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This article is an idiosyncratic survey of the insider-outsider theory, describing the vision underlying the theory, and evaluating salient contributions to the literature in the light of this vision. We also indicate what appear to have been dead-ends and red herrings in past research. The...
Persistent link: https://www.econbiz.de/10011412195
This paper studies the changes in labor allocation across firms and industries in response to changes in technology (captured by the adoption of information and communication technologies, ICT) and import competition, due to increased exposure to trade competition from China. We use detailed...
Persistent link: https://www.econbiz.de/10011412264
This paper addresses the puzzle how employers that invest in general human capital can gain an information advantage with respect to the ability of their employees when training is certified by credible external institutions. We apply an established model from the employer-learning literature...
Persistent link: https://www.econbiz.de/10011316529
Skill-Biased Technical Change is one of the most prominent explanations for the rise in wage inequality in the United States over the last decades. However, the explanation is challenged for several reasons. In this paper, I propose an alternative type of technical change, where new technologies...
Persistent link: https://www.econbiz.de/10010340554
The paper studies human capital accumulation over workers' careers in an on the job search setting with heterogenous firms. In renegotiation proof employment con- tracts, more productive firms provide more training. Both general and specific training induce higher wages within jobs, and with...
Persistent link: https://www.econbiz.de/10011585846
I propose a new mechanism for sluggish wages based on workers' noisy information about the state of the economy. Wages do not respond immediately to a positive aggregate shock because workers do not (yet) have enough information to demand higher wages. This increases firms' incentives to post...
Persistent link: https://www.econbiz.de/10011709249
Workers in less-secure jobs are often paid less than identical-looking workers in more secure jobs. We show that this lack of compensating differentials for unemployment risk can arise in equilibrium when all workers are identical and firms differ only in job security (i.e. the probability that...
Persistent link: https://www.econbiz.de/10013037189
We present a general equilibrium model of labor market flows that features a periodic equilibrium in which turnover is high in some periods and low in others. If a firm finds itself in a periodic equilibrium, it is optimal to time compensation in the form of low wages and a large bonus delivered...
Persistent link: https://www.econbiz.de/10012852861
Ljungqvist and Sargent (2017) (LS) show that unemployment fluctuations can be understood in terms of a quantity they call the "fundamental surplus." However, their analysis ignores risk premia, a force that Hall (2017) shows is important in understanding unemployment fluctuations. We show how...
Persistent link: https://www.econbiz.de/10012649569
Technological progress and trade potentially affect wages and employment. Technological progress can make jobs obsolete and trade can increase unemployment in import competing sectors. Empirical evidence suggests that both causes are important to explain recent labour market developments in many...
Persistent link: https://www.econbiz.de/10012030677