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Dalmia, Prateik; Drazen, Allan; Ozbay, Erkut - 2022

We study how reelection concerns affect reciprocity by elected leaders to the voters who elected them. If showing kindness to past voters reduces the chances of reelection, will an elected leader reduce or eliminate such intrinsic reciprocity? We present a signalling model of candidate behavior,...

Persistent link: https://www.econbiz.de/10013306903

Disaggregating the Matching Function

Diamond, Peter A. - 2016

The aggregate matching (hiring) function relates gross hires to labor market tightness. Decompositions of aggregate …

Persistent link: https://www.econbiz.de/10012976979

Cross Sectional Efficiency and Labor Hoarding in an Matching Model of Unemployment

Bertola, Giuseppe; Caballero, Ricardo J. - 2021

We study positive and normative aspects of steady-state equilibrium in a market where firms of endogenous size experience idiosyncratic shocks and undergo a costly search process to hire their workers. The stylized model we propose highlights interactions between job-security provisions and...

Persistent link: https://www.econbiz.de/10013238710

The Aggregate Matching Function

Blanchard, Olivier J.; Diamond, Peter A. - 2021

We present a picture of the labor market, one with large flows of jobs and workers, and matching. We develop a … determination of wages. We estimate the matching function, using both aggregate data and data from manufacturing and find evidence … of a stable matching process in the data. We examine the joint movements in unemployment, vacancies and wages -the …

Persistent link: https://www.econbiz.de/10013243436

Coordination, Fair Treatment and Inflation Persistence

Driscoll, John C.; Holden, Steinar - 2021

Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation persistence. We develop a wage-contracting model in which workers are...

Persistent link: https://www.econbiz.de/10013218081

Inequalities in Income and Inequalities in Health

Deaton, Angus - 2021

What is inequality in health? Are economists' standard tools for measuring income inequality relevant or useful for measuring it? Does income protect health and does income inequality endanger it? I discuss two different concepts of health inequality and relate each of them to the literature on...

Persistent link: https://www.econbiz.de/10013220524

Fairness Versus Welfare : Notes on the Pareto Principle, Preferences, and Distributive Justice

Kaplow, Louis; Shavell, Steven - 2021

In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their effects on individuals' well-being. This thesis implies that no independent weight should be accorded to notions of fairness (other than many purely distributive notions). We support...

Persistent link: https://www.econbiz.de/10013232881

Pricing When Customers Care About Fairness But Misinfer Markups

Eyster, Erik - 2017

This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …

Persistent link: https://www.econbiz.de/10012948083

The Evolution of Ideology, Fairness and Redistribution

Alesina, Alberto F. - 2010

Ideas about what is "fair" above and beyond the individual's position in the income ladder influence preferences for redistribution. We study the dynamic evolution of different economies in which redistributive policies, perceptions of fairness, inequality and growth are jointly determined. We...

Persistent link: https://www.econbiz.de/10013149709

Fair Pricing

Rotemberg, Julio J. - 2021

I suppose that consumers see a firm as fair if they cannot reject the hypothesis that the firm is somewhat benevolent towards them. Consumers that can reject this hypothesis become angry, which is costly to the firm. I show that firms that wish to avoid this anger will keep their prices rigid...

Persistent link: https://www.econbiz.de/10013230827

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