-
作者：den Haan, WJ; Ramey, G; Haefke, C
作者单位：University of London; London Business School; Pompeu Fabra University; University of California System; University of California San Diego
摘要：According to Ljungqvist and Sargent (1998), high European unemployment since the 1980s can be explained by a rise in economic turbulence, leading to greater numbers of unemployed workers with obsolete skills. These workers refuse new jobs due to high unemployment benefits. In this paper we reassess the turbulence-unemployment relationship using a matching model with endogenous job destruction. In our model, higher turbulence reduces the incentives of employed workers to leave their jobs. If tu...
-
作者：Cuñat, V; Guadalupe, M
作者单位：Pompeu Fabra University; Columbia University
摘要：This paper studies the effect of product market competition on the explicit compensation packages that firms offer to their CEOs, executives and workers. We use a large sample of both traded and nontraded UK firms and exploit a quasi-natural experiment associated to an increase in competition. The sudden appreciation of the pound in 1996 implied different changes in competition for sectors with different degrees of openness. Our difference in differences estimates show that a higher level of p...
-
作者：Hornstein, A; Violante, GL; Krusell, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; New York University; Princeton University
摘要：We examine how technological change affects wage inequality and unemployment in a calibrated model of matching frictions in the labor market. We distinguish between two polar cases studied in the literature: a creative destruction economy, where new machines enter chiefly through new matches and an upgrading economy, where machines ill existing matches are replaced by new machines. Our main results are: (i) these two economies produce very similar quantitative Outcomes, and (it) the total amou...
-
作者：Heathcote, J; Violante, GL; Storesletten, K
作者单位：Georgetown University; University of Oslo; New York University
摘要：Data on the life-cycle profiles of inequality in wages, earnings, hours worked, and consumption contain precious information for answering questions about the ability of households to insure labor market risk and about the sources of this risk. This paper demonstrates that the choice of whether to control for cohort effects or for time effects has a drastic impact on the estimated age profiles for inequality and, thus on the answers to those questions. It also shows that time effects are requi...
-
作者：Kraay, A; Servén, L; Loayza, N; Ventura, J
作者单位：The World Bank; Pompeu Fabra University
摘要：Capital flows to developing countries are small and mostly take the form of loans rather than direct foreign investment. We build a simple model of North-South capital flows that highlights the interplay between diminishing returns, production risk, and sovereign risk. This model generates a set of country portfolios and a world distribution of capital stocks that resemble those in the data.
-
作者：Ichino, A; Riphahn, RT
作者单位：University of Basel
摘要：Employment protection systems are widely believed to generate distortions in firms' hiring and firing decisions. However, much less is known about the impact of these regulations on workers' behavior. In this paper we provide evidence on the latter question using data from a large Italian bank. Our analysis is based on weekly observations for 545 men and 313 females hired as white-collar workers between January 1993 and February 1995. These workers begin to be protected against firing only aft...
-
作者：Eichberger, N; Summer, M
作者单位：Ruprecht Karls University Heidelberg
摘要：We analyze the impact of capital adequacy regulation on bank insolvency and aggregate investment. We develop a model of the banking system that is characterized by the interaction of many heterogeneous banks with the real sector, interbank credit relations as a consequence of bank liquidity management, and an insolvency mechanism. This allows us to study the impact of capital adequacy regulation on systemic risk. In particular we can analyze the impact of regulation on contagious defaults aris...
-
作者：Gächter, S; Thöni, C
作者单位：University of Nottingham; University of St Gallen
摘要：Many people contribute to public goods but stop doing so once they experience free riding. We test the hypothesis that groups whose members know that they are composed only of like-minded cooperators are able to maintain a higher cooperation level than the most cooperative, randomly composed groups. Our experiments confirm this hypothesis. We also predict that groups of like-minded free riders do not cooperate. Yet, we find a high level of strategic cooperation that eventually collapses. Our r...
-
作者：Jurajda, S
摘要：This paper discusses the implication of recent results on the structure of gender wage gaps in transition economies for the literature on gender segregation. Differences in employment rates of low-wage women driven by initial transition policies may be responsible for different wage penalties to predominantly female occupations. New evidence presented here also suggests that the introduction of Western-type anti -discrimination policies has had little immediate effect on the structure of femal...
-
作者：Smets, F; Wouters, R
摘要：This paper discusses the advantages of Bayesian New Neoclassical Synthesis models as tools for monetary policy analysis and forecasting. The combination of a sound, micro founded structure with a good probabilistic description of the observed data makes those models suitable for investigating the structural sources of business cycle fluctuations, for analysing optimal monetary policy responses to those developments and for making economic projections conditional on various policy assumptions. ...
