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Labor Market Efficiency, Wages and Employment when Search Frictions Interact with Intrafirm Bargaining

Cahuc, Pierre; Wasmer, Etienne - 2001

In search of a macroeconomic theory of wage determination, the agnostic reader should be puzzled by the apparent … contradiction between two influential theories. On one hand, in the standard search-matching theory with wage bargaining, hiring … overemployment or to under-employment compared with the first-best. On the other hand, in Stole and Zwiebel?s theory of intrafirm …

Persistent link: https://www.econbiz.de/10010262510

Oligopsony, Institutions and the Efficiency of General Training

Zoega, Gylfi; Francesconi, Marco; Booth, Alison L. - 2002

In oligopsonistic labour markets, firms have some market power, and a wedge is created between wages and marginal product. When oligopsonistic firms' production technology requires generally trained workers, firms may therefore receive part of the returns to general training and be willing to...

Persistent link: https://www.econbiz.de/10010262512

Is the Deficit under Control?

Bonin, Holger; Abio, Gemma; Berenguer, Eduardo; Gil, Joan; … - 2001

According to the 2001 Spanish budgetary previsions, the government deficit is about to disappear. We analyse this matter within a generational accounting framework. Accounting for the recent expansive phase of the economic cycle, we find that current fiscal policy is also intertemporally...

Persistent link: https://www.econbiz.de/10010262513

Downsizing

Pfann, Gerard A. - 2001

Optimal layoff rules in closed form are derived for all workers in a firm that downsizes under uncertainty and faces heterogeneous firing costs. The theoretical model predicts that the firm displaces workers with low firing costs, low expected future productivity growth, and low layoff option...

Persistent link: https://www.econbiz.de/10010262514

Allocating Awards Across Noncomparable Categories

Magee, Lonnie; Veall, Michael R. - 2002

Suppose an agency awards a fixed number of prizes to applicants in different categories such that the applicant-to-winner ratio is constant by category. It is demonstrated in a simple theoretical model that the number of awards in a category will typically be positively related to the degree of...

Persistent link: https://www.econbiz.de/10010262520

Works Councils and Collective Bargaining in Germany: The Impact on Productivity and Wages

Hübler, Olaf; Jirjahn, Uwe - 2001

This paper investigates the interaction between establishment-level codetermination and industry-level collective bargaining in Germany. Based on a simple bargaining model we derive our main hypothesis: In establishments covered by collective bargaining agreements works councils are more likely...

Persistent link: https://www.econbiz.de/10010262527

Trade, Technology and Labour Markets: Empirical Controversies in the Light of the Jones Model

Pflüger, Michael - 2001

The deterioration of the income and employment position of unskilled workers in the OECD area since the 1980s is a well-documented fact. The debate about the causes of this development is dominated by two competing hypotheses, "North-South Trade" or "globalisation" and technological progress....

Persistent link: https://www.econbiz.de/10010262529

A Product Market Theory of Worker Training

Gersbach, Hans; Schutzler, Armin - 2001

We develop a product market theory that explains why firms invest in general training of their workers. We consider a …

Persistent link: https://www.econbiz.de/10010262533

Why Funding is not a Solution to the "Social Security Crisis"

Breyer, Friedrich - 2001

It is now a commonplace that the unfunded public pension systems of many OECD countries will run into severe financing problems in the coming decades due to a dramatically increasing pensioner/worker ratio. While this diagnosis is completely undisputed, there is still a vigorous debate on the...

Persistent link: https://www.econbiz.de/10010262534

The Dynamics of Market Insurance, Insurable Assets, and Wealth Accumulation

Koeniger, Winfried - 2002

We analyze dynamic interactions between market insurance, the stock of insurable assets and liquid wealth accumulation in a model with non-durable and durable consumption. The stock of the durable is exposed to risk against which households can insure. Since the model does not have a closed form...

Persistent link: https://www.econbiz.de/10010262542