The Dispersion Of Wages Over The Business Cycle
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The Dispersion Of Wages Over The Business Cycle
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Author : David Patrick Redmon
language : en
Publisher:
Release Date : 1993
The Dispersion Of Wages Over The Business Cycle written by David Patrick Redmon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business cycles categories.
Wage Dispersion Over The Business Cycle
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Author : Annaïg Morin
language : en
Publisher:
Release Date : 2013
Wage Dispersion Over The Business Cycle written by Annaïg Morin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Wage differentials categories.
In this paper, I establish a positive correlation between wage dispersion and GDP at business cycle frequencies. Moreover, I provide a rationale for the procyclical properties of wage dispersion by studying a dynamic search model with wage-posting in which workers can get multiple job offers each period. I analyze the channels through which the business cycle influences the shape of the wage distribution. The presence of search frictions gives firms monopsony power, i.e., power to impose wage levels on workers, and generates differences in wage policy across firms. The speed at which workers can move to other jobs affects the degree of firms competition over workers and impacts the extent to which firms exploit their monopsony power. Therefore, in booms, the value of workers' outside option goes up as the quantity and the quality of job offers increase, and this, in turn, erodes the firms' monopsony power in wage setting. In consequence, firms post more high-paying vacancies. This strategic reaction of firms thickens the upper tail of the wage distribution, shifts the mass of the wages to the right and, as a result, generates a larger wage dispersion.
Wages In The Business Cycle
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Author : Jonathan Michie
language : en
Publisher: Bloomsbury Publishing
Release Date : 2013-11-07
Wages In The Business Cycle written by Jonathan Michie and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-07 with Business & Economics categories.
During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the 'cyclical behaviour of wages' has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle. Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the 'labour demand function', representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.
The Price Of Industrial Labor
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Author : James E. Annable
language : en
Publisher: Lexington, Mass. : Lexington Books
Release Date : 1984
The Price Of Industrial Labor written by James E. Annable and has been published by Lexington, Mass. : Lexington Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.
Study in wages economics, (labour economics), arguing that a more realistic wage policy and theory must be predicated on wage duality arising from labour market conditions and size of enterprise differences - discusses the wage norm concept, its microeconomics and macroeconomics parameters, functional efficiency, adjustment processes, etc. References.
Employment Time And The Cyclicality Of Earnings Growth
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Author : Eran B. Hoffmann
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-16
Employment Time And The Cyclicality Of Earnings Growth written by Eran B. Hoffmann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-16 with Business & Economics categories.
We study how the distribution of earnings growth evolves over the business cycle in Italy. We distinguish between two sources of annual earnings growth: changes in employment time (number of weeks of employment within a year) and changes in weekly earnings. Changes in employment time generate the tails of the earnings growth distribution, and account for the increased dispersion and negative skewness in the distribution of earnings growth in recessions. In contrast, the cross-sectional distribution of weekly earnings growth is symmetric and stable over the cycle. Thus, models that rely on cyclical idiosyncratic risk, should separately account for the employment margin in their earnings process to avoid erroneous conclusions. We propose such a process, based on the combination of simple employment and wage processes with few parameters, and show that it captures the procyclical skewness in changes in earnings growth and other important features of its distribution.
Evidence On The Causes Of The Rising Dispersion Of Relative Wages
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Author : Edward Montgomery
language : en
Publisher:
Release Date : 1985
Evidence On The Causes Of The Rising Dispersion Of Relative Wages written by Edward Montgomery and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Inflation (Finance) categories.
Movements Of Wages Over The Business Cycle
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Author : Beth Anne Wilson
language : en
Publisher:
Release Date : 1997
Movements Of Wages Over The Business Cycle written by Beth Anne Wilson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business cycles categories.
Real Wages Over The Business Cycle
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Author : Robert B. Barsky
language : es
Publisher:
Release Date : 1989
Real Wages Over The Business Cycle written by Robert B. Barsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Labor Markets And Business Cycles
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Author : Robert Shimer
language : en
Publisher: Princeton University Press
Release Date : 2010-04-12
Labor Markets And Business Cycles written by Robert Shimer and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-12 with Business & Economics categories.
Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Real Wages Over The Business Cycle
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Author : Michael P. Keane
language : en
Publisher:
Release Date : 1987
Real Wages Over The Business Cycle written by Michael P. Keane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Business cycles categories.