Download or read book Models for the Analysis of Labor Force Dynamics written by Christopher J. Flinn and published by . This book was released on 1982 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new econometric methods for the empirical analysis of individual labor market histories. The techniques developed here extend previous work on continuous time models in four ways: (1) A structural economic interpretation of these models is presented. (2) Time varying explanatory variables are introduced into the analysis in a general way. (3) Unobserved heterogeneity components are permitted to be correlated across spells. (4) A flexible model of duration dependence is presented that accommodates many previous models as a special case and that permits tests among competing specifications within a unified framework. We contrast our methods with more conventional discrete time and regression procedures. The parameters of continuous time models are in- variant to the sampling time unit used to record observations. Problems plague the regression approach to analyzing duration data which do not plague the likelihood approach advocated in this paper. The regression approach cannot be readily adopted to accommodate time varying explanatory variables. The functional forms of regression functions depend on the time paths of the explanatory variables. Ad hoc solutions to this problem can make exogenous variables endogenous to the model and so can induce simultaneous equations bias. Two sets of empirical results are presented. A major conclusion of the first analysis is that the discrete time Markov model widely used in labor market analysis is inconsistent with the data. The second set of empirical results is a test of the hypothesis that "unemployment" and "out of the labor force" are behaviorally different labor market states. Contrary to recent claims, we find that they are separate states for our sample of young men

Download or read book New Methods for Analyzing Structural Models of Labor Force Dynamics written by Christopher J. Flinn and published by . This book was released on 1981 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes a first step toward developing econometric models for the structural analysis of labor force dynamics. Our analysis is presented in continuous time, although most of the points raised here can be applied to discrete time models. We show that in previous attempts to estimate "structural" models of job search, a key source of information necessary to identify certain structural parameters has been neglected. We discuss the conditions under which structural search models can be estimated. In particular, the wage offer distribution must be recoverable -- i.e., it must be the case that the parameters of the untruncated wage offer distribution be estimable from the truncated accepted wage distribution. The wage offer distribution must be assumed to belong to a parametric family. Estimates of structural parameters are shown to be sensitive to the distributional assumption made. A partial equilibrium two state model of employment dynamics is estimated, using data from the National Longitudinal Survey of Young Men. We find employment and nonemployment rates implied by the structural parameter estimates to be generally consistent with those observed for the population of young males.

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 Studies in Labor Market Dynamics written by G. R. Neumann and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of papers presented at a conference on labor mar ket theory held in August 1982 at Sandbjerg - a manor house situated in S0nderjylland owned by University of Aarhus. The conference was ar ranged to mark the start of a labor market research project utilizing the first Danish longitudinal data set. The conference was meant to present a survey of the recent developments within labor market theory where unemployment at a given time is seen as a result of flows of in dividuals between the various labor market states. Consequently, al most all papers deal with aspects of transitions on the labor market. The first paper by Andersen discusses from a statisticians point of view how it is possible to analyze longitudinal data on labor market dynamics using statistical models for multivariate counting processes. Models including general calendar time specific intensities and models specifying the distribution of spell lengths as well as their combina tions are included. Finally it is demonstrated how the effect of exo genous, endogenous, and other time dependent variables can be model led. This paper does also contain an example of the application of the model.

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 Labor Market Dynamics A Hidden Markov Approach written by Mr.Ippei Shibata and published by International Monetary Fund. This book was released on 2019-12-20 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a hidden state Markov model (HMM) that incorporates workers’ unobserved labor market attachment into the analysis of labor market dynamics. Unlike previous literature, which typically assumes that a worker’s observed labor force status follows a first-order Markov process, the proposed HMM allows workers with the same labor force status to have different history-dependent transition probabilities. I show that the estimated HMM generates labor market transition probabilities that match those observed in the data, while the first-order Markov model (FOM) and its many-state extensions cannot. Even compared with the extended FOM, the HMM improves the fit of the empirical transition probabilities by a factor of 30. I apply the HMM to (1) calculate the long-run consequences of separation from stable employment, (2) study evolutions of employment stability across different demographic groups over the past several decades, (3) compare the dynamics of labor market flows during the Great Recession to those during the 1981 recession, and (4) highlight the importance of looking beyond distributions of current labor force status.

Download or read book Structural Models of Wage and Employment Dynamics written by Henning Bunzel and published by Emerald Group Publishing. This book was released on 2006-03-30 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected papers from a conference held in honour of Professor Dale T. Mortensen upon the occasion of his 65th birthday. It includes papers on some of Professor Dale T. Mortensen's current research topics, as well as additional theoretical papers, and micro- and macro-econometric papers.

Download or read book A Comprehensive Turnover Decision Making Model of Labor Force Dynamics written by Rita Mano Negrin and published by . This book was released on 1995 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Disequilibrium Growth and Labor Market Dynamics written by Carl Chiarella and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book on disequilibrium, growth and labor market dynamics we take predominantly a macroeconomic perspective. We present a working model that can easily be varied in different directions in order to subsume innovations in the literature on macroeconomics, old and new, and to contribute to important currently discussed macroeconomic issues. Our working model is set up in a way that there is a close relationship between our presented dynamic models and modern macro econometric models with disequilibrium both in the labor and the goods markets. One of our objectives is, therefore, to narrow the gap between theoretical and applied structural macrodynamic model building. We hope that the book will be a useful reference for all researchers, academic teachers and practitioners of macroeconomic and macro econometric model building who are interested in economic dynamics, independently of whether they use equilibrium or disequilibrium methods in their own research. We base this hope on the fact that our approach contains a number of unique features. The emphasis on the identification and analysis of the basic feedback mechanisms at work in modern macro economies. A detailed study of the partial as well as integrated dynamic interaction between these feedback mechanisms that consti tute the interdependence of markets and sectors of the modern macro economy. The rela tionship between the macroeconomic framework of our working model and the Walrasian, Non-Walrasian and New-Keynesian reformulations of macroeconomics.

Download or read book A Dynamic Model of Labor Supply Under Uncertainty written by Thomas Coleman and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an multi-state optimizing model of individual labor supply that concentrates on all-or-nothing employment decisions. This model views individual behavior in the labor market as a process of moving between labor force activities (employed, unemployed, and not-in-the-labor-force). Agents are in a stochastic environment and make decisions whether they want to work or not. When an agent decides they want to work, however, they must search for a job. Jobs at the going wage cannot be found immediately, and an agent must spend time and (possibly) money looking for a firm with an available job. The probability of finding an available job in the next instant, if less than unity, acts as a constraint on labor supply; a worker would work at the current wage but is unable to do so because jobs are not instantaneously available. This is a formal model of frictional unemployment, although one could also label such unemployment involuntary. This model is closely related to the analysis of the duration of unemployment. (See, e.g. Kaitz, 1970; Salant, 1977; Nickell, 1979; Heckman and Singer, 1984a, 1984b.) Other models that deal with employment versus non-employment decisions are Lippman and McCall (1976); Toikka (1976); Burdett and Mortensen (1978a, 1978b).

Download or read book The Labor Market and Business Cycle Theories written by Piero Ferri and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.

Download or read book Comparative Analysis of Labor written by and published by World Bank Publications. This book was released on with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Models for Dynamic Macroeconomics written by Fabio-Cesare Bagliano and published by OUP Oxford. This book was released on 2004-02-05 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Approaches to Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Chapters are linked by various formal and substantive threads. Discrete-time optimization under uncertainty, introduced in Chapter 1, is motivated and discussed by applications to consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous-time optimization techniques, and discusses the relevant insights in the context of partial-equilibrium investment models. Chapter 3 revisits many of the previous chapters' formal derivations with applications to dynamic labour demand, in comparison to optimal investment models, and characterizes labor market equilibrium when not only individual firms' labor demand, but also individual labor supply by workers, is subject to adjustment costs. Chapter 4 proposes broader applications of methods introduced in the previous chapters and studies continuous-time equilibrium dynamics of representative agent economies, featuring both consumption and investment choices, with applications to long-run growth frameworks of analysis. Chapter 5 illustrates the role of decentralized trading in determining aggregate equilibria, and characterizes aggregate labor market dynamics in the presence of frictional unemployment. Chapters 4 and 5 pay particular attention to strategic interactions and externalities: even when each agent correctly solves his or her individual dynamic problem, modern microfounded macroeconomic models recognize that macroeconomic equilibrium need not have unambiguously desirable properties. By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.

Download or read book Proceedings of the Conference on Gross Flows in Labor Force Statistics written by and published by . This book was released on 1985 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Dynamic Model for Qualitative Choice Behaviour written by John Dagsvik and published by . This book was released on 1980 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Flow Analysis of Labour Markets written by Ronald Schettkat and published by Routledge. This book was released on 1996-08-08 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Well-functioning labour markets are a precondition for economic development. Here leading researchers present an overview of labour market workings providing new theoretical and empirical insights.

Download or read book Understanding U S Wage Dynamics written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2018-06-15 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model explains the data fairly well. The model reveals that the upward pressure on wage growth from recent tightening in the labor market has been dampened by a persistent decline in trend labor productivity growth and the share of income that accrues to labor. These themes are reinforced and complemented at the micro-economic level. Lower regional unemployment puts an upward pressure on wages of individuals, although this effect has become weaker since 2008. But there is downward pressure on wages for individuals with occupations that are exposed to automation and offshoring, and in industries with a higher concentration of large firms. All these factors appear to play a role illustrating why it is difficult to single out any one culprit for the observed wage growth moderation.