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In the United States, the employment rate is nearly flat across wealth quintiles with the exception of the first quintile. Correlations between wealth and employment are close to zero or moderately positive. However, incomplete markets models with a standard utility function counterfactually...
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First, I update and wrap up the discussion on a monetary growth imperative, namely the argument that debt-money bearing interest triggers real GDP growth. I provide a detailed account of the different versions of the argument and show why none of them hold. In all cases, the argument is shown to...
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The empirical literature on employer learning assumes that employers learn about unobserved ability differences across workers as they spend time in the labor market. This article describes testable implications that arise from this basic hypothesis and how they have been used to quantify the...
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abolished the dependence of unemployment insurance benefits on the elapsed unemployment duration and simultaneously introduced … unemployment duration is positive and significant. Neglecting selectivity leads to an underestimation of the effects in absolute …
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The divergence of unemployment rates between the United States and Europe coincided with a substantial acceleration in … change. The proposed framework offers a novel explanation for the observed divergence of unemployment rates across economies … adoption. The results of the paper challenge the popular, but controversial, view that blames generous unemployment insurance …
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