Essays On Heterogeneity In Labor Markets
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Essays On Heterogeneity In Labor Markets
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Author :
language : en
Publisher:
Release Date : 2014
Essays On Heterogeneity In Labor Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Labor economics categories.
In my thesis, I study the effects of agents' heterogeneity on labor market outcomes, with particular focus on sorting, performance, wages, and inequality. Chapter one studies multidimensional matching between workers and jobs. Workers differ in manual and cognitive skills and sort into jobs that demand different combinations of these two skills. To study this multidimensional sorting, I develop a theoretical framework that generalizes the unidimensional notion of assortative matching. I derive the equilibrium in closed form and use this explicit solution to study biased technological change. The key finding is that an increase in worker-job complementarities in cognitive relative to manual inputs leads to more pronounced sorting and wage inequality across cognitive relative to manual skills. This can trigger wage polarization and boost aggregate wage dispersion. I then estimate the model for the US during the 1990s. I identify a significant increase in complementarities of cognitive inputs and in cognitive skill-bias in production. Counterfactual exercises suggest that these technology shifts can account for observed changes in worker-job sorting, wage polarization and a significant part of the increase in US wage dispersion. Chapter two develops a theory that links differences in men's and women's social networks to disparities in their labor market performance. We are motivated by our empirical finding that men's and women's networks differ. Men have a higher degree (more network links) than women, but women have a higher clustering coefficient (a woman's friends are also friends among each other). In our model, a worker with a higher degree has better access to information. In turn, a worker with a higher clustering coefficient faces more peer pressure. Both peer pressure and access to information can attenuate a team moral hazard problem in the work place. But whether peer pressure or access to information is more important depends on the work environment. We find that, in environments where uncertainty is high, information is crucial and, therefore, men outperform women / in line with findings from sectors with high earnings' uncertainty like the financial or film industry.
Essays On Heterogeneity In Labor Markets
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Author : Gonul Sengul
language : en
Publisher:
Release Date : 2009
Essays On Heterogeneity In Labor Markets written by Gonul Sengul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Employability categories.
My dissertation focuses on the heterogeneity in labor markets. The first chapter proposes an explanation for the unemployment rate difference between skill groups. Low skill workers (workers without a four year college degree) have a higher unemployment rate. The reason for that " ... is mainly because they (low skill workers) are more likely to become unemployed, not because they remain unemployed longer, once unemployed" (Layard, Nickell, Jackman, 1991, p. 44). This chapter proposes an explanation for the difference in job separation probabilities between these skill groups: high skill workers have lower job separation probabilities as they are selected more effectively during the hiring process. I use a labor search model with match specific quality to quantify the explanatory power of this hypothesis on differences in job separation probabilities and unemployment rates across skill groups. The second chapter analyzes the effects of one channel of interaction (job competition) between skill groups on their labor market outcomes. Do skilled workers prefer unskilled jobs to being unemployed? If so, skilled workers compete with unskilled workers for those jobs. Job competition generates interaction between the labor market outcomes of these groups. I use a heterogeneous agents model with skilled and unskilled workers in which the only interaction across groups is the job competition. Direct effects of job competition are reducing skilled unemployment rate (since they have a bigger market) and increasing the unskilled unemployment rate (since they face greater competition). However number of vacancies respond to job competition in equilibrium. For instance, unskilled firms have incentives to open more vacancies since filling a vacancy is easier if there is job competition. Thus how unskilled unemployment and wages are affected by job competition depends on which effect dominates. The results for reasonable parameter values show that job competition does reduce the average unemployment rate. It reduces the skilled unemployment rate more, generating an increase in unemployment rate inequality. However, the employment rate at skilled jobs is unaffected. The third chapter focuses on skill biased technological change. Skill biased technological change is one of the explanations for the asymmetry between labor market outcomes of skill groups over the last few decades. However, during this time period there were also skill neutral shocks that could contribute to these outcomes. The third chapter analyzes the effects of skill biased and neutral shocks on overall labor market variables. I use a model in which skilled and unskilled outputs are intermediate goods, and final good sector receives all the shocks. A numerical exercise shows that both skilled and unskilled unemployment rates respond to shocks in the same direction. The response of unemployment rate to skill neutral shocks is bigger than the response to skill biased shocks for both skill groups. However, the unskilled unemployment changes more than the skilled unemployment rate as a response to skill neutral shocks. Thus, skill neutral shocks reduce the unemployment rate gap between skill groups.
Essays In Macroeconomic Effects Of Labor Market Heterogeneity And Impact Of Public Policies On Labor Outcomes
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Author : Ammar Farooq
language : en
Publisher:
Release Date : 2017
Essays In Macroeconomic Effects Of Labor Market Heterogeneity And Impact Of Public Policies On Labor Outcomes written by Ammar Farooq and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Economics categories.
My dissertation explores the macroeconomic implications of heterogeneity in labor markets and the role of public policy in improving labor market efficiency. First, I aim to shed light on the importance of individual and firm level decisions in determining aggregate labor market outcomes such as the level of mismatch in worker skills and job requirements. Second, I analyze the role of public policy in affecting these decisions and hence, the economy wide aggregates.
Essays On Heterogeneity In Labor Market Search
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Author : Lawrence Uren
language : en
Publisher:
Release Date : 2005
Essays On Heterogeneity In Labor Market Search written by Lawrence Uren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Essays On Labor Market Dynamics With Worker Heterogeneity
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Author : Carlo Pizzinelli
language : en
Publisher:
Release Date : 2018
Essays On Labor Market Dynamics With Worker Heterogeneity written by Carlo Pizzinelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Labor economics categories.
Essays On Agent Heterogeneity In Macroeconomics
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Author : Jose Luis Luna Alpizar
language : en
Publisher:
Release Date : 2016
Essays On Agent Heterogeneity In Macroeconomics written by Jose Luis Luna Alpizar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Heterogeneous agents models have become the norm in modern macroeconomics as the limitations of the representative-agent paradigm and the importance of studying household heterogeneity grow in recognition. Agent heterogeneity may not only be important to accurately capture the description of an aggregate equilibrium. Also, the representative agent assumption may hide many distributional effects and therefore could change the answer to many normative questions usually given by representative agent models.This dissertation contains three chapters exemplifying ways in which the consideration of heterogeneous agents in the modelling of macroeconomic phenomena has important repercussions for the predictions of the model and its normative implications. Chapters 1 and 2 show the importance of accounting for worker heterogeneity in the analysis of labor markets. Chapter 1 presents a search and matching model of unemployment with heterogeneous workers which's main features, are ex-ante worker heterogeneity and undirected search. These features enable the model to replicate the empirical correlations between labor market outcomes and proxy variables for worker productivity. The model displays job rationing, which makes it useful to understand the high levels of unemployment observed in deep recessions. It also constitutes a versatile tool for the analysis of several labor-market aspects in which worker heterogeneity could play an important role, such as the impact of employment policies that are believed to have asymmetric effects across the labor force.Chapter 2 provides an example of such applications by analyzing the effects of increments of a minimum wage. It explores theoretically and empirically the notion that minimum wages affect low-skill workers asymmetrically due to productivity differences. Using the model presented in chapter 1, with the incorporation of endogenous search intensity to account for the effects that minimum wages could have on worker participation, I show that a rising minimum wage lowers the employment and labor force participation of low-productivity workers by pricing them out of the market, while it increases the employment, participation, and wages of more productive workers that remain hirable. Chapter 2 also contains an empirical analysis that investigates and ultimately validates the model's predictions of changes in the minimum wage. Within the labor market for low-education (high school or lower) workers, increments in the minimum wage have diametrically opposed effects: they reduce the employment and labor force participation of teenagers with less than high school education, while increasing the employment and labor force participation of mature workers with high school educational attainment. A calibrated version of the model targeting the low-education labor market shows that, despite its opposite effects across the labor force, an increase in the minimum wage negatively impacts aggregate employment, labor force participation, and social welfare.Chapter 3 investigates the existence of complex dynamics in the behavior of exchange rates due heterogeneity in the expectations of their future value. A simple model of exchange rate dynamics featuring traders with heterogeneous expectations is introduced. The model is based on the asset pricing model in Brock and Hommes (1998) and features the BNN dynamic presented in Brown et al. (1950), a dynamic with desirable properties absent in other dynamics used in the literature. The chapter shows that even this simple model can easily generate complex and even chaotic dynamics in the exchange rate because of the interaction of traders with different beliefs. An important implication is that long-term exchange rate prediction is, in theory, difficult.
Essays On Heterogeneous Agents
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Author : Christian Bredemeier
language : en
Publisher:
Release Date : 2010
Essays On Heterogeneous Agents written by Christian Bredemeier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Three Essays On Matching In Heterogeneous Labor Markets
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Author : Alain Delacroix
language : en
Publisher:
Release Date : 1999
Three Essays On Matching In Heterogeneous Labor Markets written by Alain Delacroix and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Essays On Environmental Policies Heterogeneous Firms Labor Market Dynamics And Inflation
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Author : Zhe Li
language : en
Publisher:
Release Date : 2009
Essays On Environmental Policies Heterogeneous Firms Labor Market Dynamics And Inflation written by Zhe Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This thesis covers three issues: the aggregate and welfare effects of environmental policies when plants are heterogeneous; what causes the different patterns of employment dynamics in small versus large firms over business cycles; and the welfare costs of expected and unexpected inflation.In the first chapter, we show that accounting for plant heterogeneity is important for the evaluation of environmental policies. We develop a general equilibrium model in which monopolistic competitive plants differ in productivity, produce differentiated goods and choose optimally a discrete emission-reduction technology. Emission-reduction policies affect both the fraction of plants adopting the advanced emission-reduction technology and the market shares of those with high levels of productivity. Calibrated to the Canadian data, the model shows that the aggregate costs of an emission tax to implement the Kyoto Protocol are 40 percent larger than the costs that would result with homogenous plants.In the second chapter, we incorporate labor search frictions into a model with lumpy investment to explain a set of firm-size-related facts about the United States labor market dynamics over business cycles. Contrary to the predictions of standard models, we observe that job destruction is procyclical in small firms but countercyclical in large ones. Calibrated to U.S. data, the model generates this asymmetric pattern of employment dynamics in small versus large firms. This is because a favorable aggregate productivity shock tightens the labor market. A tighter labor market hurts investing small firms. As a result, workers move from small to large firms during booms.In the third chapter, we analyze the welfare costs of inflation when money is essential to facilitate trades among anonymous agents and information about nominal shocks is incomplete as in Lucas (1972). In the model, the transactions in which money is essential coincide with those in which agents are affected by monetary shocks. Consequently, the average value of money and its variation in value in different markets affect agents simultaneously when the supply of money changes. Calibrated to U.S. data, we find that the welfare costs of expected inflation are almost three orders higher than the welfare costs of unexpected inflation.
Essays On Macroeconomics And Labor Markets
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Author : Miren Azkarate-Askasua
language : en
Publisher:
Release Date : 2020
Essays On Macroeconomics And Labor Markets written by Miren Azkarate-Askasua and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This thesis contains three essays on the macroeconomic effects of labor markets with a special emphasis on market power and the determination of wages. In the first chapter, Miguel Zerecero and I study the efficiency and welfare effects of employer and union labor market power. We use data of French manufacturing firms to first document a negative relationship between employment concentration and wages and labor shares. At the micro-level, we identify the effects of employment concentration thanks to mass layoff shocks to competitors. Second, we develop a bargaining model in general equilibrium that incorporates employer and union labor market power. The model features structural labor wedges that are heterogeneous across firms and potentially generate misallocation of resources. We propose an estimation strategy that separately identifies the structural parameters determining both sources of labor market power. Furthermore, we allow different parameters across industries which contributes to the heterogeneity of the wedges. We show that observing wage and employment data is enough to compute counterfactuals relative to the baseline. Third, we evaluate the efficiency and welfare losses from labor market distortions. Eliminating employer and union labor market power increases output by 1.6% and the labor share by 21 percentage points translating into significant welfare gains for workers. Workers' geographic mobility is key to realize the output gains from competition. In the second chapter, Miguel Zerecero and I propose a bias correction method for estimations of quadratic forms in the parameters of linear models. It is known that those quadratic forms exhibit small-sample bias that appears when one wants to perform a variance decomposition such as decomposing the sources of wage inequality. When the number of covariates is large, the direct computation for a bias correction is not feasible and we propose a bootstrap method to estimate the correction. Our method accommodates different assumptions on the structure of the error term including general heteroscedasticity and serial correlation. Our approach has the benefit of correcting the bias of multiple quadratic forms of the same linear model without increasing the computational cost and being very flexible. We show with Monte Carlo simulations that our bootstrap procedure is effective in correcting the bias and we compare it to other methods in the literature. Using administrative data for France, we apply our method by doing a variance decomposition of a linear model of log wages with person and firm fixed effects. We find that the person and firm effects are less important in explaining the variance of log wages after correcting for the bias. In the third chapter, I study peer effects at the workplace. I focus on how potential peers determine a worker's location and her future wage profile. I empirically disentangle if workplace peers affect each other through learning or network effects. Similarly to the literature, I document the importance of learning which is more pronounced for the youngest cohorts arguably with no networks. I propose a structural model to understand the mechanism behind learning. The final goal of the model is to quantify the impact of peer learning the firm geographical allocation of workers, and on the rising between firm wage inequality.