-
作者：Fadinger, Harald; Mayr, Karin
作者单位：University of Vienna
摘要：We develop a model of directed technology adoption, frictional unemployment, and migration to examine the effects of a change in skill endowments on the wages, employment rates, and emigration rates of skilled and unskilled workers. We find that, depending on the elasticity of substitution between skilled and unskilled workers and the elasticity of the matching function, an increase in the skill ratio can reduce both the relative unemployment rate and the relative emigration rate (brain drain)...
-
作者：D'Amuri, Francesco; Peri, Giovanni
作者单位：European Central Bank; Bank of Italy; University of Essex; University of California System; University of California Davis
摘要：In this paper we analyze the impact of immigrants on the type and quantity of native jobs. We use data on 15 Western European countries during the 1996-2010 period. We find that immigrants, by taking manual-routine type of occupations pushed natives towards more complex (abstract and communication) jobs. This job upgrade was associated to a 0.7% increase in native wages for a doubling of the immigrants' share. These results are robust to the use of an IV strategy based on past settlement of im...
-
作者：Nocke, Volker; Thanassoulis, John
作者单位：University of Mannheim; University of Warwick
摘要：We model the impact that credit constraints and market risk have on the vertical relationships between firms in the supply chain. Firms which might face credit constraints in future investments become endogenously risk averse when accumulating pledgable assets. In the short run, the optimal supply contract involves risk sharing, so inducing double marginalization. Credit constraints thus result in higher retail prices, and this is true whether the firm is debt or equity funded. Further, we off...
-
作者：Gneezy, U.; Rey-Biel, P.
作者单位：University of Amsterdam
-
作者：Weber, Andrea; Zulehner, Christine
作者单位：University of Mannheim; Johannes Kepler University Linz
摘要：Abstract According to Becker's famous theory on discrimination (Gary Becker, , The Economics of Discrimination, University of Chicago Press), entrepreneurs with a strong prejudice against female workers forgo profits by submitting to their tastes. In a competitive market their firms lack efficiency and are therefore forced to leave. We present new empirical evidence for this prediction by studying the survival of start-up firms in longitudinal matched employer-employee data. We find that firms...
-
作者：Chong, Alberto; La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei
作者单位：University of Ottawa; Dartmouth College; Universite Catholique de Lille; EDHEC Business School; Harvard University
摘要：We mailed letters to non-existent business addresses in 159 countries (10 per country), and measured whether they come back to the return address in the United States and how long it takes. About 60% of the letters were returned, taking over six months, on average. The results provide new objective indicators of government efficiency across countries, based on a simple and universal service, and allow us to shed light on its determinants. The evidence suggests that both technology and manageme...
-
作者：Argenziano, Rossella; Schmidt-Dengler, Philipp
作者单位：University of Essex; University of Mannheim
摘要：We study a complete information preemption game in continuous time. A finite number of firms decide when to make an irreversible, observable investment. Upon investment, a firm receives flow profits, which decrease in the number of firms that have invested. The cost of investment declines over time exogenously. We characterize the subgame-perfect equilibrium outcome, which is unique up to a permutation of players. When the preemption race among late investors is sufficiently intense, the preem...
-
作者：Ge, Suqin; Yang, Dennis Tao
作者单位：Virginia Polytechnic Institute & State University; University of Virginia
摘要：Using a national sample of Urban Household Surveys, we document several profound changes in China's wage structure during a period of rapid economic growth. Between 1992 and 2007, the average real wage increased by 202%, accompanied by a sharp rise in wage inequality. Decomposition analysis reveals 80% of this wage growth to be attributable to higher pay for basic labor, rising returns to human capital, and increases in the state-sector wage premium. By employing an aggregate production functi...
-
作者：Cooper, Russell; Kempf, Hubert; Peled, Dan
作者单位：European University Institute; Universite Paris Saclay; Paris School of Economics; University of Haifa
摘要：This paper studies the effects of monetary policy in the presence of debt spillovers within a monetary union. When capital markets are integrated, the fiscal policy of any member country will generally influence equilibrium wages and interest rates across the whole union. We ask whether there exists a monetary policy which can offset these spillovers. Within a general class of monetary policy rules, there does not exist one that completely insulates agents in one region from fiscal policy in t...
-
作者：Sa, Filipa; Towbin, Pascal; Wieladek, Tomasz
作者单位：University of London; King's College London; Bank of England
摘要：We use a panel VAR to study the effect of shocks to capital inflows, which are identified using sign restrictions, on the housing market in OECD countries. To explore how effects of these shocks change with the structure of the mortgage market and the degree of mortgage securitization, we allow the VAR coefficients to vary with mortgage-market characteristics. Our results indicate that capital-inflow shocks have a significant and positive effect on real house prices, real credit available to t...
