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The Unexpected Long-Run Impact of the Minimum Wage: An Educational Cascade
Sutch, Richard - National Bureau of Economic Research (NBER) - 2010
Neglected, but significant, the long-run consequence of the minimum wage - which was made national policy in the United States in 1938 - is its stimulation of capital deepening. This took two forms. First, the engineered shortage of low-skill, low-paying jobs induced teenagers to invest in...
Persistent link: https://www.econbiz.de/10008565071
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Wage Adjustment in the Great Recession
Solon, Gary; Elsby, Michael W.; Shin, Donggyun - National Bureau of Economic Research (NBER) - 2013
Using 1979-2011 Current Population Survey data for the United States and 1975-2011 New Earnings Survey data for Great Britain, we study wage behavior in both countries, with particular attention to the Great Recession. Real wages are procyclical in both countries, but the procyclicality of real...
Persistent link: https://www.econbiz.de/10010969431
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Knowledge-based Hierarchies: Using Organizations to Understand the Economy
Rossi-Hansberg, Esteban; Garicano, Luis - National Bureau of Economic Research (NBER) - 2014
We argue that incorporating the decision of how to organize the acquisition, use, and communication of knowledge into economic models is essential to understand a wide variety of economic phenomena. We survey the literature that has used knowledge-based hierarchies to study issues like the...
Persistent link: https://www.econbiz.de/10010950675
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Stepping Off the Wage Escalator: The Effects of Wage Growth on Equilibrium Employment
Shapiro, Matthew D.; Elsby, Michael W. L. - National Bureau of Economic Research (NBER) - 2009
This paper emphasizes the role of wage growth in shaping work incentives. It provides an analytical framework for labor supply in the presence of a return to labor market experience and aggregate productivity growth. A key finding of the theory is that there is an interaction between these two...
Persistent link: https://www.econbiz.de/10005085133
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Recessions and the Cost of Job Loss
Davis, Steven; von Wachter, Till Marco - National Bureau of Economic Research (NBER) - 2011
-displacement earnings if displaced in mass-layoff events that occur when the national unemployment rate is below 6 percent. They lose a … staggering 2.8 years of pre-displacement earnings if displaced when the unemployment rate exceeds 8 percent. These results … opportunities respond to contemporaneous economic conditions. Finally, we confront leading models of unemployment fluctuations with …
Persistent link: https://www.econbiz.de/10009372449
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How Much Is Employment Increased by Cutting Labor Costs? Estimating the Elasticity of Job Creation
Beaudry, Paul; Green, David A.; Sand, Benjamin M. - National Bureau of Economic Research (NBER) - 2010
In search and bargaining models, the effect of higher wages on employment is determined by the elasticity of the job creation curve. In this paper, we use U.S. data over the 1970-2007 period to explore whether labor market outcomes abide by the restrictions implied by such models and to evaluate...
Persistent link: https://www.econbiz.de/10008625924
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Fixed-Term Employment Contracts in an Equilibrium Search Model
Alvarez, Fernando; Veracierto, Marcelo - National Bureau of Economic Research (NBER) - 2006
This paper analyzes the effects of fixed-term contracts using a version of the Lucas and Prescott island model with undirected search. A fixed-term contract of length J is modeled as a tax on separations of workers with tenure higher than J . While in principle these policies require a very...
Persistent link: https://www.econbiz.de/10005710122
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Wage Formation between Newly Hired Workers and Employers: Survey Evidence
Krueger, Alan B.; Hall, Robert E. - National Bureau of Economic Research (NBER) - 2008
Some workers bargain with prospective employers before accepting a job. Others could bargain, but find it undesirable, because their right to bargain has induced a sufficiently favorable offer, which they accept. Yet others perceive that they cannot bargain over pay; they regard the posted wage...
Persistent link: https://www.econbiz.de/10005829126
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Did Wages Reflect Growth in Productivity?
Feldstein, Martin S. - National Bureau of Economic Research (NBER) - 2008
The level of productivity doubled in the U.S. nonfarm business sector between 1970 and 2006. Wages, or more accurately total compensation per hour, increased at approximately the same annual rate during that period if nominal compensation is adjusted for inflation in the same way as the nominal...
Persistent link: https://www.econbiz.de/10005088767
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Unemployment Fluctuations With Staggered Nash Wage Bargaining
Gertler, Mark; Trigari, Antonella - National Bureau of Economic Research (NBER) - 2006
A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and …
Persistent link: https://www.econbiz.de/10005089216