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We introduce dynamic incentive contracts into a model of unemployment dynamics and present three results. First, wage …-order equivalent in an economy with flexible incentive pay and without bargaining, vis-á-vis an economy with rigid wages. Second, wage …% of wage cyclicality in the data arises from incentives. A standard model without incentives calibrated to weakly …
Persistent link: https://www.econbiz.de/10014372479
write wage contracts. We develop a constructive proof for the nonparametric identification of the model primitives from … matched employer-employee data. We use the estimated model to decompose the sources of wage dispersion into worker …
Persistent link: https://www.econbiz.de/10014635650
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
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relationship across US states between local employment and wage growth during the Great Recession. This relationship is much weaker … during the Great Recession, but the wage stickiness necessary for them to account for the slow employment recovery and the … that our methodology yields different conclusions about the causes of aggregate employment and wage dynamics between 2007 …
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are downward nominal wage rigidity, a Taylor-type interest-rate feedback rule, the zero bound on nominal rates, and a …
Persistent link: https://www.econbiz.de/10012460116
This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity … support for the hypothesis that a monetary contraction operating through a sticky wage channel played a significant role in … the price decline having a much larger unanticipated component during the Depression, as well as less flexible wage …
Persistent link: https://www.econbiz.de/10012472743