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Danthine, Samuel; Auray, Stephane - Society for Economic Dynamics - SED - 2004

A matching model with labor/leisure choice and staggered bargaining is used to explain (i)differences in GDP per hour …

Persistent link: https://www.econbiz.de/10005027314

Trend Breaks, Long Run Restrictions, and the Contractionary Effects of Technology Shocks

Fernald, John - Society for Economic Dynamics - SED - 2004

Recent empirical work using structural VARs with long-run restrictions assesses whether hours worked per capita rises or falls following a technology improvement. This literature reaches divergent conclusions on the sign of this effect, depending on whether hours worked enters the VAR in...

Persistent link: https://www.econbiz.de/10005069587

Business Cycles, Wage Setting, and Asymmetric Information

Shimer, Robert - Society for Economic Dynamics - SED - 2004

This paper explores wage-setting in the presence of asymmetric information. Firms know their own productivity, while workers only know the distribution of productivity in the economy. Although there is unemployment in equilibrium, the labor market is competitive in the sense of Moen (1997):...

Persistent link: https://www.econbiz.de/10005069473

The Missing Link: Product Market Regulation, Collective Bargaining and the European Unemployment Puzzle

Haefke, Christian; Ebell, Monique - Society for Economic Dynamics - SED - 2004

We examine product market regulation as an explanation for divergent US and continental European labor market performance. First, we show that the choice of bargaining regime is crucial for the effect of product market competition on unemployment rates, being substantial under collective and...

Persistent link: https://www.econbiz.de/10005069554

A dynamic matching model with downward wage rigidity

Jansen, Marcel; Costain, James - Society for Economic Dynamics - SED - 2004

labor market models have a hard time generating the degree of cyclical volatility in unemployment and vacancies that is … studies a dynamic matching model with downward wage rigidity. Like Mortensen and Pissarides (2001) and Jansen (2001), we … surplus of jobs exhibits substantially more cyclical volatility than in standard matching models with transferable utility …

Persistent link: https://www.econbiz.de/10005069525

Fontaine, Francois - Society for Economic Dynamics - SED - 2004

We provide a matching model where identical workers are embedded in ex-ante identical social networks. Job arrival rate …

Persistent link: https://www.econbiz.de/10005051427

Letting Go: Managerial Incentives and the Reallocation of Capital

Rampini, Adriano A.; Eisfeldt, Andrea L. - Society for Economic Dynamics - SED - 2004

This paper studies the provision of incentives to reallocate capital when managers are reluctant to relinquish control and have private information about the productivity of assets under their control. We show that when managers get private benefits from running projects substantial bonuses are...

Persistent link: https://www.econbiz.de/10004970357

Corporate Governance Over the Business Cycle

Philippon, Thomas - Society for Economic Dynamics - SED - 2004

I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more willing to tolerate such a behavior in good times. The model successfully explains...

Persistent link: https://www.econbiz.de/10005085432

When Can Changes in Expectations Cause Business Cycle Fluctuations?

Portier, Franck; Beaudry, Paul - Society for Economic Dynamics - SED - 2004

ABSTRACT Business cycle fluctuations are generally associated with positive co-movement between consumption, investment and employment. In this paper we examine when such positive co-movement can arise in market settings as the result of changes in expectations. We show that most of the standard...

Persistent link: https://www.econbiz.de/10005090930

The Macroeconomics of Delegated Management

Donaldson, J.B.; Danthine, J.P. - Society for Economic Dynamics - SED - 2004

We are interested in the macroeconomic implications of the separation of ownership and control. We propose an alternative decentralized interpretation of the stochastic growth model, one where shareholders hire a self-interested manager who is in charge of the firmâ€™s hiring and investment...

Persistent link: https://www.econbiz.de/10005051413