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Insurance in Human Capital Models with Limited Enforcement

Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - 2021

This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have...

Persistent link: https://www.econbiz.de/10013315494

Dismissal Disputes and Endogenous Sorting

Garibaldi, Pietro; Pfann, Gerard A. - 2021

Dismissal disputes occur mostly in recessions and often lead to long and costly contract termination procedures. This paper investigates how dispute procedures may affect the job-matching process. First we present a simple accounting framework that corresponds with general dismissal legislation,...

Persistent link: https://www.econbiz.de/10013315541

Minimum Wages as a Redistributive Device in the Long Run

Economides, George; Moutos, Thomas - 2021

This paper analyzes long run outcomes resulting from adopting a binding minimum wage in a neoclassical model with perfectly competitive labour markets and capital accumulation. The model distinguishes between workers of heterogeneous ability and capitalists who do all the saving, and it entails...

Persistent link: https://www.econbiz.de/10013315566

Cyclical Unemployment, Structural Unemployment

Diamond, Peter A. - 2021

Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about … the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge Curve pattern of … unemployment and vacancy rates and the related matching function as proxies for the functioning of the labor market and explores …

Persistent link: https://www.econbiz.de/10013315812

Monetary Persistence and the Labor Market : A New Perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021

sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in …

Persistent link: https://www.econbiz.de/10013316264

Incentive Contracts and Efficient Unemployment Benefits

Demougin, Dominique; Helm, Carsten - 2021

Several European countries have reformed their labor market institutions. Incentive effects of unemployment benefits … have been an important aspect of these reforms. We analyze this issue in a principal-agent model, focusing on unemployment … levels and labor productivity. In our model, a higher level of unemployment benefits improves the works position in wage …

Persistent link: https://www.econbiz.de/10013316365

The Concept, Policy Use and Measurement of Structural Unemployment : Estimating a Time Varying NAIRU Across 21 OECD Countries

Richardson, Pete; Boone, Laurence; Giorno, Claude; … - 2000

The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of …

Persistent link: https://www.econbiz.de/10012444864

Optimal Fiscal Policy with Labor Selection

Chugh, Sanjay K. - 2018

This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...

Persistent link: https://www.econbiz.de/10012912678

Heterogeneity and Persistence in Returns to Wealth

Fagereng, Andreas - 2018

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway's administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their...

Persistent link: https://www.econbiz.de/10012913195

Profit Sharing, Wage Formation and Flexible Outsourcing under Labor Market Imperfection

Koskela, Erkki - 2013

We combine profit sharing and outsourcing, if the wage for worker is decided by a labor union to analyze how does the implementation of profit sharing affect individual effort and the bargained wage and thus outsourcing? We find that profit sharing and the wage level have an individual...

Persistent link: https://www.econbiz.de/10013095155