Two Tier Labor Markets In The Great Recession
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Two Tier Labor Markets In The Great Recession
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Author : Samuel Bentolila
language : en
Publisher:
Release Date : 2010
Two Tier Labor Markets In The Great Recession written by Samuel Bentolila and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Labor contract categories.
Two Tier Labor Market In The Great Recession
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Author : Samuel Bentolila
language : en
Publisher:
Release Date : 2010
Two Tier Labor Market In The Great Recession written by Samuel Bentolila 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.
Why Wages Don T Fall During A Recession
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Author : Truman F. BEWLEY
language : en
Publisher: Harvard University Press
Release Date : 2009-06-30
Why Wages Don T Fall During A Recession written by Truman F. BEWLEY and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-30 with Business & Economics categories.
A deep question in economics is why wages and salaries don't fall during recessions. This is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Although economists have posited many theories to account for wage rigidity, none is satisfactory. Eschewing "top-down" theorizing, Truman Bewley explored the puzzle by interviewing--during the recession of the early 1990s--over three hundred business executives and labor leaders as well as professional recruiters and advisors to the unemployed. By taking this approach, gaining the confidence of his interlocutors and asking them detailed questions in a nonstructured way, he was able to uncover empirically the circumstances that give rise to wage rigidity. He found that the executives were averse to cutting wages of either current employees or new hires, even during the economic downturn when demand for their products fell sharply. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees and in convincing them to internalize the managers' objectives for the company. Bewley's findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labor markets from clearing. Table of Contents: Acknowledgments 1. Introduction 2. Methods 3. Time and Location 4. Morale 5. Company Risk Aversion 6. Internal Pay Structure 7. External Pay Structure 8. The Shirking Theory 9. The Pay of New Hires in the Primary Sector 10. Raises 11. Resistance to Pay Reduction 12. Experiences with Pay Reduction 13. Layoffs 14. Severance Benefits 15. Hiring 16. Voluntary Turnover 17. The Secondary Sector 18. The Unemployed 19. Information, Wage Rigidity, and Labor Negotiations 20. Existing Theories 21. Remarks on Theory 22. Whereto from Here? Notes References Index Reviews of this book: In Why Wages Don't Fall During A Recession, [Truman Bewley] tackles one of the oldest, and most controversial, puzzles in economics: why nominal wages rarely fall (and real wages do not fall enough) when unemployment is high. But he does so in a novel way, through interviews with over 300 businessmen, union leaders, job recruiters and unemployment counsellors in the north-eastern United States during the early 1990s recession...Mr. Bewley concludes that employers resist pay cuts largely because the savings from lower wages are usually outweighed by the cost of denting workers' morale: pay cuts hit workers' standard of living and lower their self-esteem. Falling morale raises staff turnover and reduces productivity...Mr. Bewley's theory has some interesting implications...[and] has a ring of truth to it. --The Economist Reviews of this book: This contribution to the growing literature on behavioral macroeconomics threatens to disturb the tranquil state of macroeconomic theory that has prevailed in recent years...Bewley's argument will be hard for conventional macroeconomists to ignore, partly because of the extraordinary thoroughness and honesty with which he evidently conducted his investigation, and the sheer volume of evidence he provides...Although Bewley's work will not settle the substantive debates related to wage rigidity, it is likely to have a profound influence on the way macroeconomists construct models. In particular, the concepts of morale, fairness, and money illusion are almost certain to play a big role in macroeconomic theory. His demonstration that there exist in reality simple, robust behavioral patters that cannot plausibly be founded on traditional maximizing behabior also raises the prospect of a more empirically oriented, more behavioral macroeconomics in the future. --Peter Howitt, journal of Economic Literature Reviews of this book: I think any scholar interested in labour markets and wage determination should read this well-written, lively, and highly stimulating book...[It] provides a fresh view and a lot of complementary background knowledge about how experienced people in the field see the employment relationship and what is actually crucial. Knowledge of this sort is all too rare in economics, and Truman Bewley's truly impressive study can serve as a role model for future investigations. --Simon G'chter, Journal of Institutional and Theoretical Economics To call this book a breath of fresh air is an understatement. The direct insights are fascinating, and Truman Bewley's use of them is sharp and insightful. Labor economists and macroeconomists have a lot to think about. --Robert M. Solow, Nobel Laureate, Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology Truman Bewley set out to conduct a handful of interviews with business executives to gain some theoretical inspiration, and his project blossomed into over 300 interviews with business people, labor leaders and consultants. He is truly the accidental interviewer of economics. Time and again, he found that workers behave like people, not atomistic, selfish economic agents. His insights will engage and enrage economic theorists and empiricists for years to come. --Alan Krueger, Bendheim Professor of Economics and Public Affairs, Princeton University
From The Great Recession To Labour Market Recovery
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Author : I. Islam
language : en
Publisher: Springer
Release Date : 2010-12-14
From The Great Recession To Labour Market Recovery written by I. Islam and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-14 with Business & Economics categories.
This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.
Labor Market Policies And Imf Advice In Advanced Economies During The Great Recession
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Author : Mr.Olivier J Blanchard
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-29
Labor Market Policies And Imf Advice In Advanced Economies During The Great Recession written by Mr.Olivier J Blanchard 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 2013-03-29 with Business & Economics categories.
This paper does two things. First, it articulates what are the main implications of theoretical and empirical research for design of labor market policies and labor market institutions. Second, in this light, the paper analyzes the IMF’s labor market recommendations since the beginning of the crisis, both in general, and more specifically in program countries
Dual Labor Markets
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Author : Gilles Saint-Paul
language : en
Publisher: MIT Press
Release Date : 1996
Dual Labor Markets written by Gilles Saint-Paul and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Uses theoretical models to analyse the macroeconomic implications of the dual labour market. Includes an introduction to the techniques of dynamic programming and the matching function.
The Redistribution Recession
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Author : Casey B. Mulligan
language : en
Publisher: Oxford University Press
Release Date : 2012-11-02
The Redistribution Recession written by Casey B. Mulligan and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.
Redistribution, or subsidies and regulations intended to help the poor, unemployed, and financially distressed, have changed in many ways since the onset of the recent financial crisis. The unemployed, for instance, can collect benefits longer and can receive bonuses, health subsidies, and tax deductions, and millions more people have became eligible for food stamps. Economist Casey B. Mulligan argues that while many of these changes were intended to help people endure economic events and boost the economy, they had the unintended consequence of deepening-if not causing-the recession. By dulling incentives for people to maintain their own living standards, redistribution created employment losses according to age, skill, and family composition. Mulligan explains how elevated tax rates and binding minimum-wage laws reduced labor usage, consumption, and investment, and how they increased labor productivity. He points to entire industries that slashed payrolls while experiencing little or no decline in production or revenue, documenting the disconnect between employment and production that occurred during the recession. The book provides an authoritative, comprehensive economic analysis of the marginal tax rates implicit in public and private sector subsidy programs, and uses quantitative measures of incentives to work and their changes over time since 2007 to illustrate production and employment patterns. It reveals the startling amount of work incentives eroded by the labyrinth of new and existing social safety net program rules, and, using prior results from labor economics and public finance, estimates that the labor market contracted two to three times more than it would have if redistribution policies had remained constant. In The Redistribution Recession, Casey B. Mulligan offers hard evidence to contradict the notion that work incentives suddenly stop mattering during a recession or when interest rates approach zero, and offers groundbreaking interpretations and precise explanations of the interplay between unemployment and financial markets.
Output And Unemployment Dynamics During The Great Recession
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Author : Francis Vitek
language : en
Publisher: International Monetary Fund
Release Date : 2010-08-01
Output And Unemployment Dynamics During The Great Recession written by Francis Vitek 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 2010-08-01 with Business & Economics categories.
This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession. This analysis is based on a panel unobserved components model of the world economy, disaggregated into its fifteen largest national economies. We find that excess supply pressure was primarily transmitted from the output market to the labor market by economy specific combinations of negative domestic or foreign output demand shocks, mitigated to varying degrees by countercyclical labor market policies or institutions.
Global Labour In Distress Volume Ii
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Author : Pedro Goulart
language : en
Publisher: Springer Nature
Release Date : 2023-01-01
Global Labour In Distress Volume Ii written by Pedro Goulart and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-01 with Business & Economics categories.
This book, the second of two volumes, explores the transformations to the labour market observed since the offi cial end of the Cold War in 1991. This period is defi ned by the retreat of the state and a move towards more market-based economies, followed by a State comeback with the Great Recession. These bumpy decades for labour and changing labour policies are analysed thematically. The second volume focuses on labour earnings and inequality, underemployment, (in)decent work, and labour market policies. This book aims to examine how labour institutions, both in developed and developing countries, have responded to the challenges faced over the last 30 years. It will be relevant to students and researchers interested in labour economics, political economy, and development economics.
Unemployment In The Great Recession
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Author : Florian Hoffmann
language : en
Publisher:
Release Date : 2014
Unemployment In The Great Recession written by Florian Hoffmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Economics categories.
This paper investigates the potential reasons for the surprisingly different labor market performance of the United States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates did not change substantially in Germany, increased and remained at relatively high levels in the United States, and increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains largely above its pre-recession level. We find two main explanations for these differences. First, the large employment swings in the construction sector linked to the boom and bust in U.S. housing markets can account for a large fraction of the cross-country differences in aggregate labor market outcomes for the three countries. Second, cross-country differences are consistent with a conventional Okun relationship linking GDP growth to employment performance. In particular, relative to pre-recession trends there has been a much larger drop in GDP in the United States than Germany between 2008 and 2012. In light of these facts, the strong performance of the German labor market is consistent with other aggregate outcomes of the economy.