Download or read book Unexpected Inflation Real Wages and Employment Determination in Union Contracts written by David Edward Card and published by . This book was released on 1988 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new microeconometric evidence on the relevance of nominal contracting for employment determination in the unionized sector. Real wages in long term union contracts contain an unanticipated component that reflects unexpected changes in prices and the degree of indexation. These unexpected wage components provide a convenient tool for separating the causal effects of wages on employment from other endogenous sources of employment and wage variation. The empirical analysis of employment and wage outcomes among collective agreements in the Canadian manufacturing sector reveals that employment and wages are only weakly related. When unexpected changes in real wages are used as an instrumental variable for the contract wage, however, employment is consistently negatively related to wages. The results imply that the institutional structure of wage determination has important effects on the cyclical characteristics and persistence of employment changes.
Download or read book Unexpected inflation real wages and employment determination in union contracts written by David Card and published by . This book was released on 1988 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unexpected Inflation Real Wages and Employment Determination in Union Contracts written by and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unions Wages and Inflation written by Daniel J. B. Mitchell and published by . This book was released on 1980 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: USA. Monograph on the relationship between trade union wage determination and inflation - seeks to define the extent to which the collective bargaining mechanism itself is an engine of inflation, presents institutional and economic background, and discusses effects of wage settlements on general economic conditions and the phenomenon of wages imitation. References and statistical tables.
Download or read book The Effects of Unexpected Inflation on Real Wages written by Yo-Un Yoon and published by . This book was released on 1996 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to examine whether nominal rigidities make real wages respond significantly to expected and unexpected inflation. Preliminary empirical results support the hypothesis that nominal rigidities prevent the nominal wage adjusting to the movements of inflation. A simple general equilibrium model of Blanchard and Fischer (1989) that incorporates nominal wage contracts and wage indexation is employed to analyze the theoretical implications of the effects of expected and unexpected inflation on real wages. The model suggests that the one-period nominal wage contract without an indexation provision makes real wages uncorrelated with expected inflation but correlated with unexpected inflation. The main empirical models derived from the Blanchard and Fischer's framework suggest that the responses of real wages to inflation shocks are different depending on whether the shocks are driven by demand or supply shocks. The main empirical results support the Blanchard and Fischer's model in that real wages respond differently to demand and supply driven inflation shocks. The main findings of this paper are that the statistically significant effects of contemporaneous and lagged inflation shocks on real wages provide evidence for the presence of nominal rigidities in the economy. In particular, the extent of the rigidity varies depending on the nature of inflation shock; positive, negative, demand driven and supply driven shocks. For example, the nominal wage is more rigid against positive inflation shocks than negative counterparts. This suggests that nominal wages are rigid more in the upward direction than in the downward direction. Thus, this result provides contradictory evidence to the Keynesian belief that wages are downwardly more rigid. Also the results suggest that nominal wages are slightly more rigid against supply driven shocks than demand driven shocks. The extent of responses of durable and nondurable real wages to demand driven inflation shocks suggests that the government's unexpected demand policy can be effective during both economic recessions and expansions.
Download or read book Wages School Quality and Employment Demand written by David Card and published by Oxford University Press, USA. This book was released on 2011-10-27 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Card and Alan B. Krueger received the IZA Prize in Labor Economics in 2006 for their outstanding contributions to the field. This volume provides an overview of their most important work on school quality, differences in wages across groups in the US, and the effect of changes in the minimum wage on employment and wage setting.
Download or read book The Natural Survival of Work written by Pierre Cahuc and published by MIT Press (MA). This book was released on 2006 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to manage the unemployment that occurs in the process of the continuous job destruction and creation responsible for growth in today's economies: what recent economic research tells us about wages, incentives to work, and education.
Download or read book The Wage Curve written by David G. Blanchflower and published by MIT Press. This book was released on 1994 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wage Curve casts doubt on some of the most important ideas in macroeconomics, labor economics, and regional economics. According to macroeconomic orthodoxy, there is a relationship between unemployment and the rate of change of wages. According to orthodoxy in labor economics and regional economics an area's wage is positively related to the amount of joblessness in the area. The Wage Curve suggests that both these beliefs are incorrect. Blanchflower and Oswald argue that the stable relationship is a downward-sloping convex curve linking local unemployment and the level of pay. Their study, one of the most intensive in the history of social science, is based on random samples that provide computerized information on nearly four million people from sixteen countries. Throughout, the authors systematically present evidence and possible explanations for their empirical law of economics.
Download or read book Real Wage Determination and Rent sharing in Collective Bargaining Agreements written by Loizos Nicolaou Christofides and published by . This book was released on 1991 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Econometrics of Panel Data written by László Mátyás and published by Springer Science & Business Media. This book was released on 2013-12-01 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this volume is to provide a general overview of the econometrics of panel data, both from a theoretical and from an applied viewpoint. Since the pioneering papers by Kuh (1959), Mundlak (1961), Hoch (1962), and Balestra and Nerlove (1966), the pooling of cross section and time series data has become an increasingly popular way of quantifying economic relationships. Each series provides information lacking in the other, so a combination of both leads to more accurate and reliable results than would be achievable by one type of series alone. Over the last 30 years much work has been done: investigation of the properties of the applied estimators and test statistics, analysis of dynamic models and the effects of eventual measurement errors, etc. These are just some of the problems addressed by this work. In addition, some specific diffi culties associated with the use of panel data, such as attrition, heterogeneity, selectivity bias, pseudo panels etc., have also been explored. The first objective of this book, which takes up Parts I and II, is to give as complete and up-to-date a presentation of these theoretical developments as possible. Part I is concerned with classical linear models and their extensions; Part II deals with nonlinear models and related issues: logit and probit models, latent variable models, incomplete panels and selectivity bias, and point processes.
Download or read book Macroeconomics and the Real World Volume 2 Keynesian Economics Unemployment and Policy written by Roger E. Backhouse and published by OUP Oxford. This book was released on 2000-11-23 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the middle of twentieth century, economists have invested great resources into using statistical evidence to relate macroeconomic theories to the real world, and many new econometric techniques have been employed. In these two volumes, a distinguished group of economic theorists, econometricians, and economic methodologists examine how evidence has been used and how it should be used to understand the real world. Volume 1 focuses on the contribution of econometric techniques to understanding the macroeconomic world. It covers the use of evidence to understand the business cycle, the operation of monetary policy, and economic growth. A further section offers assessments of the overall impact of recent econometric techniques such as cointegration and unit roots. Volume 2 focuses on the labour market and economic policy, with sections covering the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents (in both the USA and EU). These volumes will be valuable to advanced undergraduates, graduate students, and practitioners for their clear presentation of opposing perspectives on macroeconomics and how evidence should be used. The chapters are complemented by discussion sections revealing the perspectives of other contributors on the methodological issues raised.
Download or read book Labor Economics second edition written by Pierre Cahuc and published by MIT Press. This book was released on 2014-08-01 with total page 1081 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new edition of a widely used, comprehensive graduate-level text and professional reference covering all aspects of labor economics, with substantial new material. This landmark graduate-level text combines depth and breadth of coverage with recent, cutting-edge work in all the major areas of modern labor economics. Its command of the literature and its coverage of the latest theoretical, methodological, and empirical developments make it also a valuable resource for practicing labor economists. This second edition has been substantially updated and augmented. It incorporates examples drawn from many countries, and it presents empirical methods using contributions that have proved to be milestones in labor economics. The data and codes of these research publications, as well as numerous tables and figures describing the functioning of labor markets, are all available on a dedicated website (www.labor-economics.org), along with slides that can be used as course aids and a discussion forum. This edition devotes more space to the analysis of public policy and the levers available to policy makers, with new chapters on such topics as discrimination, globalization, income redistribution, employment protection, and the minimum wage or labor market programs for the unemployed. Theories are explained on the basis of the simplest possible models, which are in turn related to empirical results. Mathematical appendixes provide a toolkit for understanding the models.
Download or read book Theory of Wages written by J. R. Hicks and published by . This book was released on 1969-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unemployment written by Richard Layard and published by Oxford University Press, USA. This book was released on 2005 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: This broad survey of unemployment will be a major source of reference for both scholars and students.
Download or read book Corporatism Or Competition written by Coen Teulings and published by Cambridge University Press. This book was released on 1998-09-17 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors present important research showing that corporatist institutions generate smaller non-competitive wage differentials than a decentralized system. A theoretical explanation is developed based on the hold-up problem in investments, arguing that corporatist institutions solve the problem by specifying ex ante nominal contracts that remove the necessity of ex post bargaining over the surplus of an employment relationship. The authors also argue that such institutions allow sufficient flexibility to accommodate aggregate shocks, even more so than decentralized systems. Corporatism or Competition? is the first book to bring together the mass of research on comparative wage differences, wage movements and employment behaviour in different countries with different institutional frameworks, in an organized and coherent fashion.
Download or read book Oversight Hearing on National Health Care Reform written by United States. Congress. House. Committee on Education and Labor and published by . This book was released on 1992 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Long term Unemployment written by United States. Congress. Joint Economic Committee and published by . This book was released on 2010 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
