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Lagos, Ricardo; Kiyotaki, Nobuhiro - Society for Economic Dynamics - SED - 2004

We develop a model of gross job and worker flows and use it to study how the wages and employment status of individual workers evolve over time and how they are affected by aggregate labor market conditions. We also examine the effects that labor market institutions and public policy have on the...

Persistent link: https://www.econbiz.de/10004970348

Business Cycles, Wage Setting, and Asymmetric Information

Shimer, Robert - Society for Economic Dynamics - SED - 2004

This paper explores wage-setting in the presence of asymmetric information. Firms know their own productivity, while workers only know the distribution of productivity in the economy. Although there is unemployment in equilibrium, the labor market is competitive in the sense of Moen (1997):...

Persistent link: https://www.econbiz.de/10005069473

Aggregate Worker Reallocation and Occupational Mobility in the United States: 1976-2000

Vella, F.; Moscarini, G. - Society for Economic Dynamics - SED - 2004

, we construct a synthetic panel based on birth cohorts, and estimate various models of worker occupational mobility. We … level of mobility directly. However, more strikingly, the level of unemployment also influences the magnitude and the sign … of the education effect. As predicted by job-matching theory, occupational mobility has residual persistence, so shocks …

Persistent link: https://www.econbiz.de/10005051444

Moral Hazard and Dynamic Insurance Data

Abbring, Jaap H.; Chiappori, Pierre-Andre - Society for Economic Dynamics - SED - 2004

This paper exhibits dynamic features of insurance contracts in the empirical analysis of moral hazard. We first show that experience rating implies negative occurrence dependence under moral hazard: individual claim intensities decrease with the number of past claims. We then show that dynamic...

Persistent link: https://www.econbiz.de/10005090929

A Model of Life-Cycle Housing Choices with Uninsurable Labor Income and House Price Risks

Yao, Rui; Li, Wenli - Society for Economic Dynamics - SED - 2004

In this paper, we study a householdâ€™s optimal life-cycle housing choices by calibrating a model with uninsurable labor income and house price risks. In our setup, the household not only decides between renting and owning a house, but also chooses the size of its house. Borrowing is...

Persistent link: https://www.econbiz.de/10005090892

The Price and Quantity of Residential Land in the United States

Heathcote, Jonathan; Davis, Morris - Society for Economic Dynamics - SED - 2004

In this paper, we construct the first constant-quality aggregate price index for the stock of residential land in the United States. In the process, we uncover four main results: (a) since 1970, residential land prices have risen nearly twice as fast, but also have been twice as volatile as...

Persistent link: https://www.econbiz.de/10005090926

Housing and the Macroeconomy: The Role of Implicit Guarantees for Government Sponsored Enterprises

Krueger, Dirk; Jeske, Karsten - Society for Economic Dynamics - SED - 2004

This paper deals with the macroeconomic effects of government guarantees on debt issued by Government-Sponsored Enterprises. We set up an economy with a housing and mortgage market where the government provides banks with insurance against aggregate shocks to mortgage default risk. We then study...

Persistent link: https://www.econbiz.de/10005027296

Intertemporal choice and consumption mobility

Jappelli, Tullio; Pistaferri, Luigi - Society for Economic Dynamics - SED - 2004

The theory of intertemporal consumption choice makes sharp predictions about the evolution of the entire distribution of household consumption, not just about its conditional mean. In a first step, we study the empirical transition matrix of consumption using a panel drawn from the Bank of Italy...

Persistent link: https://www.econbiz.de/10005051451

Wage growth due to human capital accumulation and job search: The United States versus West-Germany

Schoenberg, Uta - Society for Economic Dynamics - SED - 2004

strikingly different mobility rates, the sources of wage growth are remarkably similar in both countries. After ten years in the …

Persistent link: https://www.econbiz.de/10005085468

Unemployment Dynamics and Social Security

Rojas, Juan; Rendon, Silvio - Society for Economic Dynamics - SED - 2004

The goal of this paper is to determine the effects of different social security regimes on job search. A less generous pension system induces higher savings across the life cycle and makes agents wealthier and thus more reluctant to accept low wage offers. On the other hand, as the social...

Persistent link: https://www.econbiz.de/10005069478