Essays On The Macroeconomics Of Labor Markets
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Essays On The Macroeconomics Of Labor Markets
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Author : Arindam Mandal
language : en
Publisher:
Release Date : 2009
Essays On The Macroeconomics Of Labor Markets written by Arindam Mandal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Capital categories.
Essays On The Macroeconomics Of Labor Markets
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Author : Fatih Karahan
language : en
Publisher:
Release Date : 2012
Essays On The Macroeconomics Of Labor Markets written by Fatih Karahan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Essays On The Macroeconomics Of Labor Markets
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Author : Sadhika Bagga
language : en
Publisher:
Release Date : 2023
Essays On The Macroeconomics Of Labor Markets written by Sadhika Bagga and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This dissertation studies different macroeconomic trends observed in the US labor market over the last three to four decades and understands the link between them. The first chapter focuses on understanding the decline in labor market dynamism in the US. It begins by documenting that worker mobility and wages, relative to productivity, have decreased in the US amid a rise in employer market power. It then proposes a theory of the labor market linking these trends, in which a decline in employer competition, characterized by a lower number of firms per worker, drives the decline in worker mobility and wages. The model has two main ingredients: first, there exists a finite number of employers that differ in productivity, and second, employers exert market power by excluding their offers from the set of outside options faced by their employees. The combined effect of these features, in response to a decreasing number of firms per worker, is to reduce the value of workers' outside options, thereby reducing wages and worker mobility in equilibrium. Overall, the calibrated model accounts for 2/3rd of the decline in employer-to-employer transitions rate and a fifth of the decline in wages relative to productivity from the 1980s to the 2010s. Finally, it evaluates the model's key predictions using the public-use data from the Census and documents that labor markets characterized by a lower number of firms per worker are associated with reduced measures of worker mobility and average wages. The second chapter takes a ‘measurement’ perspective to understand the decline in labor market dynamism. The starting point of the chapter is the observation that over the last four decades, employment composition has shifted towards large firms in the US. This has occurred amidst a decline in employer-to-employer transitions or external dynamism. A natural question is, are workers in large firms climbing job ladders internally rather than externally? Using data from various supplements of the Current Population Survey, it finds evidence of the prevalence of internal job ladders within large firms. It documents that job stayers in large firms, relative to small ones, realize a larger annual pay growth and a higher probability of internal job switching. Accounting for internal job ladders amplifies labor market dynamism and offsets part of the decline in external employer-to-employer switching rates. At the same time, there has been a decreasing trend in the rate of internal job switching, suggesting that the forces affecting declining external dynamism could have also had implications on internal job ladders. Finally, it hypothesizes that the decline in internal dynamism could be driven by the firm's endogenous response to decreasing labor market competition. The third chapter studies secular trends in nominal wage rigidity in the US using the 1996-00 and 2008-13 panels of the Survey of Income and Program Participation (SIPP). Using the empirical methodology of Barattieri, Basu & Gottschalk (2014), it purges measurement errors from self-reported wages by disentangling the structure breaks in individual wage series from noise. It finds evidence of, one, an increase in the frequency of wage adjustment among hourly job-stayers from 1996-2013, and two, a higher proportion of wage cuts during the Great Recession relative to the subsequent recovery. These findings are robust when the methodology is applied to salaried workers. They can be seen in light of increasing labor market flexibility in the US over the recent decades
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.
Three Essays On The Macroeconomics Of The Labor Market
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Author : Ioannis Kospentaris
language : en
Publisher:
Release Date : 2018
Three Essays On The Macroeconomics Of The Labor Market written by Ioannis Kospentaris and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In this dissertation, I build macroeconomic models to answer questions of empirical relevance for the study of labor markets. The dissertation consists of an introductory overview and three research essays. The first essay is devoted to duration dependence in unemployment, namely the fact that recently unemployed workers have a signicantly better chance of finding a job than the long-term unemployed. I build a directed search model to quantify the importance of three common explanations for this fact: (i) unobserved worker differences, (ii) skill loss, and (iii) job-search effort decline. Two novel results emerge: first, the bulk of the effect of unobserved heterogeneity is concentrated in the first six months of the unemployment spell; the drop in job-finding rates observed at longer spells is mostly a result of skill loss and lower search effort. Second, skill loss has a vastly greater impact on job-finding than the decline in search effort. These results have two clear implications for labor market policy: (i) the impact of active labor market programs is expected to be larger for the long-term unemployed; (ii) job-training programs are expected to be more effective than job-search assistance policies at reducing long-term unemployment. In the second essay I study how information obtained by a worker while trying to find a job affects her job-search effort. Specically, I analyze how a worker, who is uncertain about her labor market traits and learns about them while looking for a job, allocates her search effort over the unemployment spell. The main result is that search effort is increasing over time when the worker is optimistic about her traits but decreasing when the worker is pessimistic about her traits. This result can explain discrepant empirical findings from previous literature on search effort. The final essay is devoted to job-search effort as an insurance channel. I build a model in which workers face substantial risk in the labor market but they have two means of self-insurance against this risk: increase their savings and their search effort. The main result is that when labor market risk becomes more severe workers increase both their savings and search effort but the increase in savings is twice as large as the increase in search effort. That is, workers make use of search effort as an insurance channel but much less than the savings channel.
Essays On The Macroeconomics Of Labor Markets
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Author : Paula Garda
language : en
Publisher:
Release Date : 2012
Essays On The Macroeconomics Of Labor Markets written by Paula Garda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This thesis sheds light on several macroeconomic aspects of labor markets. The first chapter focuses on the impact of dual labor markets on human capital investment. Using a large dataset of the Spanish Social Security the wage losses of permanent and fixed term workers after displacement are analyzed. Results indicate that workers under permanent contracts accumulate a higher share of firm specific human capital than workers under fixed term contracts. The impact on aggregate productivity is analyzed using a calibrated model ̀a la Mortensen and Pissarides (1994) with endogenous investment in human capital and dual labor markets. The second chapter develops a model in order to explain cross countries differences in the cyclical fluctuations of informal employment for developing countries. The explanation can be found in institutional differences between the formal and informal sector. The third chapter proposes a model that uses the flows into and out of unemployment to forecast the unemployment rate. It shows why this model should outperform standard time series models, and quantifies empirically this contribution for several OECD countries.
Essays On The Macroeconomics Of Labor Markets
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Author : Marek Ignaszak
language : en
Publisher:
Release Date : 2021
Essays On The Macroeconomics Of Labor Markets written by Marek Ignaszak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Labor categories.
Essays In Economic Theory Growth And Labour Markets
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Author : George Bitros
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002-01-01
Essays In Economic Theory Growth And Labour Markets written by George Bitros and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-01 with Business & Economics categories.
The distinguished contributors in this volume provide a variety of essays, which are written in honor of Emmanuel Drandakis. These essays fall into four uniform areas of economics: economic growth, general equilibrium, labor economics and game theory and applications. The editors focus on a select set of issues that stand high on the agenda of academic research. They provide fresh insights and approaches to the analysis of these issues, and thus open up wider avenues for our understanding of the dilemmas posed for theory and policy. Readers are offered new empirical evidence on such thorny social problems as, for example, unemployment, the intergenerational transmission of human capital and the response of wages to price and endowment changes.
Essays On Macroeconomics And Labor Markets
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Author : Ahmet Yusuf Mercan
language : en
Publisher:
Release Date : 2018
Essays On Macroeconomics And Labor Markets written by Ahmet Yusuf Mercan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Job mobility – the rate at which employed workers change their jobs without experiencing unemployment in between – plays a significant role in shaping individual level economic outcomes as well aggregate labor market dynamics. At the micro level, workers climb up the job ladder and receive wage increases by changing employers. Experimentation by way of switching jobs leads young workers into their right career paths. At the aggregate level, job mobility might improve the allocative efficiency of the labor market by facilitating the match of productive workers and firms. This dissertation sheds light on two issues pertaining to job mobility in the U.S. Chapter 1 studies the observed decline in employer-to-employer transitions in the U.S. during the last two decades, and proposes an explanation for this downward trend. Chapter 2 proposes a framework for analyzing the excess unemployment risk following a job- to-job transition and lays the groundwork for a broader future research agenda. Chapter 1 starts from the observation that employer-to-employer (E-E) transi- tions have declined in the United States during the last 20 years from a monthly rate of 2.7 percent in 1996 to 1.7 percent in 2016. In this chapter, I study the factors behind this observed decline. I document that most of the decrease in E-E transitions is accounted for by declines in matches with less than 12 months of job tenure. I attribute this decline to an increase in information about the quality of job opportunities. I then develop a search model with heterogenous matches and on-the-job search with learning about match quality. I show that the information channel can be identified from the change in the wage growth of job switchers. I estimate my model and find that workers in recent years have substantially more in- formation about matches before they are formed, turning jobs into inspection goods rather than experience goods. I find that this increase in information explains 50 to 60 percent of the decline in job mobility over the last two decades. Chapter 2 starts from the empirical finding that the risk of job loss is concen- trated in the early months of the job; after the initially high levels of unemployment risk, jobs become stable. This chapter argues that this initial excess exposure to un- employment risk renders job-to-job transitions risky. It formalizes this mechanism in a search and matching model in which job offers are “lotteries”, placing probabilities on job qualities, which are revealed early on in the new job. Workers know the prob- ability weights, and lotteries are heterogeneous in those weights. A set of job quality realizations lead workers to prefer quitting into unemployment. In this model, job mobility is affected by the value of unemployment, which represents the downside risk of accepting a job lottery. This consideration constitutes a mobility friction for employed workers. It explores all these properties and predictions in a calibrated version of the model. The chapter also highlights a new role of unemployment in- surance (UI): In the model, UI insures the downside risk of job-to-job transitions, and thereby subsidizes job mobility of workers already employed, and tilts the job composition to ex-ante riskier jobs. Chapter 2 closes by discussing potential implica- tions of this new view of unemployment insurance. The study therefore sheds light on how labor market policies affect the behavior of employed job seekers through a novel “experimentation subsidy” channel.
Essays In Macroeconomics And Labor Markets
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Author : Lawrence F. Warren
language : en
Publisher:
Release Date : 2016
Essays In Macroeconomics And Labor Markets written by Lawrence F. Warren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Employment (Economic theory) categories.
This dissertation contributes to the current understanding of labor markets, focusing on the use of micro level data and computational modeling to study the interaction of unemployment with various aspects of the macroeconomy. I address the fact that frictions in the labor market carry over into other dimensions of firms' and workers' decisions, such as a firm's incentive to utilize its current labor force, workers' participation in the labor market, and the decision to acquire or discharge debt. In Chapter 1, I study involuntary part-time employment over the business cycle. I document that the population at work part-time for economic reasons ($PTE$) is countercyclical, volatile, and transitory. Workers in $PTE$ are nearly three times more likely than the unemployed to return to full-time work in a given month, and seven times more likely than full-time workers to become unemployed. Using household survey data, I demonstrate that cyclical fluctuations in $PTE$ come from changes in the transition rates between full-time and part-time employment rather than between part-time and unemployment. Moreover, these movements are primarily due to within-job changes in hours. Accordingly, I model part-time work focusing on a firm's decision to hire, fire, or partially utilize its labor force. Firms in the model are heterogeneous in size and productivity, and are subject to search frictions. The model produces firm-level utilization of part-time employment which is consistent with observed worker flows, and varies across the size and age distributions of firms. Over the business cycle, the model matches the observed relative volatility of unemployment and $PTE$. Part-time labor utilization by firms increases the volatility of vacancies and unemployment in the model relative to the case with only an extensive margin. Chapter 2 studies the interaction of a participation margin in a labor market search model.