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The standard motivation for unemployment compensation is consumption smoothing and most papers in the literature have analyzed trade-offs involving consumption smoothing and moral hazard. This paper shows how such policy can increase output by enhancing the assignment of workers to jobs in the...
Persistent link: https://www.econbiz.de/10009439547
We revisit Western Europe's record with labor-productivity convergence, and tentatively extrapolate its implications for the future path of Eastern Europe. The poorer Western European countries caught up with the richer ones through both higher rates of physical capital accumulation and greater...
Persistent link: https://www.econbiz.de/10009439551
Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the World, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...
Persistent link: https://www.econbiz.de/10009439552
This Paper studies the identification problem in infinite horizon Markovian games and proposes a generally applicable estimation method. Every period firms simultaneously select an action from a finite set. We characterize the set of Markov equilibria. Period profits are a linear function of...
Persistent link: https://www.econbiz.de/10009439559
In an environment in which both buyers and sellers can undertake match specific investments, the presence of market competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In particular, this Paper shows that when matching is...
Persistent link: https://www.econbiz.de/10009439561
Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto, for example, presents a clear case of bunching in wage setting decisions:...
Persistent link: https://www.econbiz.de/10009439606
This paper shows that in a non-representative agent model in which households face short selling constraints and labor income risk, in the form of both uninsurable shocks and a common aggregate component, small differences in the correlation between aggregate labor income shocks and domestic and...
Persistent link: https://www.econbiz.de/10009439647
This paper estimates the relationship between agglomeration and multi factor productivity at the one digit industry level and by region using longitudinal firm level data for New Zealand. A key focus of the paper is on methods to represent firm level heterogeneity and non-random sorting of...
Persistent link: https://www.econbiz.de/10009439671
In the conventional perfectly competitive model of the labour market, wage-setting is individualistic in the sense that identical workers should receive identical wages in different firms and different workers should receive different wages in the same firm. But, in reality, wages often seem to...
Persistent link: https://www.econbiz.de/10009439685
At present the USA is - in per capita terms - the top greenhouse gas polluter among the world’s major economies. This is mirrored by the high energy intensity of all sectors of the US economy including manufacturing industries. A potential explanation for the higher energy intensity are lower...
Persistent link: https://www.econbiz.de/10009439703