labor equilibrium
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Modeling Labor Markets With Heterogeneous Agents and Matches
White Paper The equilibrium wage is linear in a person-specific component, a firm-specific component, and a match specific component that varies with tenure. Under certain conditions, the equilibrium wage takes a simpler structure where the match specific... [03 Jul 2008]
The Impact of Public Education Expenditure on Human Capital, Growth, and Poverty in Tanzania and Zambia: A General Equilibrium Approach
White Paper The impact of public education expenditure on human capital, the supply of different labor skills, and its macroeconomic and distributional consequences is appraised within a multisector CGE model. The model is applied to and calibrated for two... [14 Jul 2005]
Economic Inequality and the Emergence of Child Labor Laws
White Paper This paper constructs a dynamic heterogeneous agent general equilibrium model to quantify the effects of child labor laws on human capital accumulation and the distribution of welfare. High-wage workers benefit most from a ban on child labor, while... [24 Jun 2005]
Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation
White Paper The paper investigates the possibility of welfare-improving active tax policies, in particular capital and labor income tax, under the non-cooperative Nash equilibrium and the cooperative equilibrium. [22 Jun 2005]
Growing Old Together: Firm Survival and Employee Turnover
White Paper The paper describes a dynamic general equilibrium model where workers employed in firms more likely to survive choose to devote more time to productivity-enhancing activities, and therefore have a steeper earnings-tenure profile. [31 May 2005]
Human Capital Accumulation, Education Policy and Wage Dispersion
This paper builds a general equilibrium OLG model of labor earnings and endogenous human capital (HC) accumulation, allowing for agents' heterogeneity in both ability and uninsurable idiosyncratic shocks, and verifies that a specification... [25 May 2005]
Human Capital Accumulation, Education Policy and Wage Dispersion
White Paper This paper builds a general equilibrium OLG model of labor earnings and endogenous human capital (HC) accumulation, allowing for agents' heterogeneity in both ability and uninsurable idiosyncratic shocks, and verifies that a specification... [25 May 2005]
Unemployment, Capital-Labor Substitution, and Economic Growth
White Paper This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these... [24 Feb 2004]
Optimal Monetary Policy with Staggered Wage and Price Contracts
White Paper Monetary policy cannot replicate the Pareto optimal equilibrium that would occur under completely flexible wages and prices; that is, the model exhibits a tradeoff between stabilizing the output gap, price inflation, and wage inflation. [24 Feb 2004]
Exact Utilities Under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents
White Paper Fully optimal policy can attain the Pareto-optimal equilibrium. For example, if labor supply is relatively inelastic, for productivity shocks, nominal income stabilization yields higher welfare when there are no price contracts. [24 Feb 2004]
Assessing the Productivity of Public Capital with a Locational Equilibrium Model
White Paper The basic advantage of this method is that it does not require estimates of private capital or labor inputs; although it does require data on regional public capital stocks, existing measures are less objectionable than those for private capital. [24 Feb 2004]
Equilibrium Unemployment
White Paper Are these key facts about unemployment behavior consistent with a general equilibrium labor search model in which individual job opportunities are affected by both aggregate and idiosyncratic shocks? Such a framework constitutes a natural model of... [14 Aug 2003]
