. --The Economist Reviews of this book: This contribution to the growing literature on behavioral macroeconomics threatens to disturb the tranquil state of macroeconomic theory that has prevailed in recent years...Bewley's argument will be hard for conventional macroeconomists to ignore, partly because of the extraordinary thoroughness and honesty with which he evidently conducted his investigation, and the sheer volume of evidence he provides...Although Bewley's work will not settle the substantive debates related to wage rigidity, it is likely to have a profound influence on the way macroeconomists construct models. In particular, the concepts of morale, fairness, and money illusion are almost certain to play a big role in macroeconomic theory. His demonstration that there exist in reality simple, robust behavioral patters that cannot plausibly be founded on traditional maximizing behabior also raises the prospect of a more empirically oriented, more behavioral macroeconomics in the future. --Peter Howitt, journal of Economic Literature Reviews of this book: I think any scholar interested in labour markets and wage determination should read this well-written, lively, and highly stimulating book...[It] provides a fresh view and a lot of complementary background knowledge about how experienced people in the field see the employment relationship and what is actually crucial. Knowledge of this sort is all too rare in economics, and Truman Bewley's truly impressive study can serve as a role model for future investigations. --Simon G'chter, Journal of Institutional and Theoretical Economics To call this book a breath of fresh air is an understatement. The direct insights are fascinating, and Truman Bewley's use of them is sharp and insightful. Labor economists and macroeconomists have a lot to think about. --Robert M. Solow, Nobel Laureate, Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology Truman Bewley set out to conduct a handful of interviews with business executives to gain some theoretical inspiration, and his project blossomed into over 300 interviews with business people, labor leaders and consultants. He is truly the accidental interviewer of economics. Time and again, he found that workers behave like people, not atomistic, selfish economic agents. His insights will engage and enrage economic theorists and empiricists for years to come. --Alan Krueger, Bendheim Professor of Economics and Public Affairs, Princeton University

Download or read book Seniority written by DongIk Kang and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the optimal wage structure of a firm with imperfect monitoring of worker effort. We find that when firms can commit to (implicit) long-term contracts, imperfect monitoring leads to optimal wage profiles that reflect worker seniority. We provide a precise measure of seniority as a ratio of co-state variables and illustrate how this measure of seniority evolves over the worker's tenure with the firm and how it affects wages, effort, monitoring intensity and separation rates. We also show how earnings loss from unemployment reflects seniority and how optimal monitoring intensity, amenities and on-the-job training evolve with seniority.

Download or read book Handbook of the Economics of Education written by Eric Alan Hanushek and published by Elsevier. This book was released on 2006 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement. With contributions from leading researchers, each Handbook presents an accurate, self-contained survey of the current state of the topic under examination. These surveys summarize the most recent discussions in journals, and elucidate new developments. Although original material is also included, the main aim of this series is the provision of comprehensive and accessible surveys *Every volume contains contributions from leading researchers *Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys

Download or read book The Structure of Wages written by Edward P. Lazear and published by University of Chicago Press. This book was released on 2009-05-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distribution of income, the rate of pay raises, and the mobility of employees is crucial to understanding labor economics. Although research abounds on the distribution of wages across individuals in the economy, wage differentials within firms remain a mystery to economists. The first effort to examine linked employer-employee data across countries, The Structure of Wages:An International Comparison analyzes labor trends and their institutional background in the United States and eight European countries. A distinguished team of contributors reveal how a rising wage variance rewards star employees at a higher rate than ever before, how talent becomes concentrated in a few firms over time, and how outside market conditions affect wages in the twenty-first century. From a comparative perspective that examines wage and income differences within and between countries such as Denmark, Italy, and the Netherlands, this volume will be required reading for economists and those working in industrial organization.

Download or read book Nominations of Katharine G Abraham Carl Shapiro and Peter A Diamond written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2011 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Economics of Small Firms written by Stephen Ackermann and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Women Work and Wages written by National Research Council and published by National Academies Press. This book was released on 1981-02-01 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to determine whether methods of job analysis and classification currently used are biased by traditional sex stereotypes or other factors, a committee assessed formal systems of job evaluation and other methods currently employed in the private and public sectors for establishing the comparability of jobs and their levels of compensation. A review of sociological and economic literature shows that some differences in the characteristics of workers and in jobs do form a legitimate basis for wage differentials. Nevertheless, there exists a pervasiveness of occupational and job segregation by sex. Given the current operation of the labor market and the existence of a variety of factors that permit the persistence of earning differentials between men and women (e.g., labor market segmentation, job segregation, and employment practices), it would seem that intentional and unintentional discriminatory elements enter into the determination of wages and are not likely to disappear. Use of a job evaluation system is one possible remedy to this situation. While the subjectivity of job evaluation makes job evaluations less than perfect vehicles for resolving pay disputes, they can serve to identify potential wage discrimination. (MN)

Download or read book Employment and Earnings Outcomes of Permanent Job Loss written by Lori Ann Gladstein and published by . This book was released on 1986 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Worlds of Labour Economics written by Garth L. Mangum and published by Routledge. This book was released on 2016-07-08 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1988. More than ever before, the economics profession is divided among three competing schools of thought. Especially in labor economics, neoclassical, institutional, and radical perspectives contend, each approaching its analysis of issues from different world views and separate sets of assumptions. This book presents four issues in labor economics, income distribution, racial discrimination, comparable worth and the international division of labor.