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A Theory of Non-Coasean Labor Markets
Blanco, Andrés; Drenik, Andres; Moser, Christian; … - 2023
We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...
Persistent link: https://www.econbiz.de/10014296865
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Search Frictions on Product and Labor Markets: Money in the Matching Function
Lehmann, Etienne; Linden, Bruno Van der - Institute for the Study of Labor (IZA) - 2007
not efficient. Inflation is detrimental to unemployment. …This paper builds a macroeconomic model of equilibrium unemployment in which firms persistently face difficulties in …, equilibrium unemployment is a U-shaped function of the ratio of total demand to total supply on this market. When prices are at …
Persistent link: https://www.econbiz.de/10005700844
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Limited Attention as the Scarce Resource in an Information-rich Economy
Falkinger, Josef - 2005
This paper uses basic empirical facts from attention and perception psychology for a behavioral approach to equilibrium analysis at the industry and the macroeconomic level. The paper endogenously determines whether an economy is information-rich and whether scarcity of attention complements...
Persistent link: https://www.econbiz.de/10010262645
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Limited Attention as the Scarce Resource in an Information-Rich Economy
Falkinger, Josef - Institute for the Study of Labor (IZA) - 2005
This paper uses basic empirical facts from attention and perception psychology for a behavioral approach to equilibrium analysis at the industry and the macroeconomic level. The paper endogenously determines whether an economy is information-rich and whether scarcity of attention complements...
Persistent link: https://www.econbiz.de/10005761803
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The relationship between economic preferences and psychological personality measures
Becker, Anke; Deckers, Thomas; Dohmen, Thomas; Falk, Armin - 2012
Although both economists and psychologists seek to identify determinants of heterogeneity in behavior, they use different concepts to capture them. In this review we first analyze the extent to which economic preferences and psychological concepts of personality - such as the Big Five and locus...
Persistent link: https://www.econbiz.de/10010282182
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The Relationship Between Economic Preferences and Psychological Personality Measures
Becker, Anke; Deckers, Thomas; Dohmen, Thomas; Falk, Armin - Institute for the Study of Labor (IZA) - 2012
Although both economists and psychologists seek to identify determinants of heterogeneity in behavior, they use different concepts to capture them. In this review we first analyze the extent to which economic preferences and psychological concepts of personality – such as the Big Five and...
Persistent link: https://www.econbiz.de/10011279288
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Are Risk Aversion and Impatience Related to Cognitive Ability?
Dohmen, Thomas; Falk, Armin; Huffman, David; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2007
Is the way that people make risky choices, or tradeoffs over time, related to cognitive ability? This paper investigates whether there is a link between cognitive ability, risk aversion, and impatience, using a representative sample of the population and incentive compatible measures. We conduct...
Persistent link: https://www.econbiz.de/10005822866
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Cognitive Abilities and Behavioral Biases
Oechssler, Jörg; Roider, Andreas; Schmitz, Patrick W. - Institute for the Study of Labor (IZA) - 2008
We use a simple, three-item test for cognitive abilities to investigate whether established behavioral biases that play a prominent role in behavioral economics and finance are related to cognitive abilities. We find that higher test scores on the Cognitive Reflection Test of Frederick (2005)...
Persistent link: https://www.econbiz.de/10005762419
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The US inflation-unemployment tradeoff: methodological issues and further evidence
Karanassou, Marika; Sala, Héctor - 2009
inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation-unemployment …
Persistent link: https://www.econbiz.de/10010276468
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Recession and Deflation?
Blanchflower, David G.; Bryson, Alex - 2022
Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is … not the case. Although unemployment is low, the labor market is not 'tight'. On the contrary, we show that what matters …
Persistent link: https://www.econbiz.de/10013470458