This paper develops a statistical aggregation procedure for the Frisch elasticity of labor supply. It allows for worker heterogeneity in observables and unobservables and is applicable to an individual labor supply function with non-employment as a possible outcome. Subjecting all offered or...

What role does labour 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 labour is akin to investment in capital and that the two interact, with the interaction...

Worker flows to and from unemployment occur at all stages of the U.S. business cycle. The flows' dynamics affect the dynamics of the unemployment rate. This article studies the dynamics of unemployment flows and the unemployment rate and explores and documents changes over time. Rigorous...

This paper develops a statistical aggregation procedure for the Frisch elasticity of labor supply. It allows for worker heterogeneity and is applicable to an individual labor supply function with non-employment as a possible outcome. Subjecting all offered or paid wages to an unanticipated...

Das Institut für Weltwirtschaft ist im Frühjahr 1989 von der Schleswig-Holsteinischen Landesregierung beauftragt worden, für die Denkfabrik des Ministerpräsidenten eine Studie über die Struktur und die -Entwicklungsperspektiven der Wirtschaft Schleswig-Holsteins durchzuführen. Aufgabe...