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  • 1
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: The unemployment rise in EU countries has been particularly strong for low-skilled workers. This observation has often been explained in terms of biased technical change and relative wage rigidities. More attention has been paid recently to an alternative mechanism, the crowding-out of low-skilled workers by over-qualified workers. The objective of this paper is both methodological and empirical. We construct a dynamic general equilibrium model with two types of jobs and two types of workers and with search unemployment. The model is calibrated and simulated to examine the interactions between the ?skill bias? and ?crowdingout? mechanisms. When such interactions are accounted for, the model reproduces quite well the observed unemployment changes.
    Keywords: E24 ; J23 ; J21 ; ddc:330 ; skill bias ; equilibrium search unemployment ; ladder effect ; crowding out ; over-education ; Ungelernte Arbeitskräfte ; Theorie der Arbeitslosigkeit ; Arbeitsplatzsuchmodell ; Qualifikation ; Technischer Fortschritt ; Überqualifikation ; Allgemeines Gleichgewicht ; Theorie ; Belgien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2018-09-21
    Description: In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple shocks. The model generates realistic statistics for the important labor market variables
    Keywords: E31 ; E32 ; E52 ; J64 ; ddc:330 ; DSGE ; Search and Matching ; Nominal Wage Rigidity ; Monetary Policy ; Lohnrigidität ; Verhandlungstheorie des Lohnes ; Dynamisches Gleichgewicht ; Theorie ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Luxembourg: European Investment Bank (EIB)
    Publication Date: 2016-08-15
    Description: This paper is a follow-up to the recommendations made by Jacques Drèze, Edmond Malinvaud and colleagues in 1993 (Drèze, Malinvaud et al., 1994). The key arguments that are of interest for discussion here are paraphrased below: 'For almost 20 years now, West European unemployment has been a major social problem and the sign of a significant underutilisation of resources at a time of substantial unfilled needs.... The crux of the matter is a situation of inadequate aggregate demand, at a time when there does not seem to exist any leeway for fiscal expansion. The way out of this dilemma has been correctly identified by the European Commission, namely to find ways of stimulating investment without falling back too much on national budgets for funding. The emphasis on social and public investment is natural at a time when unused capacities limit the immediate prospects for business investment (which, moreover, would be labour saving).
    Keywords: ddc:330 ; Investitionspolitik ; Wachstumspolitik ; Arbeitsmarktpolitik ; Arbeitslosigkeit ; Wirkungsanalyse ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    ISSN: 1435-8921
    Keywords: Key words: Macroeconomics, smoothing-by-aggregation, mismatch, approximation ; JEL classifications: E10, J60
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. This paper is devoted to the problem of aggregation in models with quantity constraints. The focus is on quantity rationing macroeconomic (QRM) models where the micromarket outcome can be written as the minimum of several variables and where the diversity of situations across micromarkets is explicitly recognized. The aggregation result given in this paper generalizes that of Lambert (1988) to employment functions with more than two components, and leads to approximate aggregate functions of the CES variety. The approximation used can accomodate general variance-covariance structures. Simulation experiments show that the approximation error remains within reasonable bounds (1–4%). It thus seems that the CES formulation can accomodate a large variety of situations. It remains in particular valid when the (restrictive) conditions required to obtain the CES function as an exact result (independently and identically distributed Weibull variables) are not satisfied.
    Type of Medium: Electronic Resource
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  • 5
    ISSN: 1435-8921
    Keywords: C32 ; C52 ; E24
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines the determinants of equilibrium wage and unemployment rates in Belgium within the framework of a quantity rationing, right-to-manage model with decentralised wage-setting. Empirical results are obtained by first using the Johansen maximum-likelihood procedure for the analysis of cointegration among the variables of interest. The information from this stage is then used to estimate a three equation econometric model explaining the wage share, the unemployment rate and the capital gap. The slowdown in world trade is depicted as the most important factor explaining the rise in unemployment in Belgium, with dampening effects due to wage control policies imposed in the eighties. Because we obtain only two cointegrating relations, for three endogenous variables, our results are compatible with the hypothesis of path dependency and multiple equilibria.
    Type of Medium: Electronic Resource
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  • 6
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: This paper studies the role of labor market institutions on unemployment and on the cyclical properties of job flows. We construct an intertemporal general equilibrium model with search unemployment and endogenous job turnover, and examine the consequences of introducing an unemployment benefit, a firing cost and a downward wage rigidity. The model is able to reproduce the main cyclical properties of a typical European economy. It also suggests that downward wage rigidities, rather than unemployment benefit or firing cost, may well play a dominant role in explaining both the high unemployment rate and the cyclical properties of such an economy.
    Keywords: J65 ; E24 ; J63 ; J38 ; ddc:330 ; unemployment ; job flows dynamics ; institutions ; Arbeitsmobilität ; Konjunkturelle Arbeitslosigkeit ; Theorie der Arbeitslosigkeit ; Arbeitsuche ; Arbeitslosenversicherung ; Kündigungsschutz ; Lohnrigidität ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
    Publication Date: 2018-11-15
    Description: We use a calibrated general equilibrium model with heterogeneous labor and search to evaluate the quantitative effects of various labor tax cut scenarios. The focus is on skill heterogeneity combined with downward wage rigidities at the low end of the skill ladder. Workers can take jobs for which they are overeducated. We compare targeted and non-targeted tax cuts, both with or without over-education effects. Introducing over-education changes substantially the employment, productivity and welfare effects of a tax cut, although tax cuts targeted on the least skilled workers always have larger effects.
    Keywords: C68 ; E24 ; J64 ; ddc:330 ; Minimum wage ; job creation ; job destruction ; job competition ; search unemployment ; taxation ; computable general equilibrium models ; Lohnsteuer ; Steuerreform ; Steuerwirkung ; Überqualifikation ; Arbeitsangebot ; Qualifikation ; Lohnrigidität ; Ungelernte Arbeitskräfte ; Mindestlohn ; Allgemeines Gleichgewicht ; Beschäftigungseffekt ; Arbeitsproduktivität ; Wohlfahrtseffekt ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
    Publication Date: 2018-11-15
    Description: This paper re-examines the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging) leading to lower interest rates also imply lower equilibrium unemployment rates, because lower capital costs stimulate labor demand and induce firms to advertize more vacancies. These effects may be reinforced by increases in the participation rate of older workers, induced by the higher wage rates and the larger probability of finding a job. These results imply that neglecting labor market frictions and employment rate changes may seriously bias the evaluation of pension reforms when they have an impact on the equilibrium interest rate.
    Keywords: E24 ; H55 ; J26 ; J64 ; ddc:330 ; overlapping generations ; search unemployment ; labor force participation ; aging ; pensions ; labor market
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
    Publication Date: 2018-11-15
    Description: We evaluate the determinants of matching efficiency changes through a stochastic Cobb- Douglas production frontier model extended to allow the efficiency coefficient to depend on variables meant to capture workers and firms characteristics. We apply this methodology to examine regional disparities in France over the period 1990-1995. About 30% of the efficiency changes observed over time and some 25% of the cross regional differences can be explained in terms of changes in firms and workers characteristics. Regional differences in matching efficiency are fairly stable over time and negatively correlated to the regional unemployment rates.
    Keywords: J64 ; C24 ; ddc:330 ; Matching efficiency ; regional unemployment ; stochastic frontier ; Regionaler Arbeitsmarkt ; Matching ; Regionale Arbeitslosigkeit ; Regionale Disparität ; Technische Effizienz ; Cobb-Douglas-Produktionsfunktion ; Stochastischer Prozess ; Schätzung ; Frankreich
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2018-11-15
    Description: We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more firms adjust on the intensive margin, reducing employment volatility, (ii) the lower the effective workers' bargaining power for wages and (iii) the more important the hourly wage in the marginal cost determination. This set-up produces realistic labor market statistics together with inflation persistence. Distinguishing the probability to bargain the wage of the existing and the new jobs, we show that the intensive margin helps reduce the new entrants wage rigidity required to match observed unemployment volatility.
    Keywords: E31 ; E32 ; E52 ; J64 ; ddc:330 ; DSGE ; search and matching ; nominal wage rigidity ; monetary policy ; Lohnrigidität ; Lohnverhandlungen ; Geldpolitik ; Lohnstückkosten ; Dynamisches Gleichgewicht ; Theorie ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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