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Applied cointegration analysis has much to gain from strong links with economic theory. For example, the current …
Persistent link: https://www.econbiz.de/10005661938
The objective of this Paper is to propose a number of alternative decentralized interpretations of representative agent style stochastic growth economies and to explore their implications for the generality of this model construct. Under our first interpretation, firms exist forever and...
Persistent link: https://www.econbiz.de/10005123516
A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...
Persistent link: https://www.econbiz.de/10005000442
Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ‘fundamentals’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for...
Persistent link: https://www.econbiz.de/10005788957
attempts to examine this relationship, while recent trade theory suggests that the relationship between trade and productivity …The comovement between exports and productivity observed in many countries suggests a direct link between these two … suggest that exports, productivity and the terms of trade move together in the long run in all countries except the United …
Persistent link: https://www.econbiz.de/10005504339
would reflect higher productivity of more senior workers. If this were true, the observation of an effect of seniority on … wages would depend on the presence of controls for individual productivity. In this paper we replicate, using personnel data …' evaluations were used as productivity indicators. Since the validity of supervisors' evaluations as measures of productivity has …
Persistent link: https://www.econbiz.de/10005504362
aggregation problem introduces a bias into standard measures of firm productivity. We develop a theoretical model of heterogeneous …
Persistent link: https://www.econbiz.de/10005504461
, explains the initial rise in unemployment. The reduction in union power also helps to explain the acceleration in productivity … low wages and productivity. A fall in union power results in a reduction in these inefficiencies and leads not only to a … rise in productivity but also in wages. …
Persistent link: https://www.econbiz.de/10005504742
We study the implications of electoral corruption for resource allocation, factor market equilibrium and inequality. We focus on the control of the voting of agricultural workers by landlords and show that if the employment relationship is subject to moral hazard then the resulting rents...
Persistent link: https://www.econbiz.de/10005504774
Using two matched plant level skills and productivity datasets for UK manufacturing we document that (i) more …
Persistent link: https://www.econbiz.de/10005497762