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Persistent link: https://www.econbiz.de/10001917018
The estimates of the structural parameters of a job separations model derived from the theory of on-the-job search are reported in this papers. Given that each employer pays the same wage to all observably equivalent workers and that wage dispersion across employers exists in the sense that...
Persistent link: https://www.econbiz.de/10009612015
In a model with private information of the worker about her ability and unobservable effort choice, the role of public … information rent if the employment exchange is inefficient and the employer chooses not to use the private agency. -- principal …
Persistent link: https://www.econbiz.de/10009658470
This paper investigates the behaviour in repeated decision situations. The experimental study shows that subjects show low or no risk-aversion, but put very high value on the opportunity to sell the lottery in every stage of the decision problem. There is evidence that risk attitudes depend on...
Persistent link: https://www.econbiz.de/10009582412
People dislike inflation because inflation erodes the real value of future nominal income and wealth. Adjustment of future nominal values via a cost of living index is an appropriate way to handle the problem of real income risk. Nonetheless an important aspect needs more discussion: If markets...
Persistent link: https://www.econbiz.de/10009612030
Persistent link: https://www.econbiz.de/10001917007
In this paper we analyze the sources of German unemployment within a structural vector error correction model (SVECM) framework. For this purpose, we propose a method to estimate an exactly identified Subset SVECM, which is a SVECM with short run parameter restrictions. A cointegration analysis...
Persistent link: https://www.econbiz.de/10009613616
We study the long run behaviour of interactive Markov chains on infinite product spaces. The behaviour at a single site is influenced by the local situation in some neighborhood and by a random signal about the average situation throughout the whole system. The asymptotic behaviour of such...
Persistent link: https://www.econbiz.de/10009613606
bank of allowing the free play of market forces to reveal more of the information available to market participants …
Persistent link: https://www.econbiz.de/10014400555
The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to … drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in … instruments for the express purpose of signaling. Overall, attempts to 'design' signaling mechanisms have been less than fully …
Persistent link: https://www.econbiz.de/10014409740