Employment Time And The Cyclicality Of Earnings Growth

Author : Eran B. Hoffmann,Mr.Davide Malacrino
Publisher : International Monetary Fund
Page : 67 pages
File Size : 49,8 Mb
Release : 2018-05-16
Category : Business & Economics
ISBN : 9781484356654

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Employment Time and the Cyclicality of Earnings Growth by Eran B. Hoffmann,Mr.Davide Malacrino Pdf

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.

Author : Eran B. Hoffmann,Mr.Davide Malacrino
Publisher : International Monetary Fund
Page : 67 pages
File Size : 50,9 Mb
Release : 2018-05-16
Category : Business & Economics
ISBN : 9781484353561

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Employment Time and the Cyclicality of Earnings Growth by Eran B. Hoffmann,Mr.Davide Malacrino Pdf

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.

Author : John D. Kasarda
Publisher : Springer Science & Business Media
Page : 137 pages
File Size : 40,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400922013

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Jobs, Earnings, and Employment Growth Policies in the United States by John D. Kasarda Pdf

John D. Kasarda By all accounts, the United States has led the world in job creation. During the past 20 years, its economy added nearly 40 million jobs while the combined European Economic Community added none. Since 1983 alone, the U. S. gener ated more than 15 million jobs and its unemployment rate dropped from 7. 5 percent to approximately 5 percent while the unemployment rate in much of western Europe climbed to double digits. Even Japan's job creation record pales in comparison to the United States'. with its annual employment growth rate less than half that of the United States over the past 15 years (0. 8 percent vs. 2 percent. ) Yet, as the U. S. economy has been churning out millions of jobs annually, con flicting views and heated debates have emerged regarding the quality of these new jobs and its implications for standards of living and U. S. economic competi tiveness. Many argue that the "great American job machine" is a "mirage" or "grand illusion. " Rather than adding productive, secure, well-paying jobs, most new employment, critics contend, consists of poverty level, dead-end, service sector jobs that contribute little or nothing to the nation's productivity and inter national competitiveness. Much of the blame is placed on Reagan-Bush policies that critics say undermine labor unions, encourage wasteful corporate restructur ing, foster exploitative labor practices, and reduce fiscal support for education and needed social services.

Author : Solomon W. Polachek,Konstantinos Tatsiramos
Publisher : Emerald Group Publishing
Page : 250 pages
File Size : 47,9 Mb
Release : 2008-10-01
Category : Business & Economics
ISBN : 9781849505529

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Work, Earnings and Other Aspects of the Employment Relation by Solomon W. Polachek,Konstantinos Tatsiramos Pdf

Covers various aspects of the employer-employee relationship. This book answers labor market questions that include: Why has part-time work increased so dramatically in the 15 European Union countries? What changes in retirement behavior will be expected as countries change pension laws? And, why do firms often use fixed-term employment contracts?

Author : Edward Denison
Publisher : Brookings Institution Press
Page : 168 pages
File Size : 48,5 Mb
Release : 2011-10-01
Category : Business & Economics
ISBN : 9780815719755

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Trends in American Economic Growth by Edward Denison Pdf

The growth rate of national income has fluctuated widely in the United States since 1929. In this volume, Edward F. Denison uses the growth accounting methodology he pioneered and refined in earlier studies to track changes in the trend of output and its determinants. At every step he systematically distinguishes changes in the economy’s ability to produce—as measured by his series on potential national income—from changes in the ratio of actual output to potential output. Using data for earlier years as a backdrop, Denison focuses on the dramatic decline in the growth of potential national income that started in 1974 and was further accentuated beginning in 1980, and on the pronounced decline from business cycle to business cycle in the average ratio of actual to potential output, a slide under way since 1969. The decline in growth rates has been especially pronounced in national income per person employed and other productivity measures as growth of total output has slowed despite a sharp acceleration in growth of employment and total hours at work. Denison organizes his discussion around eight table that divide 1929-82 into three long periods (the last, 1973-82) and seven shorter periods (the most recent, 1973-79 and 1979-82). These tables provide estimates of the sources of growth for eight output measures in each period. Denison stresses that the 1973-82 period of slow growth in unfinished. He observes no improvement in the productivity trend, only a weak cyclical recovery from a 1982 low. Sources-of-growth tables isolate the contributions made to growth between “input” and “output per unit of input.” Even so, it is not possible to quantify separately the contribution of all determinants, and Denison evaluates qualitatively the effects of other developments on the productivity slowdown.

Author : Wallace C. Peterson
Publisher : Unknown
Page : 536 pages
File Size : 49,8 Mb
Release : 1967
Category : Economic development
ISBN : UCAL:B4170067

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Income, Employment, and Economic Growth by Wallace C. Peterson Pdf

Author : Robert Shimer
Publisher : Princeton University Press
Page : 192 pages
File Size : 54,9 Mb
Release : 2010-04-12
Category : Business & Economics
ISBN : 9781400835232

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Labor Markets and Business Cycles by Robert Shimer Pdf

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.

Author : Daniel Hamberg
Publisher : Unknown
Page : 360 pages
File Size : 42,6 Mb
Release : 1956
Category : Business & Economics
ISBN : UOM:39015066628101

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Economic Growth and Instability by Daniel Hamberg Pdf

Author : Ging Wong,W. G. Picot
Publisher : W.E. Upjohn Institute
Page : 394 pages
File Size : 52,8 Mb
Release : 2001
Category : Business & Economics
ISBN : 9780880992282

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Working Time in Comparative Perspective by Ging Wong,W. G. Picot Pdf

Comprises a collection of papers which examine recent changes in the distribution of weekly working time in Canada and the United States, the implications of the changing distribution of hours worked for earnings inequality, and efforts to reduce unemployment through mandated hours reductions. Analyses also general patterns and trends in working time over the life cycle and nonstandard employment arrangements. Covers mainly the period from the 1970s to 1990s.

Author : Robert W. Rich,Joseph S. Tracy
Publisher : Unknown
Page : 0 pages
File Size : 48,9 Mb
Release : 2022
Category : Electronic
ISBN : OCLC:1340388008

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Heterogeneity and the Effects of Aggregation on Wage Growth by Robert W. Rich,Joseph S. Tracy Pdf

Author : Thomas Wilson
Publisher : London : Sir Isaac Pitman & Sons
Page : 232 pages
File Size : 54,5 Mb
Release : 1942
Category : Business cycles
ISBN : UCAL:$B88483

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Fluctuations in Income and Employment by Thomas Wilson Pdf

"Selected bibliography": pages 207-210.

Author : Solomon W. Polachek,Konstantinos Tatsiramos
Publisher : Emerald Group Publishing
Page : 484 pages
File Size : 44,6 Mb
Release : 2008-10-01
Category : Business & Economics
ISBN : 9780762313976

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Work, Earnings and Other Aspects of the Employment Relation by Solomon W. Polachek,Konstantinos Tatsiramos Pdf

Covers various aspects of the employer-employee relationship. This book answers labor market questions that include: Why has part-time work increased so dramatically in the 15 European Union countries? What changes in retirement behavior will be expected as countries change pension laws? And, why do firms often use fixed-term employment contracts?

Author : Ms.Era Dabla-Norris,Carlo Pizzinelli,Jay Rappaport
Publisher : International Monetary Fund
Page : 55 pages
File Size : 47,9 Mb
Release : 2019-10-11
Category : Business & Economics
ISBN : 9781513517278

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Job Polarization and the Declining Fortunes of the Young: Evidence from the United Kingdom by Ms.Era Dabla-Norris,Carlo Pizzinelli,Jay Rappaport Pdf

This paper uses a life-cycle framework to document new stylized facts about the nexus between job polarization and earnings inequality. Using quarterly labor force data for the UK over the period 2000-2018, we find clear life-cycle profiles in the probability of being employed within each occupation type and wages earned therein. Cohort plots and econometric analysis suggest that labor market outcomes and prospects have gradually worsened for the young. These adverse trends are particularly significant for low-skill women: estimated cohort effects point to a fall in wages within each occupation as well as a lower propensity of being employed in abstract-task occupations. We also find evidence of general occupational downgrading in the UK, with more educated workers taking up fewer high-skill occupations than they did in the past. Our analysis informs the policy debate over appropriate measures needed to reduce skill mismatches and alleviate labor market transitions.

Author : Robert L. Aronson
Publisher : Cornell University Press
Page : 178 pages
File Size : 55,8 Mb
Release : 2019-06-07
Category : Political Science
ISBN : 9781501735660

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Self Employment by Robert L. Aronson Pdf

Author : Mr.Stephan Danninger
Publisher : International Monetary Fund
Page : 26 pages
File Size : 50,9 Mb
Release : 2016-06-28
Category : Business & Economics
ISBN : 9781498335232

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What's Up with U.S. Wage Growth and Job Mobility? by Mr.Stephan Danninger Pdf

Since the global financial crisis, US wage growth has been sluggish. Drawing on individual earnings data from the 2000–15 Current Population Survey, I find that the drawn-out cyclical labor market repair—likely owing to low entry wages of new workers—slowed down real wage growth. There are, however, also signs of structural changes in the labor market affecting wages: for full-time, full-employed workers, the Wage-Phillips curve—the empirical relationship between wage growth and the unemployment rate—has become horizontal after 2008. Similarly, job-turnover rates have continued to decline. Job-to-job transitions—associated with higher wage growth—have slowed across all skill and age groups and beyond what local labor market conditions would imply. This raises concerns about the allocative ability of the labor market to adjust to changing economic conditions.