The Walrasian theory of labor market equilibrium predicts that in the absence of any market frictions, workers earn a wage rate equal to their marginal productivity. However, this observation is not supported empirically for various economies. Based on the neoclassical tradition, the ratio of...

This paper provides a theoretical and quantitative analysis of various types of wellknown employment subsidies. Two important questions are addressed: (i) How should employment subsidies be targeted? (ii) How large should the subsidies be? We consider measures involving targeting workers with...

This paper examines the interactions between employment and training policies. Their effectiveness in stimulating income and employment may be interdependent for various important reasons. For example, the more employment policies stimulate the employment rate, the greater the length of time...

This paper analyses the German training system from the point of view of regional policy. The problems and prospects of the German system of first and further vocational training are addressed followed by an overview over macro and micro approaches to an empirical assessment of the regional...

This paper substantiates the debate following Richard Florida’s suggestion to measure regional human capital by creative occupations rather than education. Consistent with Florida’s notion of creativity, it suggests a microfoundation that relates creativity to workers’ cognitive and...

The authors use information gathered from 122 studies on the effects of high school diplomas on wages in different countries worldwide to carry out a meta-analysis that shows high school diplomas have a statistically significant effect on wages of nearly 8 percent. This effect varies whether the...

The occupational skill structure depends on the business cycle if employers respond to shortages of applicants during upturns by lowering their hiring standards. The notion and relevance of hiring standards adjustment was advanced by Reder and investigated formally in a search-theoretic...

This paper investigates residents' preferences towards cruise tourism investment in their home port. The research uses data collected during the peak cruise season in 2011 at Messina, a port of call in Sicily, Italy. A generalized ordered logit analysis is run to analyse what factors influence...

In this paper, the authors construct country-specific chronologies of house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of fundamental and filter approaches. The resulting speculative bubble chronology is the one...

The aim of this paper is to provide fresh empirical evidence of the mechanisms through which wage inequality affects worker satisfaction. Theoretically, wages of others may affect workers' utility for two main reasons: Workers may derive well-being from their social status (comparison...