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The Unemployment Implications of Mandatory Firing Costs

Booth, Alison L - C.E.P.R. Discussion Papers - 1994

The model developed in this paper examines the relationship between firing costs and unemployment in a simple two-period model with uncertainty. Where there are long-term employment relationships, and where risk-averse workers and risk-neutral firms bargain over wages and firing costs, average...

Persistent link: https://www.econbiz.de/10005666736

Firing Costs, Unions and Employment

Booth, Alison L - C.E.P.R. Discussion Papers - 1996

This paper develops a simple model of employment, non-statutory redundancy pay and wage determination. An interesting feature of this model is that the contract curve is vertical. Some of the predictions of the model are confronted with the available British data on non-statutory firing costs,...

Persistent link: https://www.econbiz.de/10005791782

Consumption and Savings with Unemployment Risk: Implications for Employment Contracts

Pissarides, Christopher - C.E.P.R. Discussion Papers - 2002

This Paper derives optimal employment contracts when workers are risk-averse and there are employment and unemployment risks. Without income insurance, consumption rises during employment and falls during unemployment. Optimal employment contracts offer severance compensation to smooth...

Persistent link: https://www.econbiz.de/10005124282

Layoffs with Payoffs: A Bargaining Model of Union Wage and Severance Pay Determination

Booth, Alison L - C.E.P.R. Discussion Papers - 1993

Popular characterizations of union preferences assume that the income of laid-off union members is exogenous. There is evidence, however, of intra-union distribution schemes such as severance payments, unemployment insurance, retraining arrangements and early retirement schemes. This paper...

Persistent link: https://www.econbiz.de/10005661618

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

Persistent link: https://www.econbiz.de/10005662270

Managerial Power and Rent Extraction in the Design of Executive Compensation

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

Persistent link: https://www.econbiz.de/10005114260

Financial Disclosure and Market Transparency with Costly Information Processing

Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012

We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...

Persistent link: https://www.econbiz.de/10011083365

Dynamic Behaviour of Wages and Employment: A Bargaining Model Introducing Adjustment Costs

Modesto, Leonor - C.E.P.R. Discussion Papers - 1994

The central objective of this paper is to assess the empirical relevance of labour adjustment costs arising from institutional rigidities and to compare their importance across countries. It thus develops a simple dynamic bargaining model of the union monopoly type that, for the first time,...

Persistent link: https://www.econbiz.de/10005662279

The Labour Market Effects of Payroll Taxes in a Middle-Income Country: Evidence from Colombia

Kugler, Adriana D.; Kugler, Maurice - C.E.P.R. Discussion Papers - 2003

We use a panel of manufacturing plants from Colombia to analyse how the rise in payroll tax rates over the 1980s and 1990s affected the labour market. Our estimates indicate that formal wages fall by between 1.4% and 2.3% as a result of a 10% rise in payroll taxes. This...

Persistent link: https://www.econbiz.de/10005666748

Patterns of Unemployment: An Insider-Outsider Analysis

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1994

The paper presents a stochastic insider-outsider model that accounts for the following stylized facts: (1) unemployment rates display a high degree of serial correlation, or `persistence'; (2) the average rate of unemployment has been higher in the United States than in Europe over the 1950s and...

Persistent link: https://www.econbiz.de/10005789127

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