Всего публикаций в данном разделе: 15986
Опубликовано на портале: 11-01-2003Pierre-Daniel G. Sarte Federal Reserve Bank of Richmond Economic. 1998. Vol. Volume 84/4 . P. 53-72.
It is well known that when inflation is stochastic, Fisher's theoretical equation, according to which the nominal interest rate is the sum of the real rate and the expected inflation rate, fails to hold. Under stochastic inflation, the Fisher equation must be amended to include a compensation for inflation risk: the inflation risk premium. Consequently, this article uses a simple consumption-based asset pricing model to investigate the significance of the inflation risk premium. Given the relationship between U.S. consumption growth and inflation, we find that historical estimates of the inflation risk premium are inconsequential. This result emerges because inflation surprises and unexpected movements in consumption growth exhibit little covariation in U.S. data. Moreover, using two different preference specifications, we also show that this result is quite unrelated to the notion that the equity risk premium is generally small in consumption-based asset pricing models.
Опубликовано на портале: 11-01-2003Joro R. Faria Journal of Applied Economics. 2001. Vol. IV. P. 89-105 .
This paper investigates the relationship between inflation and output in the context of an economy facing persistent high inflation. By analyzing the case of Brazil, we find that inflation does not impact real output in the long run, but that in the short run there exists a negative effect from inflation on output. These results support Sidrauskis (1967) superneutrality of money in the long run, but cast doubt on the short run implications of the model for separable utility functions in consumption and real money balances, as exposed by Fischer (1979). The results are more likely to support a class of utility functions in which real money balances and consumption are perfect complements.
Опубликовано на портале: 11-01-2003David R.F. Love, Jean-Francois Wen Canadian Journal of Economics. 1999. Vol. 32 . No. 1. P. 171-194 .
The costs of inflation are assessed using an endogenous growth macroeconomic model in which money reduces the time-costs of transacting. Inflation reduces growth in the model, which supports recent empirical evidence. Although simulations show time-costs to be small, inflation raises these costs and affects consumption, employment, and growth margins, implying greater welfare losses than generally found in the literature. The authors estimate welfare gains of 2 percent of GNP for reductions in inflation rates from 5 percent to zero when seignorage revenues are replaced with distortional taxes. Optimal inflation rates are negative.
Опубликовано на портале: 11-01-2003Lynn Elaine Browne, Rebecca Hellerstein, Jane Sneddon Little New England Economic Review. 1998. P. 3-32.
In 1980's, a new convention emerged in the economics profession - that central banks' primary, even sole, responsibility should be controlling consumer price inflation. By the 1990's, this view was gaining credibility in policy circles, and various countries mandated that their central banks make inflation their primary focus (generally with and escape clause in the event of a severe economic shock). Here in the United States, this orthodoxy never gained official status; rather, the U.S. policy goal remains promoting stable long-term growth using a variety of theoretical approaches. ; The recent problems in East Asia, as well as earlier difficulties in Japan, raise the question of whether such a concentrated focus on inflation became tunnel vision. Drawing on the crises in Japan and other Asian countries, with reference to comparable episodes in the United States, this article suggests that a preoccupation with inflation may have lulled policymakers and investors into ignoring useful signals from stock, real estate, and currency markets and from emerging imbalances in the real economy. Whether such imbalances would have been better addressed by monetary policy, or by improved disclosure, supervisory intervention, or tax policy, a broader perspective might have identified problems in Asia before they assumed such crippling proportions. ; This article concludes by suggesting that policymakers may want to look for signs of overheating emanating from asset markets and from emerging imbalances in the real economy, even when consumer prices are well behaved. Signs that high levels of debt may be financing increasingly optimistic investments warrant particular concern. The article also stresses the vulnerabilities that newly liberalized financial markets may introduce and the importance of measures that encourage the private sector to price risk more accurately and force it to bear the costs of international financial crises more fully. Overall, it advocates an eclectic approach to assessing economic performance.
Опубликовано на портале: 11-01-2003Gerasimos T. Soldatos Labour. 2002. Vol. 13. No. 2. P. 433-443(11) .
An argument connecting human capital theory with the weak version of the signaling hypothesis, is advanced initially. It is an argument that helps methodologically the derivation of a work-incentives view of the complementarity between human capital theory and the strong version of the signaling theory. This view implies in turn that work incentives have only an income effect, which emerges as the solution to a moral hazard problem concerning the disclosure of productivity-augmenting capabilities to the employer. Thus, it is concluded that policy-induced disincentives, working against this effect and involving perhaps a substitution effect, too, would have serious repercussions on the productivity of labor unless employees and employers take measures to counteract the disincentives.
Опубликовано на портале: 11-01-2003James F. Tracy Journal of Communication Inquiry. 1999. Vol. 23. No. 4. P. 374-389(16) .
This article analyzes the Walt Disney Company's adaptation of outsourcing and the relationship between the economics of outsourcing, the goods thus produced bearing Disney Company--licensed trademarks, and transnational corporations' use of a global division of labor. Taking Marxist and institutional approaches to capitalist labor practices and globalization, the author details Disney's outsourcing by examining the presence of Disney products in the Tucson market. Unlike most analyses of outsourcing, the author looks first at a local market and the array of Disney goods within that market and contextualizes the local array in terms of global business practices of contracting, subcontracting, and setting the conditions of labor. Results indicate that almost half of the products were produced by countries outside the United States and other industrialized countries, with an annual wage per worker of $3,955. This demonstrates one specific way in which a transnational media conglomerate uses the global division of labor to increase its profits.
The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework [статья]
Опубликовано на портале: 11-01-2003Colin F. Camerer, Robin M. Hogarth Journal of Risk and Uncertainty. 1999. Vol. 19. No. 1/3. P. 7-42(36) .
We review 74 experiments with no, low, or high performance-based financial incentives. The modal result has no effect on mean performance (though variance is usually reduced by higher payment). Higher incentive does improve performance often, typically judgment tasks that are responsive to better effort. Incentives also reduce presentation effects (e.g., generosity and risk-seeking). Incentive effects are comparable to effects of other variables, particularly cognitive capital and task production demands, and interact with those variables, so a narrow-minded focus on incentives alone is misguided. We also note that no replicated study has made rationality violations disappear purely by raising incentives.
Опубликовано на портале: 11-01-2003Andres Velasco, Eric Parrado
Using an optimizing model we derive the optimal monetary and exchange rate policy for a small stochastic open economy with imperfect competition and short run price rigidity. The optimal monetary policy has an exact closed-form solution and is obtained using the utility function of the representative home agent as welfare criterion. The optimal policy depends on the source of stochastic disturbances affecting the economy, much as in the literature pioneered by Poole (1970). Optimal monetary policy reacts to domestic and foreign disturbances. If the intertemporal elasticity of substitution in consumption is less than one, as is likely to be the case empirically, the optimal exchange rate policy implies a dirty float: interest rate shocks from abroad are met partially by adjusting home interest rates, and partially by allowing the exchange rate to move. This optimal pattern may help rationalize the observed fear of floating.
Equilibrium Labor Market Flows [учебная программа]
Опубликовано на портале: 11-01-2003Dale T. Mortensen
International Work, Wages and Mobility [учебная программа]
Опубликовано на портале: 11-01-2003Robert S. Chase
This seminar will develop tools from labor economics to analyze international policy challenges pertaining to peoples work patterns, incomes, and job changes. It will seek to build awareness of how economics addresses these issues in industrialized, emerging and less developed economies. Specifically, in the seminar we will build understanding of the tools that economics uses to address these issues, examine particular elements of the economics research that use these tools, and then discuss appropriate possible responses. Given the seminar format, in the second part of the course there will be substantial opportunity to focus on issues of particular interest to class participants.
Economics 450: Wages and the Labor Market [учебная программа]
Опубликовано на портале: 11-01-2003James Montgomery
This course provides an introduction to labor economics. Students will learn the microeconomic models used by economists to understand the behavior of workers and firms. The course will cover the basics labor demand, labor supply, human capital, wage determination, unions as well as some additional topics including household production, matching, altruism, and bargaining.
Economics 5411: Special Topics in Labor Economics [учебная программа]
Опубликовано на портале: 11-01-2003Mike Shannon
Labor Economics and Its Applications in Transition Economies [учебная программа]
Опубликовано на портале: 11-01-2003Klara S. Sabirianova
This course introduces workshop participants to the theory and methods of Labor Economics with applications to transition economies.
Advanced Labor Economics [учебная программа]
Опубликовано на портале: 11-01-2003John S. Earle, Yoram Weiss
This course has two main purposes: to expose PhD students to some of the professional research in the field of labour economics, and to provide a foundation for future dissertation research on these and related topics, including with application to the economies of Central and Eastern Europe and the former Soviet Union. Prerequisites for the course include graduate level microeconomics and econometrics; although the course is intended predominantly for PhD students, it is also open to MA students with the permission of the instructors. Relevant theory will be discussed, but the course material also includes applied work that tests or calibrates theories, that evaluates the impact of government policies, or that simply attempts to provide careful description of important labour market phenomena.
Labor Economics [учебная программа]
Опубликовано на портале: 11-01-2003John S. Earle
This course has two principal objectives. The first is to introduce students to the field of labor economics, applying microeconomic analysis in order to increase understanding of important social issues and public policies such as poverty, minimum wages, overtime rules, layoff restrictions, education, job safety, discrimination, migration, labor relations, unions and other institutions, unemployment, and income inequality. The second is to apply labor economics to the particular problems of labor markets in transition economies, with the aim of encouraging research in this field.
Опубликовано на портале: 11-01-2003Andres Erosa, Luisa Fuster, Diego Restuccia Review of Economic Dynamics. 2002. Vol. 5. No. 4. P. 856-891.
A striking observation of the U.S. and other labor markets is the weak position of women in terms of job attachment, employment, and earnings relative to men. We develop a model of fertility and labor market decisions to study the impact of fertility on gender differences in labor turnover, employment, and wages. In our framework, individuals search for jobs and accumulate general (experience) and specific (tenure) human capital when they work. They can also increase their wage by moving to a job of higher quality. Labor market decisions (e.g., job acceptance and job mobility) may differ across genders: females that give birth may decide to interrupt their labor market attachment in order to enjoy the value of staying at home with their children. The model economy is successfully calibrated to match aggregate statistics in terms of fertility, employment, and wages. We find that fertility decisions generate important gender differences in turnover rates, with long lasting effects in employment and wages. These differences in labor turnover account for almost all the U.S. gender wage gap that is attributed to labor market experience by Blau and Kahn (2000, Journal of Labor Economics 15(1), 142). The model also implies a very small role of tenure capital in accounting for wage differences between males and females (gender gap), and between females with and without children (family gap).
Опубликовано на портале: 11-01-2003Devajyoti Deka Journal of Urban Affairs. 2002. Vol. 24. No. 3/4. P. 333-352.
In the context of recent welfare reform efforts, researchers have examined strategies for attracting jobs to inner cities, dispersing innercity residents to suburban jobgrowth areas, and creating transportation connections between inner cities and suburban jobgrowth areas. However, little has been done to estimate the extent of potential commute of nonworkers who are expected to become active workers as a result of welfare reform. This study attempts to predict the extent of nonworkers commute by using modeling techniques employed in labor economics. Data from the 1995 Nationwide Transportation Survey are utilized. Conforming to theoretical premises and logical expectations, I estimate that mean commute time of nonworkers is likely to be substantially lower than those currently working. Policy implications of the empirical findings are discussed.
Опубликовано на портале: 11-01-2003Carsten-Patrick Meier, Reiner Fehn Kyklos. 2002. Vol. 54. No. 4. P. 557-590.
This paper presents a positive model which derives the preferences of entrepreneurs, workers, and investors concerning investor and employment protection. It shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Multiple politicoeconomic equilibria arise from our model. Some countries especially in continental Europe exhibit a corporatist politicoeconomic equilibrium with a substantial protection of insiders on both, capital and labor markets. The more important money is in political decision-making, the more divided the workforce is, and the more globalized capital markets are, the more likely is a capitalist politicoeconomic equilibrium with little employment and substantial investor protection. Our prediction of a negative crosscountry relationship between different measures of labor market rigidities and of competition on capital markets receives considerable empirical support, thus being potentially important for the current debate concerning structural reforms of labor markets and of corporate governance systems.
Опубликовано на портале: 11-01-2003David G. Blanchflower Journal of the Japanese and International Economies. 2001. Vol. 15. No. 4. P. 364-402.
The paper studies the labor markets of 23 transition countries from eastern and central EuropeAlbania, Armenia, Belarus, Bulgaria, Croatia, Czech Republic, East Germany, Estonia, Georgia, Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania Macedonia, Moldova, Poland, Romania, Russia, Slovakia, Slovenia, Ukraine, and Yugoslavia. It uses new micro-data from a large number of surveys on over 200,000 randomly sampled individuals from these countries for the years 19901997. The microeconometric structure of unemployment regression equations in the nations of eastern Europe appears to be similar to the industrialised west. Estimation of east European wage curves produces a local unemployment elasticity of between 0.1 and 0.3. This is somewhat larger in absolute terms than has been found elsewhere. On a variety of attitudinal measures, eastern Europeans said they were less contented than their western European counterparts. The strongest support for the changes that have occurred in eastern Europe is to be found among men, the young, the most educated, students, and the employed and particularly the self-employed. Support for market reforms is particularly low amongst the unemployed who were found to be particularly unhappy on two well-being measures