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Fixed-term Contracts and the Duration Distribution of Unemployment”, Centre for Economic Performance, London School of Economics, Discussion Paper n
, 2001
"... In the mid-1980s, many European countries introduced …xed-term contracts. Since then their labor markets have become more dynamic. This paper studies the implications of such reforms for the duration distribution of unemployment, with particular emphasis on the changes in the duration dependence. I ..."
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Cited by 19 (3 self)
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In the mid-1980s, many European countries introduced …xed-term contracts. Since then their labor markets have become more dynamic. This paper studies the implications of such reforms for the duration distribution of unemployment, with particular emphasis on the changes in the duration dependence. I estimate a parametric duration model using crosssectional data drawn from the Spanish Labor Force Survey from 1980 to 1994 to analyze the chances of leaving unemployment before and after the introduction of …xed-term contracts. I …nd that duration dependence has increased since such reform. Semi-parametric estimation of the model also shows that for long spells, the probability of leaving unemployment has decreased since such reform.
Vacancies, unemployment and the Phillips curve
- European Economic Review
, 2008
"... The canonical new Keynesian Phillips Curve has become a standard component of models designed for monetary policy analysis. However, in the basic new Keynesian model, there is no unemployment, all variation in labor input occurs along the intensive hours margin, and the driving variable for in‡ation ..."
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Cited by 17 (0 self)
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The canonical new Keynesian Phillips Curve has become a standard component of models designed for monetary policy analysis. However, in the basic new Keynesian model, there is no unemployment, all variation in labor input occurs along the intensive hours margin, and the driving variable for in‡ation depends on workers’ marginal rates of substitution between leisure and consumption. In this paper, we incorporate a theory of unemployment into the new Keynesian theory of in‡ation and empirically test its implications for in‡ation dynamics. We show how a traditional Phillips curve linking in‡ation and unemployment can be derived and how the elasticity of in‡ation with respect to unemployment depends on structural characteristics of the labor market such as the matching technology that pairs vacancies with unemployed workers. We estimate on US data the Phillips curve generated by the model. While we can reject the baseline new Keynesian Phillips curve in favor of the search-frictions speci…cation, we show it is still too stylized to fully describe the dynamics of …rms’marginal costs.
The economic effects of employment regulation: what are the limits
- Government Regulation of the Employment Relationship, IRRA Fiftieth Anniversary Volume, Industrial Relations Research Association, Cornell
, 1997
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The Welfare Consequences of Monetary Policy and the Role of the Labor Market: a Tax Interpretation
, 2009
"... We explore the distortions in business cycle models arising from inefficiencies in price setting and in the search process matching firms to unemployed workers, and the implications of these distortions for monetary policy. To this end, we characterize the tax instruments that would implement the fi ..."
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Cited by 11 (5 self)
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We explore the distortions in business cycle models arising from inefficiencies in price setting and in the search process matching firms to unemployed workers, and the implications of these distortions for monetary policy. To this end, we characterize the tax instruments that would implement the first best equilibrium allocations and then examine the trade-offs faced by monetary policy when these tax instruments are unavailable. Our findings are that the welfare cost of search inefficiency can be large, but the incentive for policy to deviate from the inefficient flexible-price allocation is in general small. Sizable welfare gains are available if the steady state of the economy is inefficient, and these gains do not depend on the existence of an inefficient dispersion of wages. Finally, the gains from deviating from price stability are larger in economies with more volatile labor flows, as in the U.S.
Geographic labour mobility and unemployment insurance in Europe
- Journal of Population Economics
, 2009
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Occupational upgrading and the business cycle in West Germany
- Economics
, 2010
"... Articles on scientific dialoge ..."
House Prices and Vacancies after Hurricane Katrina: Empirical Analysis of a Search & Matching Model
, 2009
"... This paper examines the housing market effects of Hurricane Katrina. I develop a dynamic structural equilibrium matching model of housing vacancies and residential investment. The model is used to analyze the impact of Hurricane Katrina on house prices, ownership vacancies and investment for 57 MSAs ..."
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This paper examines the housing market effects of Hurricane Katrina. I develop a dynamic structural equilibrium matching model of housing vacancies and residential investment. The model is used to analyze the impact of Hurricane Katrina on house prices, ownership vacancies and investment for 57 MSAs within a 550 mile radius of New Orleans. Using disaggregated data, I utilize the exogenous variation in housing stock due to the Hurricane to obtain an estimate of the elasticity of flow supply in housing. Data show that in metro areas closest to the epicenter of the Hurricane, prices rise by 7 percent immediately after Katrina. Across MSAs in which one or more counties were declared disaster zones by FEMA, residential building permits rise by 19 percentage points in 2006 over the previous year. The ownership vacancy rate in New Orleans metro area increases from 2.2 percent in 2005 to 4 percent in 2007. Using the matching model for each MSA, I generate artificial dynamic paths for prices, ownership vacancies and investment in response to the observed actual reduction in housing stock and the migration dynamics after Katrina. I compare the predictions of the model with actual data and find that house prices tend to quantitatively overshoot in the model, while new investment in housing reacts similarly to actual residential investment. The ownership vacancy rate in the model also substantially overshoots compared to the data for Hurricane-impacted areas. * I am indebted to my advisors Christopher House, Matthew Shapiro and Jeffrey Campbell for their immense support and guidance. I am grateful to Michael Elsby for helpful discussion. I also thank participants at the
Entry of Young Economists into Working Life: Analysis of the Determinants of First Unemployment Duration”, Applied Economics Letters, forthcoming
, 2008
"... This article studies the determinants of the unemployment duration for a cohort of young graduates: those who obtained their university degree in Business, Economics, Management and Marketing in the academic year 2001/2002 at the University of Seville, Spain. After estimating an ordered logit model ..."
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This article studies the determinants of the unemployment duration for a cohort of young graduates: those who obtained their university degree in Business, Economics, Management and Marketing in the academic year 2001/2002 at the University of Seville, Spain. After estimating an ordered logit model for duration data, we conclude that graduates' final marks effect a positive impact on their labour insertion. Working while studying and the educational level of the mothers of the graduates also decrease the duration of this first unemployment. No significant effect is found for gender or type of degree dummies.
