We analyze trends in labor-market returns to psychological traits using data from half a million Finnish men from 2001 to 2015. Cognitive skills' value declined, while noncognitive skills' value increased. Our novel findings show that extraversion drives this rise, while conscientiousness...

There is now increasing evidence that for the U.S. economy, the elasticity of substitution between capital and labor, "sigma", is rising over time. To account for this, we propose a microfounded model, where the evolution of "sigma", and, hence, the shape of the aggregate production function...

We analyze the economic factors which have contributed to the dramatic decline of the employment share of unskilled labor in German manufacturing, in particular the role played by the relatively rigid earnings structure. Potential effects of intensified international competition and skillbiased...

Dieser Beitrag nimmt aus theoretischer und ökonometrischer Sicht zu der Kontroverse über die Bedeutung der qualifikatorischen Lohnstruktur zur Erklärung der Beschäftigungsstruktur Stellung. Basierend auf einer Einteilung in drei Qualifikationsgruppen zeigt sich empirisch, dass die Entlohnung...

We analyze the dramatic decline of the employment share of unskilled labor in the West German economy, in particular its relation to the relatively rigid earnings structure. We find that the substitution elasticity between unskilled and skilled labor is rather low in most sectors of the economy....

This study deals with the determinants of factor demand in 27 industries of the manufacturing sector during the period 1978 to 1990. Using a quadratic cost function, six production factors are distinguished : capital, energy, three types of labour and intermediate materials. A parametric test of...