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Ngai, Liwa Rachel; Pissarides, Christopher - C.E.P.R. Discussion Papers - 2005

We study long-run trends in aggregate market hours of work and shifts across economic sectors within the context of balanced aggregate growth. We show that a model of many goods and uneven TFP growth in market and home production can rationalize the observed falling or U-shaped aggregate hours...

Persistent link: https://www.econbiz.de/10005124281

Computing Effective Tax Rates on Factor Incomes and Consumption: An International Macroeconomic Perspective

Mendoza, Enrique G; Razin, Assaf; Tesar, Linda - C.E.P.R. Discussion Papers - 1994

savings, investment, and labour supply in neoclassical models, and to the rate of unemployment in job search models. These …

Persistent link: https://www.econbiz.de/10005124394

Inequality of Earnings

Snower, Dennis J. - C.E.P.R. Discussion Papers - 1999

This paper surveys major empirical regularities concerning changes in earnings inequality in Europe and the US over the past 25 years. Next, it indicates which of these regularities can be explained within the competitive demand-supply framework of analysis and what is left unexplained. Finally,...

Persistent link: https://www.econbiz.de/10005792213

Structural Change and the Kaldor Facts of Economic Growth

Foellmi, Reto; Zweimüller, Josef - C.E.P.R. Discussion Papers - 2002

We present a model in which two of the most important features of the long-run growth process are reconciled: the massive changes in the structure of production and employment; and the Kaldor facts of economic growth. We assume that households expand their consumption along a hierarchy of needs...

Persistent link: https://www.econbiz.de/10005792315

Convergence and Cycles in the Euro Zone

Carvalho, Vasco M; Harvey, Andrew - C.E.P.R. Discussion Papers - 2004

Multivariate unobserved components (structural) time series models are fitted to annual post-war observations on real income per capita in countries in the euro zone. The aim is to establish stylized facts about convergence as it relates both to long-run income levels and to cycles. The analysis...

Persistent link: https://www.econbiz.de/10005067405

Recursive Preferences and Balanced Growth

Farmer, Roger E A; Lahiri, Amartya - C.E.P.R. Discussion Papers - 2003

We study a class of utility functions that are defined recursively by an aggregator function. In single-agent economies it is known that a sufficient condition for the existence of a balanced growth path is that utility should be homogenous. In the context of a multi-agent economy we show that...

Persistent link: https://www.econbiz.de/10005662210

Capital Share Risk and Shareholder Heterogeneity in U.S. Stock Pricing

Lettau, Martin; Ludvigson, Sydney; Ma, Sai - C.E.P.R. Discussion Papers - 2015

a central tendency to pursue different investment strategies. Models with capital share risk explain up to 85% of the …

Persistent link: https://www.econbiz.de/10011145413

High Skilled Migration and the Exertion of Effort by the Local Population

Epstein, Gil S; Kunze, Astrid; Ward-Warmedinger, Melanie - C.E.P.R. Discussion Papers - 2002

The design of optimal immigration policy, particularly in the face of the spiraling demand for highly skilled workers, such as IT workers and engineers, is a topical issue in the policy debate as well as the economic literature. In this paper, we present empirical evidence from firm-level data...

Persistent link: https://www.econbiz.de/10005666778

The Rise of the Machines: Automation, Horizontal Innovation and Income Inequality

Hemous, David; Olsen, Morten - C.E.P.R. Discussion Papers - 2014

low-skill wages increase, investment in automation is stimulated, which depresses the future growth rate of low …We construct an endogenous growth model of directed technical change with automation (the introduction of machines … are low, which induces little automation, such that income inequality and labor's share of GDP are constant. Second, as …

Persistent link: https://www.econbiz.de/10011084688

The Career Costs of Children

Adda, Jérôme; Dustmann, Christian; Stevens, Katrien - C.E.P.R. Discussion Papers - 2011

This paper analyzes the life-cycle career costs associated with child rearing and decomposes their effects into unearned wages (as women drop out of the labor market), loss of human capital, and selection into more child-friendly occupations. We estimate a dynamic life-cycle model of fertility,...

Persistent link: https://www.econbiz.de/10009385756

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