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total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …. Volatility in TFP explains one quarter to one third of cross-country productivity dispersion. We document a similar relationship …
Persistent link: https://www.econbiz.de/10009150947
We model cooperation between an employer and a workers' union as an equilibrium in an infinitely repeated game with discounting and imperfect monitoring. The employer has private information about firm profitability. The model explains the incidence and duration of strikes, as well as the...
Persistent link: https://www.econbiz.de/10005791411
of monetary policy by the central bank, on the choice of nominal wages by unions, on the choice of prices by … unions that maximize the expected real income of union members over states of employment and of unemployment, a central bank … competitive firms, each of which maximizes its profits. The last part of the paper also features a fiscal authority that sets …
Persistent link: https://www.econbiz.de/10005124139
This paper develops a framework for studying the interactions between labour unions, fiscal policy, monetary policy and … between labour unions and the central bank. Given fiscal variables, higher levels of either centralization of wage bargaining …
Persistent link: https://www.econbiz.de/10005124224
techno- logical shocks: productivity changes in some firms may induce ownership changes in others. If the enterprise managers …
Persistent link: https://www.econbiz.de/10011083920
The paper studies the regulatory design in a industry where the regulated downstream provider of services to final consumers purchases the necessary inputs from an upstream supplier. The model is closely inspired by the UK regulatory mechanism for the railway network. Its philosophy is one of...
Persistent link: https://www.econbiz.de/10005792445
both regions are set by the unions of the ‘West’ – the region with a greater initial relative stock of human capital. We … show that in some circumstances, it is in the interest of the West’s unions to set a speed of wage convergence greater than … western region. Unions in the West will benefit from this, provided human capital has low migration costs relative to raw …
Persistent link: https://www.econbiz.de/10005661511
The literature on monetary policy games establishes that policy makers' attempts to boost employment above the 'natural' rate are futile and result in an inflationary bias when wage setters have rational expectations and the policy maker cannot precommit. This implies that a variation of the...
Persistent link: https://www.econbiz.de/10005791594
labor laws is to dampen economic growth, laws that govern dismissal of employees are an exception: dismissal laws promote … economic growth, consistent with the evidence that they encourage firm-level innovation. …
Persistent link: https://www.econbiz.de/10004980205
twenty-period of rapid income growth. It addresses the problem of the endogenous placement of networks by exploiting the fact … moderate positive causal effect on per capita GDP levels across sectors, but no effect on per capita GDP growth. We provide a …
Persistent link: https://www.econbiz.de/10011083596