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E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
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- Creator:
- Schulhofer-Wohl, Sam
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 462
- Keyword:
- Risk preferences, Heterogeneity, Imperfect insurance, and Risk sharing
- Subject:
- E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
-
- Creator:
- Schulhofer-Wohl, Sam
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 462
- Keyword:
- Risk preferences, Heterogeneity, Imperfect insurance, and Risk sharing
- Subject:
- E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
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- Creator:
- Schulhofer-Wohl, Sam
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 462
- Abstract:
- This appendix contains seven sections. Section A reports results from running regressions of labor earnings on GDP using data from the PSID, for comparison with the results using HRS data in the body of the paper. Section B examines the relationship between family income, aggregate shocks, and risk preferences in the PSID. Section C gives technical details on the Markov Chain Monte Carlo estimation employed in table 1 of the paper and reports the complete parameter estimates for the regressions summarized in that table. Section D reports results when the relationship between earnings and aggregate shocks is estimated with individual-specific coecients rather than common coecients for each risk-tolerance group. Section E reports results comparable to table 1 of the paper and table D.1 of this appendix using only Social Security covered earnings instead of the combination of Social Security and W-2 earnings. Section F reports robustness checks for tables 2 and 3 of the paper under alternative definitions of the household and the consumption and income variables. Section G reports robustness checks for tables 2 and 3 under an alternative definition of the leisure variable.
- Keyword:
- Risk preferences, Heterogeneity, Imperfect insurance, and Risk sharing
- Subject:
- E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
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- Creator:
- Sargent, Thomas J.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 28
- Keyword:
- Unemployment rate, Risk tolerance, and Money wages
- Subject:
- J30 - Wages, compensation, and labor costs - General and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
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- Creator:
- Sargent, Thomas J.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 22
- Abstract:
- A statistical definition of the natural unemployment rate hypothesis is advanced and tested. A particular illustrative structural macroeconomic model satisfying the definition is set forth and estimated. The model has "classical" policy implications, implying a number of neutrality propositions asserting the invariance of the conditional means of real variables with respect to the feedback rule for the money supply. The aim is to test how emphatically the data reject a model incorporating rather severe "classical" hypotheses.
- Keyword:
- Rational expectations theory, Natural unemployment rate, Post-1945, Postwar United States, and Montarist model
- Subject:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and E17 - General aggregative models - Forecasting and simulation
-
- Creator:
- Foster, Edward, 1933-
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 8
- Keyword:
- Monetary policy and Inflation
- Subject:
- E31 - Prices, business fluctuations, and cycles - Price level ; Inflation ; Deflation and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
-
- Creator:
- Supel, Thomas M.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 10
- Keyword:
- Price guidelines, Wage guidelines, Inflation, Post-freeze policies, and Productivity
- Subject:
- E31 - Prices, business fluctuations, and cycles - Price level ; Inflation ; Deflation, E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, and E23 - Macroeconomics : Consumption, saving, production, employment, and investment - Production
-
- Creator:
- Bertola, Giuseppe.
- Series:
- Economic growth and development
- Abstract:
- This paper proposes a model of diversifiable uncertainty, irreversible investment decisions, and endogenous growth. The detailed microeconomic structure of the model makes it possible to study the. general equilibrium effects of obstacles to labor mobility, due to institutional as well as technological features of the economy. Labor mobility costs reduce private returns to investment, and the resulting slower rate of endogenous growth unambiguously lowers a representative individual's welfare. Turnover costs can have positive effects on full employment equilibrium wages when all external effects are disregarded: this may help explain why policy and institutions often tend to decrease labor mobility in reality, rather than to enhance it. Lower flexibility, however, reduces the growth rate of wages in endogenous growth equilibrium, with negative welfare effects even for agents who own only labor.
- Subject:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, O41 - One, Two, and Multisector Growth Models, and E25 - Aggregate Factor Income Distribution
-
- Creator:
- Chari, V. V. and Hopenhayn, Hugo Andres.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 326
- Abstract:
- 'Structural unemployment' is said to occur in regions or 'sectors' of the economy as a consequence of technological changes. In this paper we present a model which provides an environment which gives rise to unemployment which could be labelled structural unemployment. There is exogenous technological change and vintage specific human capital. Unemployment arises as workers specialized in a particular technology within a vintage decide to search for a job within their vintage, so that their previously acquired special skills are used, instead of getting employed as unskilled workers in the newest vintage. As the rate of technological change increases, the incentives to reassign specialized workers to their same vintage, inccuring therefore in search costs, becomes less attractive, and in consequence the fraction of specialized workers doing search activities decreases. This provides some rationale for the negative correlation between rates of growth and unemployment observed in the data.
- Keyword:
- Unemployment, Vintage human capital, Technology, Structural unemployment, Skills, Growth, Labor market, and Human capital
- Subject:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity
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- Creator:
- Chari, V. V., Hopenhayn, Hugo Andres., and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 289
- Keyword:
- Employees, Unemployment, Workers, Information, and Labor
- Subject:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity