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Capital-skill complementarity and inequality: a macroeconomic analysis

Krusell, Per; Ohanian, Lee E.; Rios-Rull, Jose-Victor; … - Federal Reserve Bank of Minneapolis - 1997

premium, or the ratio between the wages of skilled and unskilled labor. This paper develops a framework for understanding this …

Persistent link: https://www.econbiz.de/10005498572

Labor contracts in a model of imperfect competition

Chari, V.V.; Jones, Larry E.; Manuelli, Rodolfo E. - Federal Reserve Bank of Minneapolis - 1989

We propose a definition of involuntary unemployment which differs from that traditionally used in implicit labor contract theory. We say that a worker is involuntarily unemployed if the marginal wage implied by the optimal contract exceeds the marginal rate of substitution between leisure and...

Persistent link: https://www.econbiz.de/10005367683

Investment-specific technological change, skill accumulation, and wage inequality

He, Hui; Liu, Zheng - Federal Reserve Bank of Minneapolis - 2007

Wage inequality between education groups in the United States has increased substantially since the early 1980s. The relative number of college-educated workers has also increased dramatically in the postwar period. This paper presents a unified framework where the dynamics of both skill...

Persistent link: https://www.econbiz.de/10005427755

The employment and wage effects of oil price shocks: a sectoral analysis

Keane, Michael P.; Prasad, Eswar S. - Federal Reserve Bank of Minneapolis - 1991

In this paper we use micro panel data to examine the effects of oil price shocks on employment and real wages, at the … the basis of skill level. We find that oil price increases result in a substantial decline in real wages for all workers … substantial changes in employment shares and relative wages across industries. However, we find little evidence that oil price …

Persistent link: https://www.econbiz.de/10005372794

A business cycle model with nominal wage contracts and government

Cho, Jang-Ok; Phaneuf, Louis - Federal Reserve Bank of Minneapolis - 1993

We incorporate nominal wage contracts and government into a quantitative general equilibrium framework. Thus, our model includes three types of shocks: a fiscal shock, a monetary shock, and a technology shock. We show that it is possible in this type of environment to generate a low correlation...

Persistent link: https://www.econbiz.de/10005372795

Nominal contracting theories of unemployment: evidence from panel data

Keane, Michael P. - Federal Reserve Bank of Minneapolis - 1990

This paper examines the response of real wages and employment probabilities to nominal shocks using micro-panel data … predict that nominal surprises should be negatively correlated with real wages in sectors with nominal contracting. In fact …, inflation surprises are found to be essentially uncorrelated with real wages in all sectors, while money growth surprises are …

Persistent link: https://www.econbiz.de/10005372796

Human capital, aggregate shocks, and panel data estimation

Altug, Sumru; Miller, Robert A. - Federal Reserve Bank of Minneapolis - 1990

This paper analyses how the wage and employment decisions of females are affected by past workforce participation and hours supplied. Our estimation methods exploit the fact that, when markets are complete, the Lagrange multiplier for an agent’s lifetime budget constraint always enters...

Persistent link: https://www.econbiz.de/10005372809

Individual heterogeneity and interindustry wage differentials

Keane, Michael P. - Federal Reserve Bank of Minneapolis - 1991

residual variance of log wages across industries is explained by individual fixed-effects. Only 16 percent of the residual … wages in efficiency wage paying (or primary) industries should be relatively rigid. Therefore, industry wage differentials …

Persistent link: https://www.econbiz.de/10005372817

Sectoral shift theories of unemployment: evidence from panel data

Keane, Michael P. - Federal Reserve Bank of Minneapolis - 1990

This paper examines the response of sectoral real wages and location probabilities to oil price shocks using U.S. micro … relative wages should increase unemployment in the short run and lead to labor reallocation in the long run. Consistent with … these predictions, the oil price changes of the 1970s resulted in substantial movements in industry relative wages and …

Persistent link: https://www.econbiz.de/10005372833

The relation between skill levels and the cyclical variability of employment, hours and wages

Keane, Michael P.; Prasad, Eswar S. - Federal Reserve Bank of Minneapolis - 1991

This paper uses micro data to examine differences in the cyclical variability of employment, hours, and wages for … workers are subject to essentially the same degree of cyclical variation in wages. That is, relative offer wage differentials …

Persistent link: https://www.econbiz.de/10005372850