1,720,971 research outputs found
Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries
Full text linkThis paper applies a set of unit root and cointegration tests with non-linear error-correction mechanisms to a subset of the OECD countries to investigate the empirical conclusions of some of the labor market models in the literature. I generally find that the unemployment rate, productivity, and real wages have a unit root even if one controls for threshold effects. This finding justifies the use of a cointegration approach to assess the existence of a long-run equilibrium among the variables of interest. For roughly half of the OECD countries in the sample, the unemployment rate, real wages, and productivity trend together over time. For four countries (i.e, Germany, Japan, Sweden, and the US) the adjustment to the long run relationship appears mostly asymmetric. Also, an impulse response function analysis suggests that real wages and productivity adjust faster to the long-run equilibrium, while shocks to unemployment take longer to extinguish. Also, according to the sign of the shocks, the unemployment rates respond differently. These findings suggest that a proper analysis of the behavior of productivity, real wages, and unemployment should consider non-linear adjustment mechanisms to long-run equilibrium since a liner approach would be biased.Unemployment, Wages; Collective bargaining; Hysteresis
Unit Roots Tests with Smooth Breaks: An Application to the Nelson-Plosser Data Set
Full text linkThis paper reconsiders the nature of the trends (i.e. deterministic or stochastic)
in macroeconomic time series. For this purpose, the paper employs two new tests
that display robustness to structural breaks of unknown forms, irrespective of the date
and/or location of the breaks. These tests approximate structural changes as smooth
processes via Flexible Fourier transforms. The tests deliver strong evidence in favor of
a nonlinear deterministic trend for real GNP, real per capita GNP, employment, the
unemployment rate, and stock prices. Further, the two tests confirm the existence of
stochastic trends in nominal GNP, consumer prices, real wages, monetary aggregates,
velocity, and bond yields. In general, it appears that real variables are stationary while
nominal ones have a unit root
Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries
Full text linkThis paper applies a set of unit root and cointegration tests with non-linear error-correction mechanisms to a subset of the OECD countries to investigate the empirical
conclusions of some of the labor market models in the literature. I generally find that
the unemployment rate, productivity, and real wages have a unit root even if one
controls for threshold effects. This finding justifies the use of a cointegration approach
to assess the existence of a long-run equilibrium among the variables of interest. For
roughly half of the OECD countries in the sample, the unemployment rate, real wages,
and productivity trend together over time. For four countries (i.e, Germany, Japan,
Sweden, and the US) the adjustment to the long run relationship appears mostly
asymmetric. Also, an impulse response function analysis suggests that real wages and
productivity adjust faster to the long-run equilibrium, while shocks to unemployment
take longer to extinguish. Also, according to the sign of the shocks, the unemployment
rates respond differently. These findings suggest that a proper analysis of the behavior
of productivity, real wages, and unemployment should consider non-linear adjustment
mechanisms to long-run equilibrium since a liner approach would be biased
Unit Roots Tests with Smooth Breaks: An Application to the Nelson-Plosser Data Set
Full text linkThis paper reconsiders the nature of the trends (i.e. deterministic or stochastic) in macroeconomic time series. For this purpose, the paper employs two new tests that display robustness to structural breaks of unknown forms, irrespective of the date and/or location of the breaks. These tests approximate structural changes as smooth processes via Flexible Fourier transforms. The tests deliver strong evidence in favor of a nonlinear deterministic trend for real GNP, real per capita GNP, employment, the unemployment rate, and stock prices. Further, the two tests confirm the existence of stochastic trends in nominal GNP, consumer prices, real wages, monetary aggregates, velocity, and bond yields. In general, it appears that real variables are stationary while nominal ones have a unit root.Unit Roots, Stationarity Tests, Structural Change
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Recruitment of overeducated personnel : insider-outsider effects on fair employee selection practices
No full textWe analyze a standard employee selection model given two institutional constraints: first, professional experience perfectly substitutes insufficient formal education for insiders while this substitution is imperfect for outsiders. Second, in the latter case the respective substitution rate increases with the advertised minimum educational requirement. Optimal selection implies that the expected level of formal education is higher for outsider than for insider recruits. Moreover, this difference in educational attainments increases with lower optimal minimum educational job requirements. Investigating data of a large US public employer confi…rms both of the above theoretical implications. Generally, the econometric model exhibits a "good fit".publishe
The Role of TTIP on Other than CO2 Air Pollutants
Full text linkWe empirically investigate the impacts of the implementation of the Transatlantic Trade and Investment Partnership (TTIP) on per capita emissions of eight air pollutants and municipal waste. We employ the same explanatory variables and apply the same empirical
strategy and methodologies as in (Qirjo and Pascalau, 2019). We provide robust evidence suggesting that the implementation of TTIP could be beneficial to the environment because it may help reduce per capita emissions of NO2 and HFCs/PFCs/SF6 in a typical TTIP member. This result is based on the statistically significant evidence showing that, on average, the pollution haven motive based on national per capita
income variations is dominated by the Factor Endowment Argument based on the classical Heckscher-Ohlin trade theory and the pollution haven motive originating from
an inverse measurement of national population density differences. However, we also report generally statistically significant evidence implying that the implementation of TTIP could denigrate the environment because it may help increase per capita emissions
of SO2, SOx, NOx, SF6, and NH3
Recruitment of Seemingly Overeducated Personnel: Insider-Outsider Effects on Fair Employee Selection Practices
Full text linkWe analyze a standard employee selection model given two institutional constraints: First, professional experience perfectly substitutes insufficient formal education for insiders while this substitution is imperfect for outsiders. Second, in the latter case the respective substitution rate increases with the advertised minimum educational requirement. Optimal selection implies that the expected level of formal education is higher for outsider than for insider recruits. Moreover, this difference in educational attainments increases with lower optimal minimum educational job requirements. Investigating data of a large US public employer confirms both of the above theoretical implications. Generally, the econometric model exhibits a �good fit�.employee selection, overeducation, adverse impact, insiders vs outsiders
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