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Author: Hajime Takizawa Publisher: ISBN: Category : Languages : en Pages :
Book Description
The first essay explores an environment characterized by search friction and the accumulation of non-firm specific skill. In this environment, a competitive search equilibrium has the following properties: Investment in skill is below the socially efficient level; there will not emerge separate markets catering to skilled and non-skilled workers. An alternative equilibrium concept that incorporates up-front payments from workers to firms does not resolve the problem of under-investment. However, it does eliminate the possibility of socially inefficient search and turnover that would result from the incentive for workers to look for better paying jobs in the absence of payments. In some economies but not all, a system of taxes and transfers is shown to resolve the under-investment problem.
Author: Hajime Takizawa Publisher: ISBN: Category : Languages : en Pages :
Book Description
The first essay explores an environment characterized by search friction and the accumulation of non-firm specific skill. In this environment, a competitive search equilibrium has the following properties: Investment in skill is below the socially efficient level; there will not emerge separate markets catering to skilled and non-skilled workers. An alternative equilibrium concept that incorporates up-front payments from workers to firms does not resolve the problem of under-investment. However, it does eliminate the possibility of socially inefficient search and turnover that would result from the incentive for workers to look for better paying jobs in the absence of payments. In some economies but not all, a system of taxes and transfers is shown to resolve the under-investment problem.
Author: Publisher: ISBN: 9781321033939 Category : Languages : en Pages : 77
Book Description
The first chapter proposes a geographically decentralized Diamond-Mortensen-Pissarides model of the labor market in which workers in one region have the option to migrate to a different region. Migration is modeled as an extreme value process in ordered space: regions are related bilaterally via a distance matrix. The model aims to replicate stylized facts about both the macro-level and disaggregated labor market over the business cycle, as well as migration. The paper presents novel data on both geographical migration patterns and labor market flows, and together they explain observed spatial heterogeneity and correlation of labor market outcomes at a higher regional level than the local labor market. The implication is that the economy has an underlying spatial structure based in part on differing migration opportunities across regions and which is observable through the migration data. The data then enable calibration of the structural parameters related to the economic geography of a decentralized economy. The model is simulated to match data on labor market flows by MSA and the macro-level predominance of quantity fluctuations over wage fluctuations. The second chapter proposes a preliminary model of international immigration as a dynamic social network in the tradition of Jackson and Rogers (2007). The evolution of international immigration since 1960 is characterized by "super-diversity," that is, the increasing importance of a larger number of smaller bilateral immigrant flows, relative to a past in which colony-metropole flows predominated. That super-diversity arises naturally in a type-biased social network as the out-degree distribution of newer cohorts converges to the overall network type profile.
Author: Neil Ware White (IV) Publisher: ISBN: Category : Languages : en Pages : 276
Book Description
This dissertation examines the impacts on the labor market of monetary policy and macroeconomic uncertainty. The first chapter examines how monetary policy shocks in the U.S. affect the flows of workers among three labor market categories--employment, unemployment, and non-participation--and assesses each flow's relative importance to changes in labor market "stock'' variables like the unemployment rate. I find that job loss accounts for the largest portion of monetary policy's effect on labor markets. I develop a New Keynesian model that incorporates these channels and show how a central bank can achieve welfare gains from targeting job loss, rather than output, in an otherwise standard Taylor rule. The second chapter examines the role of monetary policy in "job polarization.'' I argue that contractionary monetary policy has accelerated the decline of employment in routine occupations, which largely affected workers with a high-school degree but no college. In part by disproportionately affecting industries with high shares of routine occupations, contractionary monetary policy shocks lead to large and persistent shifts away from routine employment. Expansionary shocks, on the other hand, have little effect on these industries. Indeed, monetary policy's effect on overall employment is concentrated in routine jobs. These results highlight monetary policy's role in generating fluctuations not only in the level of employment, but also the composition of employment across occupations and industries. The third chapter introduces new direct measures of uncertainty derived from the Michigan Survey of Consumers. The series underlying these new measures are more strongly correlated with economic activity than many other series that are the basis for uncertainty proxies. The survey also facilitates comparison with response dispersion or disagreement, a commonly used proxy for uncertainty in the literature. Dispersion measures have low or negative correlation with direct measures of uncertainty and often have causal effects of opposite sign, suggesting that they are poor proxies for uncertainty. For the measures based on series most closely correlated with economic activity, positive uncertainty shocks are mildly expansionary. This result is robust across identification and estimation strategies and is consistent with "growth options'' theories of the effects of uncertainty.
Author: Adam Laurier Lavallee Publisher: ISBN: Category : Languages : en Pages : 166
Book Description
This dissertation consists of three chapters investigating labor market trends, specifically of young workers (ages 18-24). In the United States, young workers decreased their labor market participation by more than 8\% from 1994-2014 and the first chapter of this research considers changing demographics and educational decisions to account for this decline. Using connected monthly Current Population Survey (CPS) data, an alternative definition of labor market attachment is considered, which accounts for attached, marginally attached, and not attached workers. Additionally, attending college is considered as a weak form of labor market participation. Accounting for demographic changes and varying levels of attachment by demographics, the decrease in the participation rate is decomposed into genuine and demographic changes. The finding is a genuine decrease of 1.5\% young workers out of the labor force over the twenty year period studied. A calculation of the impact of college major choice on participation is estimated by extending the decomposition, as well as estimating a logit model on participation by college major. For males certain majors (Agriculture and English and Foreign Language) correlate with lower labor force attachment, while others (Engineering, Mathematics, and Visual and Performing Arts) correspond with higher attachment. For females, graduate degrees are the strongest indicator of attachment to the labor force and being married correlates with non-attachment to the labor force. The second chapter of this research investigates the movement of young workers between labor market statuses. Rather than consider the stocks and percentages of workers in each state (i.e. charting the unemployment or participation rate), this paper analyzes the flows between statuses. A contribution of this research is to consider how labor market flows are impacted by education decisions by including schooling as a labor market status. Additionally, this chapter estimates the impact that labor market movements by young workers have on fluctuations of their unemployment rate; flows between unemployment and not-in-the-labor-force, account for over forty percent of the variation in unemployment for young workers. As young workers decide whether to participate in the labor force or continue their education, they must decide whether to forgo ``on-the-job" training and experience or attend college to acquire human capital through formal education. Following the work of John Robst (2007), the third chapter of this research considers three questions: To what extent do college graduates work in fields unrelated to their most recent degree field? Which degree fields lead to greater mismatch? What is the relationship between working outside a degree field and wages? This research first provides updated answers to these questions using data from the 2013 National Survey of College Graduates (NSCG). Additionally, this work includes new specifications of the wage penalty using parental education level, which was unavailable in Robst's data. The result indicates a wage correlation of complete mismatch between job and college major that is more than three times that of a partial mismatch. An important contribution of this paper is to address changes over time by comparing results from the NSCG data in 1993, 2003, 2010, and 2013. A significant result is that the negative association between mismatch and wages has increased by a factor of three for men and over four times for women from 1993 to 2013. The conclusions in this research describe both structural and cyclical trends in the young worker labor market. Despite the significant proportion of young workers in the labor force, little research has been conducted using data from individuals under the age of twenty-five. This dissertation focuses on young workers because of the importance they play in the labor market, but also to motivate future research. The decisions young people make impact the labor market as well as drive individual future labor market outcomes; policy should be informed by the structural and cyclical trends presented throughout this research.
Author: Felicien Jesugo Goudou Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This thesis contributes to understanding labor market frictions and how these frictions impact macroeconomic aggregates such as unemployment and productivity. It also critically examines environmental policies such as carbon taxes and green financing. The first chapter examines how non-compete contracts signed between employers and employees affect unemployment, productivity, and welfare in the economy. These contracts stipulate that the employee, while under contract, cannot work for a competing employer for a specified period, typically ranging from one to two years after separation from their initial employer. This type of contract is widespread in the United States and affects at least one in five employees in the country. Results show that a high enforceable incidence of these contracts can compress wages and generate unemployment. This is primarily due to the fact that some individuals who have signed such contracts face difficulties in finding new employment after separating from their initial job. The article proposes reducing the duration of the post-employment restrictions of these contracts to mitigate their effects on workers. However, it is worth noting that these contracts partially benefit employers by incentivizing them to invest in employee training, thereby increasing overall productivity. Speaking of employment contracts, the second chapter evaluates the implications of the coexistence of temporary contracts (fixed-term contracts) and permanent contracts (indefinite-term contracts) on worker flows between unemployment, employment, and labor force non-participation over the life-cycle. This analysis is particularly important due to the effects of these flows on aggregate employment and wages over the life-cycle. It is found that transitions of individuals from permanent employment to unemployment are the most significant factor explaining aggregate employment over the life-cycle. Any policy aimed at increasing employment should target this flow of workers. Moreover, the transition of individuals from temporary employment to unemployment is significant in explaining the low employment of young individuals in European countries like France, especially for those with higher levels of education. The article goes further by constructing a model that explains the observed transition profiles during agents' life-cycle and analyzes how the effects linked to employment protection reforms in European countries are distributed among workers based on their level of education and age. Finally, the third chapter provides a critical assessment of environmental policies such as emissions taxes on production units and green financing. The article shows that despite their effectiveness in reducing emissions, these policies can negatively impact resource allocation, such as capital, among firms, thus reducing aggregate productivity. This is because some highly productive but seriously financially constrained firms may struggle to invest in emission reduction technology, while less productive but wealthy entrepreneurs invest more easily. The burden of emissions-related fiscal measures forces the former to exit the market, thereby reducing productivity. This suggests that other policies, such as green subsidies, are important to mitigate these potential distortions.
Author: Evan Nelson Buntrock Publisher: ISBN: Category : Languages : en Pages : 260
Book Description
The three essays of this dissertation are studies of individual choice and outcomes in labor-economics related problems. In the first chapter, I use an individual's rank in his coworker-comparison group to predict whether he leaves his job and the amount of earnings growth he will experience over his next few years. Even after controlling for a variety of individual and firm observables and unobservables, I find that an individual's rank is positively correlated with his earnings growth on the current job but negatively correlated with his earnings growth when he changes jobs. The mean reversion of job changers' earnings with respect to rank suggests that rank is a signal of an individual's match productivity with his current firm. In the second chapter, my co-author and I use a flexible decomposition procedure for job-matching to distinguish changes in job-to-job flows due to structural factors of the labor market from changes due to the evolving composition of workers and firms. We find that the likelihood of workers moving to firms 25-100 miles away from their current firm when changing jobs has increased. This increased integration of local labor markets has gone undetected by other studies of mobility, which focus on interstate and even inter-county job and residential migration. In the third chapter, I study whether US citizens have become more or less likely over time to marry someone with whom they share a state of birth. Using a variety of descriptive statistics, I find that the proportion of marriages between citizens with different states of birth has increased. Individuals born in later years and those having higher education are generally more likely to marry someone born in a different state.
Author: Neil Mehrotra Publisher: ISBN: Category : Languages : en Pages :
Book Description
The final chapter of my dissertation considers the decline in labor market turnover experienced in the US in the Great Recession, and its link to the housing crisis. In this joint work with Dmitriy Sergeyev, we analyze the behavior of job flows to test the hypothesis that the housing crisis has impaired firm formation and firm expansion by diminishing the value of real estate collateral used by firms to secure loans. We exploit state-level variation in job flows and housing prices to show that a decline in housing prices diminishes job creation and lagged job destruction. Moreover, we document differences across firm size and age categories, with middle-sized firms (20-99 employees) and new and young firms (firms less than 5 years of age) most sensitive to a decline in house prices. We propose a quantitative model of firm dynamics with collateral constraints, calibrating the model to match the distribution of employment and job flows by firm size and age. Financial shocks in our firm dynamics model depresses job creation and job destruction and replicates the empirical pattern of the sensitivity of job flows across firm age and size categories.
Author: Hajime Takizawa
Author: Hajime Takizawa
Author: Bihemo Francis Kimasa
Author: 
Author: Gábor Kézdi
Author: Neil Ware White (IV)
Author: Adam Laurier Lavallee
Author: Felicien Jesugo Goudou
Author: Richard Barry Freeman
Author: Evan Nelson Buntrock
Author: Neil Mehrotra