Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions Costs
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Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions Costs
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Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1993
Evaluating Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions Costs written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Evaluation Labour Adjustment Costs From Trade Shocks
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Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1994
Evaluation Labour Adjustment Costs From Trade Shocks written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Evaluation Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions
DOWNLOAD
Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1994
Evaluation Labour Adjustment Costs From Trade Shocks Illustrations For The U S Economy Using An Applied General Equilibrium Model With Transactions written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Evaluating Labour Adjustment Costs From Trade Shocks
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Author : Ramon L. Clarete
language : en
Publisher:
Release Date : 1994
Evaluating Labour Adjustment Costs From Trade Shocks written by Ramon L. Clarete and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Adjustment costs categories.
This paper presents a general equilibrium approach to calculating labour adjustment costs induced by trade policy changes or external sector shocks, which we illustrate by analyzing the adjustment consequences of eliminating quotas and tariffs on U.S. imports. In our approach, factor adjustments in the presence of transactions costs are endogenously determined within the equilibrium structure. The conventional way of calculating such labour adjustment costs is to use full equilibrium models which exclude adjustment costs, and apply exogenous estimates of duration of unemployment to implied intersectoral labour reallocations. By using an equilibrium model in which adjustment costs are absent, the conventional approach tends to overstate the amount of labour that moves to other sectors and hence introduces an upward bias to estimates of adjustment costs. As well, such an approach tends to ignore the impact on intersectoral wage rates. Our results suggest that concerns over adjustment problems should focus as much on the consequences of adjustment costs in impeding factor mobility, as on the magnitude of the adjustment costs themselves. Compared to the redistributive effects they induce by inhibiting labour movement in response to policy or other changes, these costs may be small.
Trade And Income Distribution
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Author : William R. Cline
language : en
Publisher: Peterson Institute
Release Date : 1997
Trade And Income Distribution written by William R. Cline and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
"Cline also finds that trade liberalization has tended to raise skilled wages rather than reduce unskilled wages. Moreover, its impact has probably been no larger than falling transport and communication costs. Most importantly for policy, model simulations for the future show more limited trade impact than in the past and little unequalizing impact of further trade liberalization. Book jacket."--Jacket.
Updated Notes On The Interindustry Wage Structure
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Author : Steven G. Allen
language : en
Publisher:
Release Date : 1994
Updated Notes On The Interindustry Wage Structure written by Steven G. Allen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Manufactures categories.
This paper documents and analyzes changes in the wage structure across manufacturing industries over the last one hundred years. Inter-industry differentials in wages are highly stable for production workers, but autocorrelation patterns for nonproduction workers are considerably weaker. Industry wage patterns are very similar for production and nonproduction workers today, but this has been true only since 1958. Dispersion of wages across industries has shown varying trends over the last one hundred years, but has never in this century been higher than it is today. The variables that are most strongly correlated with wage growth are productivity growth, rising union density, rising capital intensity, and profit growth.
Working Paper Series
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Author :
language : en
Publisher:
Release Date : 1994
Working Paper Series written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Economics categories.
Asset Sales Firm Performance And The Agency Costs Of Managerial Discretion
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Author : Larry H. P. Lang
language : en
Publisher:
Release Date : 1994
Asset Sales Firm Performance And The Agency Costs Of Managerial Discretion written by Larry H. P. Lang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Asset-backed financing categories.
We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news and (3) the stock market discounts asset sale proceeds retained by the selling firm. In support of this hypothesis, we find that the typical firm in our sample performs poorly before the sale and that the average stock-price reaction to asset sales is positive only when the proceeds are paid out.
Reverse Engineering The Yield Curve
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Author : David K. Backus
language : en
Publisher:
Release Date : 1994
Reverse Engineering The Yield Curve written by David K. Backus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Options (Finance). categories.
Prices of riskfree bonds in any arbitrage-free environment are governed by a pricing kernel: given a kernel, we can compute prices of bonds of any maturity we like. We use observed prices of multi-period bonds to estimate, in a log-linear theoretical setting, the pricing kernel that gave rise to them. The high-order dynamics of our estimated kernel help to explain why first-order, one-factor models of the term structure have had difficulty reconciling the shape of the yield curve with the persistence of the short rate. We use the estimated kernel to provide a new perspective on Hansen-Jagannathan bounds, the price of risk, and the pricing of bond options and futures.
The Impact Of The Federal Reserve Bank S Open Market Operations
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Author : Campbell R. Harvey
language : en
Publisher:
Release Date : 1994
The Impact Of The Federal Reserve Bank S Open Market Operations written by Campbell R. Harvey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Federal Reserve banks categories.
The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as `Fed Time'. Using previously unavailable data on open market operations, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time. Surprisingly, the Fed Time volatility is higher on days when open market operations are absent. In addition, little systematic differences in market impact are observed for reserve-draining versus reserve-adding operations. These results suggest that the financial markets correctly anticipate the purpose of open market operations but are unable to forecast the timing of the operations.