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. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital … income may be non-zero, reversing the standard prediction of the Ramsey tax literature. The zero labor tax is an optimal long … sovereign debt constraints. The front loading of labor taxes allows the economy to build a large (aggregate) debt position in …
Persistent link: https://www.econbiz.de/10013120194
We document how a plant-specific shock to investment opportunities at one plant of a firm ("treated plant") spills over to other plants of the same firm--but only if the firm is financially constrained. While the shock triggers an increase in investment and employment at the treated plant, this...
Persistent link: https://www.econbiz.de/10013096857
productivity gap" suggests that labor is greatly misallocated across sectors. In this paper, we draw on new micro evidence to ask … to what extent the gap is still present when better measures of sector labor inputs and value added are taken into …
Persistent link: https://www.econbiz.de/10013073187
We study the effect of mean-preserving labor reallocation on business cycle outcomes. We develop an empirical … model of the labor market. The model reproduces the empirical results subject to inclusion of two key, empirically plausible …
Persistent link: https://www.econbiz.de/10013001764
How important is the exercise of classical monopsony power against labor for the level of wages and labor's share? We … novel screen to quantify how wages are affected by market power exerted in labor markets, either by a single firm or a group … of cooperating firms. The theory guides the measurement of labor “markdowns”, i.e., the gap between wage and the value of …
Persistent link: https://www.econbiz.de/10012890473
We use the World Bank Investment Climate Surveys data to analyze the employment of both labor and capital in Indian …
Persistent link: https://www.econbiz.de/10012758574
long-run effects on health, labor, and human capital of both historical pandemics (with a focus on the 1918 Influenza …
Persistent link: https://www.econbiz.de/10012823387
recent robust growth in Aggregate Labor Productivity (ALP) across twenty-five countries is due to lower barriers to input … may be because BHC indices decompose ALP growth using plant-level output-per-labor (OL) as a proxy for the marginal … product of labor and changes in OL as a proxy for changes in plant-level productivity. We provide simple examples to show that …
Persistent link: https://www.econbiz.de/10013012453
We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...
Persistent link: https://www.econbiz.de/10013053836
's intrinsic, exogenous, and stochastic earnings ability. It also interacts with both current and future labor supply and there can … be either "learning-and-doing" (when labor and training are complements, like for on-the-job training) or "learning …-or-doing" (when labor and training are substitutes, like for college). Agents' abilities and labor supply are private information to …
Persistent link: https://www.econbiz.de/10013019119