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作者：Michaud, Amanda M.
作者单位：Indiana University System; Indiana University Bloomington
摘要：Employer learning provides a link between wage and employment dynamics. Workers who ore selectively terminated when their low productivity is revealed subsequently earn lower wages. If learning is asymmetric across employers, randomly separated high-productivity workers ore treated similarly when hired from unemployment, hut recover as their next employer learns their type. 1 provide empirical evidence supporting this link, then study whether employer learning is an empirically important facto...
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作者：Jaef, Roberto N. Fattal
作者单位：The World Bank
摘要：Most studies quantifying the gains from reversing allocative distortions are static in nature. We propose a model of firm dynamics featuring entry, exit, and multiproduct firms to understand the contribution of these dynamic factors in shaping the welfare and long-run productivity gains from removing distortions. We find that while the entry and exit of firms and their product-portfolio choices exert countervailing forces over long-run total factor productivity (TFP), they reinforce each other...
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作者：Rognlie, Matthew; Shleifer, Andrei; Simsek, Alp
作者单位：Northwestern University; Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We present a model of investment hangover motivated by the Great Recession. Overbuilding of durable capital such as housing requires a reallocation of productive resources to other sectors, which is facilitated by a reduction in the interest rate. When monetary policy is constrained, overbuilding induces a demand-driven recession with limited reallocation and low output. Investment in other capital initially declines due to low demand, but it later booms and induces an asymmetric recovery in w...
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作者：Herrendorf, Berthold; Schoellman, Todd
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We document for 13 countries ranging from rich (Canada, United States) to poor (India, Indonesia) that average wages are considerably lower in agriculture than in the other sectors. Moreover, agriculture has less educated workers and lower Mincer returns. We view these findings through. the lens of a multi-sector model in which workers differ in observed and unobserved characteristics and sectors differ in their human-capital intensities. We derive expressions for the implied harriers to the r...
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作者：Besley, Timothy; Mueller, Hannes
作者单位：University of London; London School Economics & Political Science; Canadian Institute for Advanced Research (CIFAR); Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Autonomous University of Barcelona; Barcelona School of Economics
摘要：This paper studies the consequences of predation when firms deploy guard labor as a means of protecting themselves. We build a simple model and combine it with. data for 144 countries from the World Bank enterprise surveys, which ask about firm-level experiences with predation and spending on protection. We use the model to estimate the output loss caused by the misallocation of labor across firms and from production to protection. The loss due to protection effort is substantial and patterns ...
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作者：Chang, Yongsung; Hong, Jay H.; Karabarbounis, Marios
作者单位：University of Rochester; Yonsei University; Seoul National University (SNU); Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market high unemployment risk, frequent job turnovers, and an unknown career path-prevents ...
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作者：Imrohoroglu, Ayse; Matoba, Kyle; Tuzel, Selale
作者单位：University of Southern California
摘要：There are many federal, state, and local laws that distort housing decisions and prices. However, it is often difficult to tease Out the quantitative impact of such policies. In this paper, we examine the implications of one of the most significant tax changes initiated by voters in the United States on house prices, housing turnover, and household welfare. In 1978 California passed Proposition 13, which lowered property tax rates and restricted future property tax increases. We find that the ...
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作者：Haltiwanger, John C.; Hyatt, Henry R.; Kahn, Lisa B.; McEntarfer, Erika
作者单位：University System of Maryland; University of Maryland College Park; Yale University
摘要：We study whether workers progress up firm wage and size job ladders, and the cyclicality of this movement. Search theory predicts that workers should flow toward larger, higher paying firms. However, we see little evidence of a firm size ladder, partly because small, young firms poach workers from all other businesses. In contrast, we find strong evidence of a firm wage ladder that is highly procyclical. During the Great Recession, this firm wage ladder collapsed, with net worker reallocation ...
