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Unexplored Dimensions of Discrimination
A volume on discrimination in the labour market. Part One addresses career paths, schooling choice, and the gender wage gap. Part Two addresses unexplored dimensions of discrimination with particular attention to physical appearance, obesity, religion, and sexual orientation.
Essential Writing Skills for College and Beyond
Now with new material on inclusive language, peer review, sample essay prompts, and more, this indispensable guide helps you hone your writing skills for success in college and in life. Every student knows that writing a successful college paper is no small undertaking. To make the grade, you need to express your ideas clearly and concisely. So how do you do it? Essential Writing Skills for College and Beyond offers practical strategies to help you: - Write any type of college paper, including term papers, essays, creative assignments, and more - Improve your writing through the process of brainstorming and organizing ideas, researching like a pro, structuring and drafting your paper, and po...
Labour Markets in an Ageing Europe
The population of the European Community will fall by 2% by the year 2025. Between 1960 and 1990, it grew by 17%. This contrast reflects the dramatic growth of the population of pensioners in the total population, and also the rapid ageing of the Community's working population. In this volume, based on a CEPR conference held in Munich in April 1992, leading economists in the field assess demographic and labour market developments in Western and Eastern Europe. They compare them with developments in the USA and Japan, and assess the effects of ageing on European productivity, earnings and human capital formation. Policies to improve the quantity and quality of the labour force are considered, including incentives for female labour participation, selective immigration policies, 'pronatalist' family policies, and improved human capital formation.
Rational Expectations, the Expectations Hypothesis, and Treasury Bill Yields
This paper tests the joint hypothesis of rational expectations and the expectations model of the term structure for three- and six-month Treasury bills. Previous studies are extended in three directions. First, common efficient markets-rational expectations tests are compared, and it is shown that four of the five tests considered are asymptotically equivalent, and that the fifth is less restrictive than the other four. Second, the joint hypothesis is tested using weekly data for Treasury bills maturing in exactly 13 and 26 weeks beginning in 1970 and ending in 1979. In contrast, previous studies using comparable data have typically discarded 12/13 of the sample to form a nonoverlapping data set. Finally, a more complete set of possible determinants of time-varying term premiums is tested.
Aggregation and Stabilization Policy in a Multi-contract Economy
This paper presents a model of a multi-sector economy in which each sector is characterized by a different type of wage or price stickiness. The various sectors experience the same exogenous shocks and have the same money supply. The analysis shows demand shocks pose no serious problems for stabilization policy. In contrast, supply shocks force the policymaker to choose between stability in one sector and stability in another. The analysis also shows the economy cannot be usefully aggregated into a single sector model. Such an aggregation misleads the economist as to the economy's underlying structure and obscures the tradeoffs the policymaker must confront. In particular, a feedback rule chosen on the basis of an aggregate model could be better or worse than a passive policy.
The Economic Foundations of East-West Migration During the Nineteenth Century
This paper argues that latitude-specific investments in seeds and human capital provided an incentive for farmers to move along east-west lines. The incentives were greatest during the early and mid 1800s. Towards the end of the century migration patterns changed as farmers learned about farming in different environments, as settlement reached the Great Plains and beyond, and as farming declined in importance. Census manuscript schedules and Mormon family-group records form the basis for empirical work.
Cost-of-living Adjustment Clauses in Union Contracts
Our paper seeks to provide an explanation for why the prevalence of COLA provisions and their characteristics vary widely across U.S. industries. We develop models of optimal risk sharing between a firm and union that allows us to investigate the determinants of a number of characteristics of union contracts. These include the presence of wage indexation, the degree of wage indexation if it exists, the magnitude of deferred noncontingent (on the price level) wage increases, the duration of labor contracts and the trade-off between temporary layoffs and wage indexation. Preliminary empirical tests of some of the implications of the model are conducted using industry data on both the prevalence of COLA provisions and layoff rates, and using contract level data on the characteristics of COLA provisions and contract duration. One key finding is that the level of unemployment insurance benefits appears to simultaneously influence the level of layoffs and the extent of COLA coverage.
An Optimal Taxation Approach to Fiscal Federalism
In a Federal system of government, each unit of government decides independently how much of each type of public good to provide, and what types of taxes, and which tax rates, to use in funding the public goods. In this paper we explore what types of problems can arise from this decentralized form of decision-making. In particular, we describe systematically the types of externalities that one unit of government can create for nonresidents, through both its public goods decisions and its taxation decisions. The paper also explores briefly what the central government might do to lessen the costs of decentralized decision-making.
Swedish Firms Acquired by Foreigners
Swedish firms acquired by foreigners were considerably larger than the average firms in their industries. They were relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively low profitability, capital intensity, or efficiency, or some combination of these. However, they had been growing at least as fast as their industries over the longest periods we can measure. The takeovers tended to take place in years when the acquired firms did poorly relative to their industries and also relative to their own past performance with respect to the growth of employment, value of production, and value added. Thus the acquired firms seem ...
