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Factor shares, the price markup, and the elasticity of substitution between capital and labor

Raurich-Puigdevall, Xavier; Sala, Hector; Sorolla i … - 2011

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production … function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these ….S. These results are used to explain the declining path of the labor income share, common to both economies, and their …

Persistent link: https://www.econbiz.de/10009422480

Local social capital and geographical mobility : a theory

David, Quentin (contributor); Janiak, Alexandre (contributor) - 2008

In this paper, we attempt to understand the determinants of mobility by introducing the concept of local social capital. Investing in local ties is rational when workers anticipate that they will not move to another region. Reciprocally, once local social capital is accumulated, incentives to...

Persistent link: https://www.econbiz.de/10003752851

Flexibility at the margin and labor market volatility in OECD countries

Sala, Hector (contributor); Silva, José Ignacio (contributor) - 2008

We study whether segmented labor markets with flexibility at the margin (e.g., just affecting fixed-term employees) can … achieve similar volatility than fully deregulated labor markets. Flexibility at the margin produces a gap in separation costs … de labor market volatility. This increased volatility is partially reverted when limitations in the duration and number …

Persistent link: https://www.econbiz.de/10003652705

The tax system incidence on unemployment : a country-specific analysis for the OECD economies

García Martínez, José Ramón (contributor); … - 2006

This paper provides a detailed analysis on the incidence of the tax structure on the labor market. To do so it goes …

Persistent link: https://www.econbiz.de/10003355556

Phillips curves and unemployment dynamics : a critique and a holistic perspective

Karanassou, Marika (contributor); Sala, Hector (contributor) - 2006

"The conventional wisdom that inflation and unemployment are unrelated in the long-run implies that these phenomena can be analysed by separate branches of economics. The macro literature tries to explain inflation dynamics and estimates the NAIRU. The labour macro literature tries to explain...

Persistent link: https://www.econbiz.de/10003359297

Commuting, wages and bargaining power

Rupert, Peter; Stancanelli, Elena G. F.; Wasmer, Etienne - 2009

A search model of the labor market is augmented to include commuting time to work. The theory posits that wages are … impact of commute time on job acceptance decisions. We also use the theory to calculate the bargaining power of workers which …

Persistent link: https://www.econbiz.de/10003905644

Layoff costs and efficiency with asymmetric information

Delacroix, Alain; Wasmer, Etienne - 2009

Wage determination under asymmetric information generates inefficiencies due to excess turnover. Severance pay and layoff taxes can improve efficiency. We show that inefficient separations can even be fully removed with fixed separation taxes in the case where the relevant private information is...

Persistent link: https://www.econbiz.de/10003906313

The macroeconomics of the labor market : three fundamental views

Karanassou, Marika (contributor); Sala, Hector (contributor) - 2006

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the … frictionless equilibrium view; (ii) the chain reaction theory, or prolonged adjustment view; and (iii) the hysteresis view. While … problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We …

Persistent link: https://www.econbiz.de/10003504689

Macroeconomic dynamics in a model of goods, labor and credit market frictions

Petrosky-Nadeau, Nicolas; Wasmer, Etienne - 2011

Building a model with three imperfect markets - goods, labor and credit - representing a product's life-cycle, we find … that goods market frictions drastically change the qualitative and quantitative dynamics of labor market variables. The … search models of the labor market fail in one of the two dimensions. Two factors related to goods market frictions generate …

Persistent link: https://www.econbiz.de/10009307979

A steady-state model of a non-walrasian economy with three imperfect markets

Wasmer, Etienne - 2011

Unemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by … introducing search frictions on several markets: in a model of credit and labor market imperfections as in Wasmer and Weil (2004 …

Persistent link: https://www.econbiz.de/10009308020