Author: Eric T. SwansonPublisher:
ISBN:
Category :
Languages : en
Pages : 41
Book Description
Models of Sectoral Reallocation
Author: Eric T. SwansonModels of Sectoral Reallocation
Author: Eric SwansonModels of Sectoral Reallocation
Author: Eric V. SwansonPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 54
Book Description
Models of Sectoral Reallocation
Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The U.S. Federal Reserve Board presents the full text of the February 24, 1999 paper entitled "Models of Sectoral Reallocation," written by Eric T. Swanson. The text is available in PDF format and the paper is part of the Finance and Economics Discussion Series. This paper demonstrates several strengths and shortcomings of models of sectoral reallocation and offers a solution to the problem in the form of variable sectoral capital utilization, the marginal product of which can differ across sectors in steady state.
A Multisector Equilibrium Search Model of Labor Reallocation
Author: Laura R. PilossophPublisher:
ISBN: 9781303229138
Category :
Languages : en
Pages : 70
Book Description
It is well documented that some unemployment is caused by slow intersectoral labor reallocation. Whether or not the contribution of sectoral reallocation to unemployment responds to increases in the dispersion of sectoral shocks is less clear. In this paper, I argue that the answer to this question depends crucially on how we think about intersectoral worker flows. In a model where gross worker flows exceed net worker flows, shocks that require net reallocation may have little impact on the total number of movers. Relatively unproductive sectors experience an increase in the outflow of labor, while relatively productive sectors experience a decline in the outflow of labor. In the aggregate, the effect on the total number of movers is ambiguous - only a structural model can predict which force will dominate. To this end, I develop a multisector search model of intersectoral labor reallocation that features gross flows in excess of net flows. In a two-sector calibration of the model to construction and non-construction, I examine how the dispersion of sectoral shocks during the Great Recession contributed to unemployment due to frictional intersectoral mobility. Contrary to a long-standing argument articulated in Lilien (1982), the dispersion of shocks hardly increased unemployment due to sectoral reallocation. Consistent with the argument outlined above, while the outflow of labor from construction increased, the inflow decreased relative to the benchmark in which shocks are symmetric.
The Aggregate Effects of Long Run Sectoral Reallocation
Author: Christopher Phillip ReicherPublisher:
ISBN:
Category :
Languages : en
Pages : 63
Book Description
Individual and Sectoral Heterogeneity, Reallocation, and Aggregate Fluctuations
Author: Eric Thomas Sven SwansonPublisher:
ISBN:
Category :
Languages : en
Pages : 252
Book Description
Sectoral Labor Reallocation and Return Predictability
Author: Esther EilingPublisher:
ISBN:
Category :
Languages : en
Pages : 61
Book Description
Sectoral labor reallocation shocks change the optimal allocation of workers across industries. We find that a proxy for this type of labor market shocks has very strong and robust predictive power for future stock market returns. In predictive regressions, the one-year out-of-sample R2 is as high as 14.88%. We propose a production-based asset pricing model that links the return predictability to time-varying labor adjustment costs. When human capital is tied to the industry, hiring workers from other industries involves more search and training costs. Hence, sectoral reallocation shocks lead to lower returns to hiring and therefore lower future stock returns.
The Cyclical Behavior of Job Creation and Job Destruction
Author: Jeremy GreenwoodPublisher: London, Ont. : Department of Economics, University of Western Ontario
ISBN:
Category : Business cycles
Languages : en
Pages : 42
Book Description
Latin America and the Caribbean (LAC) Report
Author: International Assessment of Agricultural Knowledge, Science, and Technology for Development (Project)Publisher: Iaastd
ISBN:
Category : Business & Economics
Languages : en
Pages : 260
Book Description
The International Assessment of Agricultural Knowledge, Science, and Technology for Development (IAASTD) looks realistically at how we could effectively use agriculture/AKST to help us meet development and sustainability goals. An unprecedented three-year collaborative effort, the IAASTD involved more than 400 authors in 110 countries and cost more than $11 million. It reports on the advances and setbacks of the past fifty years and offers options for the next fifty years. The results of the project are contained in seven reports: a Global Report, five regional Sub-Global Assessments, and a Synthesis Report. The Global Report gives the key findings of the Assessment, and the five Sub-Global Assessments address regional challenges. The volumes present options for action. All of the reports have been extensively peer-reviewed by governments and experts and all have been approved by a panel of participating governments. The Sub-Global Assessments all utilize a similar and consistent framework: examining and reporting on the impacts of AKST on hunger, poverty, nutrition, human health, and environmental/social sustainability. The five Sub-Global Assessments cover the following regions: Central and West Asia and North Africa (CWANA) East and South Asia and the Pacific (ESAP) Latin America and the Caribbean (LAC) North America and Europe (NAE) Sub-Saharan Africa (SSA)