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Labor and the market value of the firm
Merz, Monika; Yashiv, Eran - London School of Economics (LSE) - 2005
What role does labor play in a firm’s market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction...
Persistent link: https://www.econbiz.de/10010745844
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Structural models of the wage curve estimated by panel data and cross-section regressions
Gerba, Eddie; Pikoulakis, Emmanuel V.; Wisniewski, … - London School of Economics (LSE) - 2014
Introducing equilibrium unemployment to the solution of the intertemporal allocation of non-leisure time, we derive two …
Persistent link: https://www.econbiz.de/10011126124
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Unemployment clusters across European regions and countries
Overman, Henry G.; Puga, Diego - London School of Economics (LSE) - 1999
European regions have experienced a polarisation of their unemployment rates between 1986 and 1996, as regions with …
Persistent link: https://www.econbiz.de/10010884644
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A test between unemployment theories using matching data
Coles, Melvyn; Petrongolo, Barbara - London School of Economics (LSE) - 2003
This paper tests whether aggregate matching is consistent with unemployment being mainly due to search frictions or due … with reference to the design of optimal unemployment insurance programs. …
Persistent link: https://www.econbiz.de/10010928750
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Creative destruction with on-the-job search
Michau, Jean-Baptiste - London School of Economics (LSE) - 2007
allowing on-the-job search. We obtain that the elasticity of unemployment with respect to growth shrinks from 1.63 to 0 … search process than the unemployed. Thus, we show that, rather than contributing to unemployment, creative destruction …
Persistent link: https://www.econbiz.de/10010744813
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The Beveridge curve
Yashiv, Eran - London School of Economics (LSE) - 2007
. The Beveridge curve depicts the steady state of the model, whereby inflows into unemployment are equal to the outflows …
Persistent link: https://www.econbiz.de/10010744873
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Unemployment dynamics with international capital mobility
Azariadis, Costas; Pissarides, Christopher - London School of Economics (LSE) - 2007
We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high … by developed nations in the last twenty years, substantially amplify the impact on the domestic unemployment rate of …
Persistent link: https://www.econbiz.de/10010744954
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A theory of countercyclical government multiplier
Michaillat, Pascal - London School of Economics (LSE) - 2012
I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent … unemployment is high, the increase in tightness and resulting crowding-out are small. …
Persistent link: https://www.econbiz.de/10010745284
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Resurrecting the participation margin
Ebell, Monique - London School of Economics (LSE) - 2008
procyclical unemployment and a positively-sloped Beveridge curve. This paper presents a calibrated model which does indeed … generate countercyclical unemployment and a negatively-sloped Beveridge curve despite the presence of a participation margin. …
Persistent link: https://www.econbiz.de/10010745347
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Short job tenures and firing taxes in the search theory of unemployment
Gkionakis, Vasileios - London School of Economics (LSE) - 2004
This paper studies the effects of firing taxes on the job destruction rate, when probation period - or temporary contract - policies are implemented in an otherwise exogenous job separation search model. It is shown that contrary to conventional wisdom, firing taxes can amplify the job turnover...
Persistent link: https://www.econbiz.de/10010745906