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Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2004

The cyclical behavior of hours worked, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market...

Persistent link: https://www.econbiz.de/10005076681

From Individual to Aggregate Labor Supply: A Quantitative Analysis Based on a Heterogeneous Agent Macroeconomy

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2003

We investigate the mapping from individual to aggregate labor supply using a general equilibrium heterogeneous-agent model with an incomplete market. The nature of heterogeneity among workers is calibrated using wage data from the PSID. The gross worker flows between employment and nonemployment...

Persistent link: https://www.econbiz.de/10005126339

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2003

In this paper we consider a standard policy game between the Government and a union. In such a framework, we first investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria. Afterwards, we introduce in the literature the issue...

Persistent link: https://www.econbiz.de/10005076716

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2005

This paper investigates the effects of cooperation (corporatism) on macroeconomic performance by considering a rather standard policy game between the government and a monopoly union. We stress the shortcomings of the traditional way used to model cooperation in policy games (the maximization of...

Persistent link: https://www.econbiz.de/10005412619

Dual Economies and International Total Factor Productivity Differences

Chanda, Areendam; Dalgaard, Carl-Johan - EconWPA - 2003

from institutions, and to some extent, geography, on long-run prosperity and TFP, may be thus explained. …

Persistent link: https://www.econbiz.de/10005126217

Dual Economies and International Total Factory Productivity Differences

Chanda, Areendam; Dalgaard, Carl-Johan - EconWPA - 2005

exercises indicate that recent findings of the conduciveness of good institutions, and, to some extent trade, on levels of TFP …

Persistent link: https://www.econbiz.de/10005561240

Non-linear real exchange rate effects in the UK labour market

Legrenzi, Gabriella; Milas, Costas - EconWPA - 2004

affecting UK labour market conditions. When the real exchange rate is undervalued, short-run unemployment falls as firms respond … to an improvement in domestic competitiveness by increasing their demand for labour. The unemployment response to the … reflects monetary policy considerations, our results imply that unemployment can be targeted by economic policy. Our results …

Persistent link: https://www.econbiz.de/10005556606

Non-linear real exchange rate effects in the UK labour market

Legrenzi, Gabriella; Milas, Costas - EconWPA - 2005

unemployment vary both with large versus small real exchange rate disequilibria and rising versus falling unemployment regimes. The … adjustment in periods of falling unemployment. This implies that prices and wages are more flexible when real output is high … demanding and getting higher wages. Unemployment is reduced following gains in competitiveness when the real exchange rate is …

Persistent link: https://www.econbiz.de/10005561246