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Human Capital, Signaling, and Employer Learning. What Insights Do We Gain from Regression Discontinuity Designs
Graetz, Georg - 2018
similar credentials) on wages. Using a simple model of asymmetric information, I show that RDD estimates the information value … of a diploma. A positive information value arises if employers, unable to observe the test score that determines diploma … information value regardless of whether workers' productivity is solely determined by acquisition of knowledge and skills through …
Persistent link: https://www.econbiz.de/10012929537
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Slow to Hire, Quick to Fire : Employment Dynamics with Asymmetric Responses to News
Ilut, Cosmin L. - 2017
Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro and micro data. In particular, they generate countercyclical movement in both aggregate conditional...
Persistent link: https://www.econbiz.de/10012956881
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The Information Value of Central School Exams
Schwerdt, Guido - 2015
The central vs. local nature of high-school exit exam systems can have important repercussions on the labor market. By increasing the informational content of grades, central exams may improve the sorting of students by productivity. To test this, we exploit the unique German setting where...
Persistent link: https://www.econbiz.de/10013020502
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Risk Sharing in Defined-Contribution Funded Pension Systems
Beetsma, Roel M. W. J. - 2011
This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...
Persistent link: https://www.econbiz.de/10013118167
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The Yield Spread Puzzle and the Information Content of SPF Forecasts
Lahiri, Kajal - 2013
information content of SPF forecasts directly. Furthermore, we take the first step towards a possible resolution of this puzzle by …
Persistent link: https://www.econbiz.de/10013090002
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The Information Content of Capacity Utilisation Rates for Output Gap Estimates
Graff, Michael; Sturm, Jan-Egbert - 2021
From a theoretical perspective, the output gap is probably the most comprehensive and convincing concept to describe the cyclical position of an economy. Unfortunately, for practical purposes, the concept depends on the determination of potential output, which is an inherently unobservable...
Persistent link: https://www.econbiz.de/10013316121
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Price Formation on the EuroMTS Platform
Caporale, Guglielmo Maria - 2013
This paper examines the process of price discovery in the MTS system, which builds on the parallel quoting of euro-denominated government securities on a number of (relatively large) domestic markets and on a (relatively small) European marketplace (EuroMTS). Using twenty-seven months of daily...
Persistent link: https://www.econbiz.de/10013095113
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Regional and Ethnic Favoritism in the Allocation of Humanitarian Aid
Bommer, Christian - 2018
in the formation of humanitarian aid flows. We construct a novel dataset combining information on birth regions of …
Persistent link: https://www.econbiz.de/10012915575
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Forecasting Tail Risks
De Nicolo, Gianni - 2015
Reliable early warning signals are essential for timely implementation of macroeconomic and macro-prudential policies. This paper presents an early warning system as a set of multi-period forecasts of indicators of tail real and financial (systemic) risks. Forecasts are obtained from: (a)...
Persistent link: https://www.econbiz.de/10013024363
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Ageing, Government Budgets, Retirement, and Growth
Gonzalez-Eiras, Martín - 2011
We analyze the short and long run effects of demographic ageing - increased longevity and reduced fertility - on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through...
Persistent link: https://www.econbiz.de/10013129861