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Labor and the Market Value of the Firm
Merz, Monika; Yashiv, Eran - 2003
What role does labor play in firms? market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction being...
Persistent link: https://www.econbiz.de/10010261658
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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
This paper builds a macroeconomic model of equilibrium unemployment in which firms persistently face difficulties in selling their production and this affects their decisions to create jobs. Due to search-frictions on the product market, equilibrium unemployment is a U-shaped function of the...
Persistent link: https://www.econbiz.de/10005700844
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Price Dynamics and Production Lags
Lindbeck, Assar; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 1999
This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why aggregate output changes as result of such shocks. We argue that these phenomena are related to lags between inputs and outputs in the production process, "production lags" for...
Persistent link: https://www.econbiz.de/10005702997
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Earnings-Related Unemployment Benefits in a Unionised Economy
Madsen, Jakob B.; Goerke, Laszlo - 2003
We show that a stronger earnings relationship of unemployment compensation reduces wages and increases employment in an economy in which wages are determined by a trade union that maximises the rent from unionisation. The opposite result applies for a utilitarian union. Using manufacturing and...
Persistent link: https://www.econbiz.de/10010262098
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The political economy of intergenerational income mobility
Ichino, Andrea; Karabarbounis, Loukas; Moretti, Enrico - 2010
The intergenerational elasticity of income is considered one of the best measures of the degree to which a society … the intergenerational elasticity of income. The model clarifies how the interaction between private and collective … elasticity of income are not particularly informative about fairness without taking into account differences in politico …
Persistent link: https://www.econbiz.de/10010269607
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Should UI Benefits Really Fall Over Time?
Hassler, John; Rodríguez Mora, José V. - 2002
The issue of whether unemployment benefits should increase or decrease over the unemployment spell is analyzed in a tractable model allowing moral hazard, adverse selection and hidden saving. Analytical results show that when the search productivity of unemployed is constant over the...
Persistent link: https://www.econbiz.de/10010262469
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Venture Capital Investment and Labor Market Performance : New Empirical Evidence for OECD Countries
Belke, Ansgar; Schaal, Andreas - 2004
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...
Persistent link: https://www.econbiz.de/10010262178
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Credit constraints and the persistence of unemployment
Dromel, Nicolas; Kolakez, Elie; Lehmann, Etienne - 2009
In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its persistence. For this purpose, we first develop a theoretical model based on the equilibrium matching framework of Mortensen and Pissarides (1999) and Pissarides (2000) where we...
Persistent link: https://www.econbiz.de/10010269566
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The Long Run Earnings Effects of a Credit Market Disruption
Adamopoulou, Effrosyni; De Philippis, Marta; Sette, Enrico - 2020
This paper studies the long term consequences on workers' labour earnings of the credit crunch induced by the 2007-2008 financial crisis. We study the evolution of both employment and wages in a large sample of Italian workers followed for nine years after the start of the crisis. We rely on a...
Persistent link: https://www.econbiz.de/10012207866
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Venture Capital Investment and Labor Market Performance: New Empirical Evidence for OECD Countries
Belke, Ansgar; Schaal, Andreas - Institute for the Study of Labor (IZA) - 2004
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...
Persistent link: https://www.econbiz.de/10005822244