1,720,985 research outputs found
Endowment redistribution and Pareto improvements in GEI economies
Full text linkWith incomplete markets and numeraire assets, there are open sets of economies such that their equilibrium allocations can be improved upon by a reallocation of period zero endowments. This strengthens the classical results on constrained Pareto ineffciency of equilibria in GEI.Bei unvollkommenen Märkten und numerairen Vermögen gibt es eine offene Menge an Volkswirtschaften, so dass die Gleichgewichtsverteilung durch eine veränderte Anfangsverteilung verbessert werden kann. Dies stärkt das klassische Ergebnis der eingeschränkten Pareto Ineffizienz von Gleichgewichten in GEI
Investments in education in a two-sector, random matching economy
Full text linkWe consider a random matching model where heterogeneous agents endogenously choose to invest time and real resources in education. Generically in the space of the economies, there is an open interval of possible lengths of schooling such that, at at least one of the associated steady states equilibria, some agents, but not all of them, choose to invest. Regular steady state equilibria are constrained Pareto inefficient in a strong sense. The Hosios (1990) condition is neither necessary, nor sufficient, for constrained Pareto optimality. We also provide restrictions on the fundamentals, which are sufficient to guarantee that equilibria are characterized by overeducation (undereducation), and present some results on their comparative static properties
Human capital policies in a static, two-sector economy with imperfect markets
Full text linkThe paper studies a two-sector economy with investments in human and physical capital and imperfect labor markets. Workers and firms endogenously select (paying a fixed cost) the sector they are active in, and choose the amount of their investments. The economy is characterized by pecuniary externalities. Given the partition of the agents among the two sectors, at equilibrium there is underinvestment in both human and physical capital, as in Acemoglu (1996). A second externality is induced by the self-selection of the agents in the two sectors. When the difference between total factor productivities (TFP) is sufficiently large, subsidies to investments in education in the low TFP sector and fixed taxes increasing the cost to access the high productivity sector increase expected total surplus, while subsidies to investments in the high TFP sector can actually reduce it. To the contrary, subsidies to the amount of investments in human capital in the high TFP sector may have a positive effect on social welfare when the TFPs are sufficiently close
The impact of low-skilled immigration on female labour supply
Full text linkThis paper contributes to the literature on the impact of immigrants on native female labour supply. By segmenting the market by educational levels, we are able to investigate which native-born women are more affected by an increase of low-skilled immigrants working in the household service sector. We present a model of individual choice with home production and, using an harmonized dataset (CNEF), we test its main predictions. Our sample includes countries implementing different family policies. Our results suggest that the share of immigrants working in services in a given local labour market is positively associated with the probability of native-born women to increase their labour supply at the intensive margin (number of hours worked per week), if skilled, and at the extensive margin (participation decision), if unskilled. Moreover, they show that these effects are larger in countries with less family-supportive policies.Wir untersuchen die Auswirkungen von Zuwanderung auf das Arbeitsangebot einheimischer Frauen. Insbesondere betrachten wir die Auswirkung des Anstiegs geringqualifizierter Zuwanderer, die im Haushaltssektor arbeiten, auf hoch- und geringqualifizierte einheimische Frauen. Wir modellieren individuelle Entscheidungen über die Haushaltsproduktion und testen die wichtigsten Aussagen dieses Modells anhand eines harmonisierten Datensatzes (CNEF). Unsere Stichprobe enthält Länder mit unterschiedlich großzügiger Familienpolitik. Unsere Ergebnisse zeigen, dass mit einem höheren Anteil an Migranten im Dienstleistungssektor eines lokal begrenzten Arbeitsmarktes die einheimischen hochqualifizierten Frauen ihr Arbeitsangebot erhöhen. Gleichzeitig steigt die Partizipationsrate unqualifizierter einheimischer Frauen. Darüber hinaus zeigen wir, dass diese Effekte in Ländern mit restriktiverer Familienpolitik stärker ausfallen
A re-examination of constrained Pareto inefficiency in economies with incomplete markets
Full text linkWe establish that, when the number of agents is sufficiently large, but finite, there are open sets of economies with constrained Pareto inefficient equilibria and provide a simple sufficient condition for constrained inefficiency. We also show that there are open sets of economies with constrained efficient equilibria. Hence, for these economies, neither constrained efficiency, nor its lack, are generic properties. However, constrained inefficiency is a pervasive feature: for each economy with preferences satisfying a mild restriction, there are open sets of endowments such that their equilibrium allocations are constrained inefficient
Natives and migrants in home production: the case of Germany
Full text linkIn this paper, we assess the impact of international migration and the induced homecare service labor supply shock on fertility decisions and the labor supply of native females in Germany. Specifically, we consider the individual data of native women from the German Socio-Economic Panel and merge them with data on the share of female immigrants and other regional labor market characteristics. We provide evidence that areas with a high share of female immigrants are more likely to provide a larger amount of services related to household care and lower prices for such services. By controlling for unobserved individual characteristics, we find that an increase at the local level in the share of female immigrants positively affects the probability of having a child, induces women to work longer hours (intensive margin of labor supply) and reduces the number of hours they spend performing family duties (intensive margin of home production). The negative change in household working hours supports the validity of our results. These effects become stronger for (medium-) skilled women
Fachkräftebedarf in DeutschlandZur kurz- und langfristigen Entwicklung von Fachkräfteangebot und -nachfrage, Arbeitslosigkeit und Zuwanderung
No full textIAB assumes that the labour, capital and goods markets will adjust themselves to the drop in the supply of labour at least in the long term. For this reason it is not sensible to forecast "a gap in skilled labour" - of any size whatsoever. Having said that, a mis-match may come about on the labour market in respect to certain qualifications,cupations or regions and this may mean that vacant jobs cannot be filled in many la-bour market segments. After the Hartz reforms, the tensions on the labour market increased markedly during the economic upturn of the years 2006/07 and 2010/11. At the end of 2012, the de-mand for labour declined slightly in the wake of the weak economy but nevertheless shortages continue to be visible in individual regions and fields of work. At the end of 2012, the economic situation in Germany had become cloudy under the pull of the Euro crisis. However, for 2013, a recovery is to be expected. The labour market will be able to pick up again, even if it is not able to live up to the old trend. At the same time, employment ought to develop somewhat more favourably than unemployment. The Euro crisis has led to a redirection of the migration flows, especially those from central and eastern European countries to Germany. In 2011 the net immigration of foreign citizens amounted to 279,000 persons; for 2012 a net immigration of 340,000 to 380,000 persons is to be expected. This high level is surely due to the positive la-bour market development in Germany and the comparatively poor situation in the European crisis states. In the mid- and long term, immigration from other EU states will drop. The largest potential for immigration lies with the third countries. If participation in employment continues to rise, the labour force potential in Germany will drop at a net immigration of 100,000 persons by 7.3 million by 2035 and at a net immigration of 200,000 persons by 5.4 million persons. This decrease must not be confused with "a gap in skilled labour". In order to ensure the sustainable development of the labour force potential in Ger-many, an active strategy towards the mobilisation of domestic potential is necessary, especially of women and older persons, but also the targeted recruitment of qualified skilled workers from abroad along with their integration into the labour market. Immi-gration from third countries in particular would have to be higher if a drop in the labour force potential is to be clearly limited.Das IAB geht davon aus, dass sich die Arbeits-, Kapital- und Gütermärkte zumindest längerfristig an den Rückgang des Arbeitsangebotes anpassen werden. Die Progno-se einer „Fachkräftelücke“, in welcher Größenordnung auch immer, ist deshalb nicht sinnvoll. Allerdings kann es zu Mismatch auf dem Arbeitsmarkt in qualifikatorischer, beruflicher und regionaler Hinsicht kommen, so dass in vielen Arbeitsmarktsegmen-ten offene Stellen nicht besetzt werden können. Nach den Hartz-Reformen stieg die Arbeitsmarktanspannung im Aufschwung der Jahre 2006/07 und 2010/11 deutlich an. Zum Jahresende 2012 ist die Arbeitsnach-frage im Zuge der Konjunkturschwäche etwas zurückgegangen. Dennoch sind in ein-zelnen Regionen und Berufsfeldern weiterhin Engpässe sichtbar. Zum Ende des Jah-res 2012 hat sich die konjunkturelle Lage in Deutschland im Sog der Eurokrise einge-trübt. Für das Jahr 2013 ist jedoch mit einer Erholung zu rechnen. Der Arbeitsmarkt wird dann wieder zulegen, allerdings nicht an den alten Trend anknüpfen können. Dabei dürfte sich die Beschäftigung etwas besser entwickeln als die Arbeitslosigkeit. Die Eurokrise hat zu einer Umlenkung der Migrationsströme vor allem aus den mittel- und osteuropäischen Staaten nach Deutschland geführt. Im Jahr 2011 belief sich die Nettozuwanderung von ausländischen Staatsbürgern auf 279.000 Personen, für 2012 ist mit einer Nettozuwanderung von 340.000 bis 380.000 Personen zu rechnen. Die-ses hohe Niveau ist wohl auf die positive Arbeitsmarktentwicklung in Deutschland und der vergleichsweise schlechten Lage in den europäischen Krisenstaaten zurückzu-führen. Mittel- und langfristig wird die Zuwanderung aus anderen EU-Staaten sinken. Die großen Wanderungspotenziale der Zukunft liegen in den Drittstaaten. Das Erwerbspersonenpotenzial wird in Deutschland bis zum Jahr 2035 bei einer stei-genden Erwerbsbeteiligung und einer Nettozuwanderung von 100.000 Personen um 7,3 Millionen und bei einer Nettozuwanderung von 200.000 Personen um 5,4 Millio-nen Personen zurückgehen. Dieser Rückgang ist nicht mit einer „Fachkräftelücke“ zu verwechseln. Um das Erwerbspersonenpotenzial in Deutschland nachhaltig zu entwickeln, ist eine aktive Strategie zur Mobilisierung inländischer Potenziale insbesondere von Frauen und Älteren, aber auch die gezielte Anwerbung von qualifizierten Fachkräften aus dem Ausland sowie deren Integration in den Arbeitsmarkt notwendig. Insbesondere die Zuwanderung aus Drittstaaten müsste höher ausfallen, wenn der Rückgang des Erwerbspersonenpotenzials deutlich begrenzt werden soll
On the efficiency properties of the Roy’s model under uncertainty and market incompleteness
No full textWe consider Roy’s economies with perfectly competitive labor markets and uncertainty. Firms choose their investments in physical capital before observing the characteristics of the workers that they will hire. We provide conditions under which equilibrium allocations are constrained Pareto efficient, i.e., such that it is impossible to improve upon the equilibrium allocation by changing agents’ investments in human and physical
capital and letting the other endogenous variables adjust to restore market clearing. We also provide a robust example of a class of economies where equilibria are constrained Pareto inefficient due to overinvestments in high skills
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