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Dispersion in dispersion: measuring establishment-level differences in productivity
Cunningham, Cindy; Foster, Lucia; Grim, Cheryl; … - 2021
We describe new experimental productivity statistics, Dispersion Statistics on Productivity (DiSP), jointly developed … and published by the Bureau of Labor Statistics (BLS) and the Census Bureau. Official BLS productivity statistics provide … information on aggregate productivity growth. Yet, a large body of research shows that within-industry variation in productivity …
Persistent link: https://www.econbiz.de/10012550217
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The importance of hiring frictions in business cycles
Faccini, Renato; Yashiv, Eran - 2020
Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve production disruption. Thus, cyclical fluctuations in the value of output, induced by price frictions, have consequences for the optimal allocation of hiring activities. We...
Persistent link: https://www.econbiz.de/10012157267
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Downward real wage rigidity and equal treatment wage contracts : theory and evidence
Snell, Andy; Stüber, Heiko; Thomas, Jonathan P. - 2018
Recent dynamic contracting models of downward real wage rigidity with "equal treatment" - newly hired workers cannot price themselves into jobs by undercutting incumbents – imply that real wages are relatively rigid in "bad" times but upwardly flexible during "good" times. We use an...
Persistent link: https://www.econbiz.de/10011855567
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Volatility and growth : governments are key
Jetter, Michael - 2013
There exists a persistent disagreement in the literature over the effect of business cycles on economic growth. This paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a negative indirect effect, operating through the insurance...
Persistent link: https://www.econbiz.de/10010228789
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Uncovering the mechanism(s): financial constraints and wages
Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment and explore their effect on wages. First, the financial...
Persistent link: https://www.econbiz.de/10012389827
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The UK's productivity puzzle
Bryson, Alex; Forth, John - 2015
unemployment response; and the very slow rate of recovery. We review the literature which finds most of the decline in productivity … intensification but employers appeared incapable of turning this effort into improved workplace level productivity. Widespread pay …
Persistent link: https://www.econbiz.de/10011281607
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Employment reallocation over the business cycle: evidence from Danish data
Bertheau, Antoine; Bunzel, Henning; Vejlin, Rune Majlund - 2020
We present new evidence on how employment growth varies across firm types (size, productivity, and wage) and over the … hirings from/to employment (poaching) and net hirings from nonemployment. High-productivity firms are the most growing firms …
Persistent link: https://www.econbiz.de/10012290637
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The German manufacturing sector is a granular economy
Wagner, Joachim - 2011
Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...
Persistent link: https://www.econbiz.de/10009519874
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...
Persistent link: https://www.econbiz.de/10012099522
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Produce or speculate? : asset bubbles, occupational choice and efficiency
Cahuc, Pierre; Challe, Edouard - 2009
We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create...
Persistent link: https://www.econbiz.de/10003926432