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Efficiency Wages and the Long-Run Incidence of Progressive Taxation
Rasmussen, Bo Sandemann - School of Economics and Management, University of Aarhus
Progressive income taxation has for some time been recognized to provide incentives for wage restraint in models with imperfectly competitive labour markets. Recent research has established that bargaining over individual working hours may reverse the wage restraining effect such that increased...
Persistent link: https://www.econbiz.de/10005198800
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Nonparametric Detection and Estimation of Structural Change
Kristensen, Dennis - School of Economics and Management, University of Aarhus - 2011
We propose a nonparametric approach to the estimation and testing of structural change in time series regression models …?nite-sample performance of the estimators and tests. The techniques are employed in the analysis of structural change in US productivity and …
Persistent link: https://www.econbiz.de/10009003125
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Modeling corporate defaults: Poisson autoregressions with exogenous covariates (PARX)
Agosto, Arianna; Cavaliere, Giuseppe; Kristensen, Dennis; … - School of Economics and Management, University of Aarhus - 2015
We develop a class of Poisson autoregressive models with additional covariates (PARX) that can be used to model and forecast time series of counts. We establish the time series properties of the models, including conditions for stationarity and existence of moments. These results are in turn...
Persistent link: https://www.econbiz.de/10011170253
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Generalizing smooth transition autoregressions
Chini, Emilio Zanetti - School of Economics and Management, University of Aarhus - 2013
We introduce a variant of the smooth transition autoregression - the GSTAR model - capable to parametrize the asymmetry in the tails of the transition equation by using a particular generalization of the logistic function. A General-to-Specific modelling strategy is discussed in detail, with...
Persistent link: https://www.econbiz.de/10010929616
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The cyclical component factor model
Dahl, Christian M.; Hansen, Henrik; Smidt, John - School of Economics and Management, University of Aarhus - 2008
Forecasting using factor models based on large data sets have received ample attention due to the models’ ability to increase forecast accuracy with respect to a range of key macroeconomic variables in the US and the UK. However, forecasts based on such factor models do not uniformly...
Persistent link: https://www.econbiz.de/10005440058
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Product market integration, rents and wage inequality
Andersen, Torben M.; Sørensen, Allan - School of Economics and Management, University of Aarhus - 2010
Globalization in the form of product market integration affects labour markets and produces winners and losers. While there are aggregate gains, it is in general ambiguous how inequality is affected. We explore this issue in a Ricardian model and show that it depends on the balance between...
Persistent link: https://www.econbiz.de/10008587735
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Distributional consequences of neutral shocks to economic activity in a model with efficiency wages and overeducation
Skott, Peter - School of Economics and Management, University of Aarhus
This paper shows that the existence and persistence of `overeducation' can be explained by a simple extension of the efficiency wage model. When calibrated to fit the amounts of overeducation found in most empirical studies, the model implies that both the relative wage and the relative...
Persistent link: https://www.econbiz.de/10005439946
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The economics of immigration into a Nordic welfare state - and a comparison to an immigration state and a guest worker state
Chand, Sheetal K.; Paldam, Martin - School of Economics and Management, University of Aarhus - 2004
This paper examines the economic and related consequences of immigration from a less developed country (LDC) to a developed country (DC) in three different stylized cases: A guest worker society of the Dubai type, an immigrant society of the US type, and a tax-based welfare state with...
Persistent link: https://www.econbiz.de/10005787499
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The economics of immigration into a welfare state
Chand, Sheetal K.; Paldam, Martin - School of Economics and Management, University of Aarhus
The NPV of the income flows associated with an LDC outward migration are calculated for both the immigrant from the LDC and for the host country DC in three different stylized cases: A guest worker society of the Dubai type, an immigrant society of the US type, and a tax-based welfare state with...
Persistent link: https://www.econbiz.de/10005198819
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Fairness as a source of hysteresis in employment and relative wages
Skott, Peter - School of Economics and Management, University of Aarhus
`relative-wage' norms that relate wage offers to workers' own current wage and to the wages of other groups of workers, and, to … avoid shirking, firms pay fair wages. The wage norms change endogenously, and the result is hysteresis with respect to both … employment and the distribution of wages. An extension of the model that allows `induced overeducation' may help explain trends …
Persistent link: https://www.econbiz.de/10005114051