Labor Regulation and Temporary Agency Workers
|
|
|
- Hugo Ross
- 5 years ago
- Views:
Transcription
1 Labor Regulation and Temporary Agency Workers Alejandro Micco A. 1 Pablo Muñoz H. 2 1 Chilean Ministry of Finance - amicco@hacienda.gov.cl 2 UC Berkeley - pablomh@berkeley.edu 4 th World Bank - Banco de España Research Conference Labor Markets: Growth, Productivity and Inequality June 16, 2016 Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
2 Motivation Temporary work agency employment has become a central topic of employment policy in the last decade (OECD, 2013). 1 Achieve flexibility. 2 Reduce unemployment. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
3 Chilean Regulation on TAW (Enacted in January, 2007) Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
4 Chilean Regulation on TAW (Enacted in January, 2007) Joint Liability The user firm becomes accountable for labor rights of agency workers. In case of a Labor Code violation, agency workers may sue either the agency or the user firm. Subsidiary Responsibility The user firms have the right to request information from temporary-work agencies and to withhold the agency fee in order to accomplish with agency workers labor rights. In this case, agency workers may sue the user firm only after suing the agency. Equitable Treatment The user firms must guarantee the health and safety of agency workers. User firms become responsible of effectively protect the life and health of all workers at their work, whatever their dependence. Similar to the DIRECTIVE 2008/104/EC on TAW passed by the European Commission (EC). Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
5 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
6 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). We study the impact of the Chilean regulation that increased the cost of using TAW. We estimate that after the regulation, plants that were using TAW: Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
7 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). We study the impact of the Chilean regulation that increased the cost of using TAW. We estimate that after the regulation, plants that were using TAW: 1 Decreased their total employment level (-2%). Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
8 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). We study the impact of the Chilean regulation that increased the cost of using TAW. We estimate that after the regulation, plants that were using TAW: 1 Decreased their total employment level (-2%). 2 Increased their use of permanent workers (+1%). Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
9 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). We study the impact of the Chilean regulation that increased the cost of using TAW. We estimate that after the regulation, plants that were using TAW: 1 Decreased their total employment level (-2%). 2 Increased their use of permanent workers (+1%). 3 Increased their inventory share (+10%). Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
10 Summary We find that plant volatility and plant size are relevant characteristics associated with the use of temporary agency workers (TAW). We study the impact of the Chilean regulation that increased the cost of using TAW. We estimate that after the regulation, plants that were using TAW: 1 Decreased their total employment level (-2%). 2 Increased their use of permanent workers (+1%). 3 Increased their inventory share (+10%). 4 Did not reduce their levels of value added and production. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
11 Data: Chilean Annual Manufacturers Survey (ENIA) Includes all the manufacturing plants with more than 10 employees. Approximately 50% of all manufacturing employment. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
12 Data: Chilean Annual Manufacturers Survey (ENIA) Includes all the manufacturing plants with more than 10 employees. Approximately 50% of all manufacturing employment. Employment data on agency workers since Refers to employees who have the same jobs as regular workers. Completely outsourced functions are not included. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
13 Data: Chilean Annual Manufacturers Survey (ENIA) Includes all the manufacturing plants with more than 10 employees. Approximately 50% of all manufacturing employment. Employment data on agency workers since Refers to employees who have the same jobs as regular workers. Completely outsourced functions are not included. Variables: regular employees, inventories, sales, value of production (output), value added, 3 digit ISIC code, wages, etc. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
14 Data: Chilean Annual Manufacturers Survey (ENIA) Includes all the manufacturing plants with more than 10 employees. Approximately 50% of all manufacturing employment. Employment data on agency workers since Refers to employees who have the same jobs as regular workers. Completely outsourced functions are not included. Variables: regular employees, inventories, sales, value of production (output), value added, 3 digit ISIC code, wages, etc. Measure of Volatility: 7-years standard deviation of log change in log value added (period before the regulation). We exclude plants that do not exist for at least two consecutive periods. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
15 Number and Share of Temporary Agency Workers *Note: Agency Workers Share is defined as the sum of TAW divided by the total of workers. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
16 Characteristics of the Plants and Share of TAW Quantiles of Plant Size (log VA) and Share of TAW: Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
17 Characteristics of the Plants and Share of TAW Quantiles of Plant Size (log VA) and Share of TAW: Quantiles of Plant Volatility (SD log VA) and Share of TAW: Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
18 Share of Temporary Agency Workers and Inventories Hypothesis: Plants use TAW as a volatility-buffer. Idea: Inventories are also used as a volatility-buffer. Test: Effect of the TAW regulation on plant s inventories share. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
19 Share of Temporary Agency Workers and Inventories Hypothesis: Plants use TAW as a volatility-buffer. Idea: Inventories are also used as a volatility-buffer. Test: Effect of the TAW regulation on plant s inventories share. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
20 Empirical Strategy: Effects of the Regulation Treatment: Regulation on TAW, effective since 2007 (D t>2006 = 1). Treated Group: Plants that used TAW before the regulation (DTAW 2006 = 1). Control Groups: Plants that did not use TAW before the regulation (DTAW 2006 = 0). (i) All Sample: All other Plant that did not use TAW before the regulation. (ii) Selected Sample: All other Plants that did not use TAW before the regulation and had a similar probability of using TAW, based on observables. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
21 Results: Total Employment log(y ijt ) = β 0 + β 1 DTAW 2006 t + β 2 DTAW 2006 D t>2006 t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
22 Results: Total Employment log(y ijt ) = β t=2002 β t 2001 DTAW 2006 Year t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
23 Results: Regular Employment log(y ijt ) = β 0 + β 1 DTAW 2006 t + β 2 DTAW 2006 D t>2006 t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
24 Results: Regular Employment log(y ijt ) = β t=2002 β t 2001 DTAW 2006 Year t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
25 Results: Value of Production log(y ijt ) = β 0 + β 1 DTAW 2006 t + β 2 DTAW 2006 D t>2006 t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
26 Results: Value Added log(y ijt ) = β 0 + β 1 DTAW 2006 t + β 2 DTAW 2006 D t>2006 t + γ i + χ t + µ ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
27 Results: Inventories and TAW ( ) Inv. = β 0 + β 1δ ij + β 2DTAW β 3δ ij D t> β 4DTAW 2006 D t> χ t + ρ j + µ ijt Sales ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
28 Results: Inventories and TAW ( ) Inv. = β 0 + β 1δ ij + β 2DTAW β 3δ ij D t> β 4DTAW 2006 D t> χ t + ρ j + µ ijt Sales ijt Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
29 Conclusions and Final Comments The Chilean reform allowed us to study the impact of a labor regulation that increases the regulatory burden on TAW. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
30 Conclusions and Final Comments The Chilean reform allowed us to study the impact of a labor regulation that increases the regulatory burden on TAW. Using Dif-in-Dif we find that plants using TAW previous to the regulation: 1 Diminished the total employment level after regulation (-2%). 2 Increased the use of regular workers after regulation (+1%). 3 Increased the share of inventories after regulation (+10%). 4 BUT did not diminish the value of the output produced or the value added. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
31 Conclusions and Final Comments The Chilean reform allowed us to study the impact of a labor regulation that increases the regulatory burden on TAW. Using Dif-in-Dif we find that plants using TAW previous to the regulation: 1 Diminished the total employment level after regulation (-2%). 2 Increased the use of regular workers after regulation (+1%). 3 Increased the share of inventories after regulation (+10%). 4 BUT did not diminish the value of the output produced or the value added. These results are consistent with the idea that Income Effect was attenuated by a Substitution Effect. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
32 Conclusions and Final Comments The Chilean reform allowed us to study the impact of a labor regulation that increases the regulatory burden on TAW. Using Dif-in-Dif we find that plants using TAW previous to the regulation: 1 Diminished the total employment level after regulation (-2%). 2 Increased the use of regular workers after regulation (+1%). 3 Increased the share of inventories after regulation (+10%). 4 BUT did not diminish the value of the output produced or the value added. These results are consistent with the idea that Income Effect was attenuated by a Substitution Effect. Furthermore, this result also contributes new evidence to the hypothesis that firms use temporary agency workers as a buffer to deal with volatility. Pablo Muñoz (UC Berkeley) Regulation of TAW June 16, / 17
Earnings Dynamics, Mobility Costs and Transmission of Firm and Market Level Shocks
Earnings Dynamics, Mobility Costs and Transmission of Firm and Market Level Shocks Preliminary and Incomplete Thibaut Lamadon Magne Mogstad Bradley Setzler U Chicago U Chicago U Chicago Statistics Norway
What determines government spending multipliers?
What determines government spending multipliers? Paper by Giancarlo Corsetti, André Meier and Gernot J. Müller Presented by Michele Andreolli 12 May 2014 Outline Overview Empirical strategy Results Remarks
Inflation Dynamics During the Financial Crisis
Inflation Dynamics During the Financial Crisis S. Gilchrist 1 1 Boston University and NBER MFM Summer Camp June 12, 2016 DISCLAIMER: The views expressed are solely the responsibility of the authors and
Productivity, Misallocation and the Labor Market
Productivity, Misallocation and the Labor Market Alejandro Micco 1 Department of Economics, University of Chile Andrea Repetto School of Government, Universidad Adolfo Ibáñez June 2012 Abstract A wealth
Quantitative Introduction ro Risk and Uncertainty in Business Module 5: Hypothesis Testing Examples
Quantitative Introduction ro Risk and Uncertainty in Business Module 5: Hypothesis Testing Examples M. Vidyasagar Cecil & Ida Green Chair The University of Texas at Dallas Email: M.Vidyasagar@utdallas.edu
Health Care Reform or Labor Market Reform? A Quantitative Analysis of the Affordable Care Act
Health Care Reform or Labor Market Reform? A Quantitative Analysis of the Affordable Care Act Makoto Nakajima 1 Didem Tüzemen 2 1 Federal Reserve Bank of Philadelphia 2 Federal Reserve Bank of Kansas City
Inflation Dynamics During the Financial Crisis
Inflation Dynamics During the Financial Crisis S. Gilchrist 1 R. Schoenle 2 J. W. Sim 3 E. Zakrajšek 3 1 Boston University and NBER 2 Brandeis University 3 Federal Reserve Board Theory and Methods in Macroeconomics
Unemployment (Fears), Precautionary Savings, and Aggregate Demand
Unemployment (Fears), Precautionary Savings, and Aggregate Demand Wouter J. Den Haan (LSE/CEPR/CFM) Pontus Rendahl (University of Cambridge/CEPR/CFM) Markus Riegler (University of Bonn/CFM) June 19, 2016
Heterogeneous Firm, Financial Market Integration and International Risk Sharing
Heterogeneous Firm, Financial Market Integration and International Risk Sharing Ming-Jen Chang, Shikuan Chen and Yen-Chen Wu National DongHwa University Thursday 22 nd November 2018 Department of Economics,
Credit Risk and the Macroeconomy
and the Macroeconomy Evidence From an Estimated Simon Gilchrist 1 Alberto Ortiz 2 Egon Zakrajšek 3 1 Boston University and NBER 2 Oberlin College 3 Federal Reserve Board XXVII Encuentro de Economistas
Monetary Policy Implications of State-Dependent Prices and Wages
Monetary Policy Implications of State-Dependent Prices and Wages James Costain, Anton Nakov, Borja Petit Bank of Spain, ECB and CEPR, CEMFI The views expressed here are personal and do not necessarily
Comprehensive Exam. August 19, 2013
Comprehensive Exam August 19, 2013 You have a total of 180 minutes to complete the exam. If a question seems ambiguous, state why, sharpen it up and answer the sharpened-up question. Good luck! 1 1 Menu
Do Domestic Chinese Firms Benefit from Foreign Direct Investment?
Do Domestic Chinese Firms Benefit from Foreign Direct Investment? Chang-Tai Hsieh, University of California Working Paper Series Vol. 2006-30 December 2006 The views expressed in this publication are those
GT CREST-LMA. Pricing-to-Market, Trade Costs, and International Relative Prices
: Pricing-to-Market, Trade Costs, and International Relative Prices (2008, AER) December 5 th, 2008 Empirical motivation US PPI-based RER is highly volatile Under PPP, this should induce a high volatility
Donor national interests or recipient needs? Evidence from EU multinational tender procedures on foreign aid
Donor national interests or recipient needs? Evidence from EU multinational tender procedures on foreign aid Felipe Starosta de Waldemar 1 and Cristina Mendes 2 1 RITM, Univ. Paris-Sud, Université Paris-Saclay
TOPICS IN MACROECONOMICS: MODELLING INFORMATION, LEARNING AND EXPECTATIONS LECTURE NOTES. Lucas Island Model
TOPICS IN MACROECONOMICS: MODELLING INFORMATION, LEARNING AND EXPECTATIONS LECTURE NOTES KRISTOFFER P. NIMARK Lucas Island Model The Lucas Island model appeared in a series of papers in the early 970s
Liquidity Risk and U.S. Bank Lending at Home and Abroad Ricardo Correa, Linda Goldberg, and Tara Rice
Liquidity Risk and U.S. Bank Lending at Home and Abroad Ricardo Correa, Linda Goldberg, and Tara Rice June 2014 Views expressed are those of the author and do not necessarily reflect the position of the
1 A tax on capital income in a neoclassical growth model
1 A tax on capital income in a neoclassical growth model We look at a standard neoclassical growth model. The representative consumer maximizes U = β t u(c t ) (1) t=0 where c t is consumption in period
Collective bargaining, firm heterogeneity and unemployment
Collective bargaining, firm heterogeneity and unemployment Juan F. Jimeno and Carlos Thomas Banco de España ESSIM, May 25, 2012 Jimeno & Thomas (BdE) Collective bargaining ESSIM, May 25, 2012 1 / 39 Motivation
Private and public risk-sharing in the euro area
Private and public risk-sharing in the euro area Jacopo Cimadomo (ECB) Oana Furtuna (ECB) Massimo Giuliodori (UvA) First Annual Workshop of ESCB Research Cluster 2 Medium- and long-run challenges for Europe
Notes II: Consumption-Saving Decisions, Ricardian Equivalence, and Fiscal Policy. Julio Garín Intermediate Macroeconomics Fall 2018
Notes II: Consumption-Saving Decisions, Ricardian Equivalence, and Fiscal Policy Julio Garín Intermediate Macroeconomics Fall 2018 Introduction Intermediate Macroeconomics Consumption/Saving, Ricardian
Road Map. Does consumption theory accurately match the data? What theories of consumption seem to match the data?
TOPIC 3 The Demand Side of the Economy Road Map What drives business investment decisions? What drives household consumption? What is the link between consumption and savings? Does consumption theory accurately
Intangible Capital: Complement or Substitute in the Creation of Public Goods?
Intangible Capital: Complement or Substitute in the Creation of Public Goods? Alexander Schiersch, Martin Gornig September 13, 2016 Motivation growing awareness that intangible capital is an important
Estimating and Accounting for the Output Gap with Large Bayesian Vector Autoregressions
Estimating and Accounting for the Output Gap with Large Bayesian Vector Autoregressions James Morley 1 Benjamin Wong 2 1 University of Sydney 2 Reserve Bank of New Zealand The view do not necessarily represent
Frequency of Price Adjustment and Pass-through
Frequency of Price Adjustment and Pass-through Gita Gopinath Harvard and NBER Oleg Itskhoki Harvard CEFIR/NES March 11, 2009 1 / 39 Motivation Micro-level studies document significant heterogeneity in
Asymmetric prediction intervals using half moment of distribution
Asymmetric prediction intervals using half moment of distribution Presentation at ISIR 2016, Budapest 23 rd August 2016 Lancaster Centre for Forecasting Asymmetric prediction intervals using half moment
Aggregate Implications of Lumpy Adjustment
Aggregate Implications of Lumpy Adjustment Eduardo Engel Cowles Lunch. March 3rd, 2010 Eduardo Engel 1 1. Motivation Micro adjustment is lumpy for many aggregates of interest: stock of durable good nominal
Topic 1: Policy Design: Unemployment Insurance and Moral Hazard
Introduction Trade-off Optimal UI Empirical Topic 1: Policy Design: Unemployment Insurance and Moral Hazard Johannes Spinnewijn London School of Economics Lecture Notes for Ec426 1 / 39 Introduction Trade-off
R&D, International Sourcing and the Joint Impact on Firm Performance: Online Appendix
R&D, International Sourcing and the Joint Impact on Firm Performance: Online Appendix Esther Ann Bøler Andreas Moxnes Karen Helene Ulltveit-Moe August 215 University of Oslo, ESOP and CEP, e.a.boler@econ.uio.no
Lecture 2. Vladimir Asriyan and John Mondragon. September 14, UC Berkeley
Lecture 2 UC Berkeley September 14, 2011 Theory Writing a model requires making unrealistic simplifications. Two inherent questions (from Krugman): Theory Writing a model requires making unrealistic simplifications.
Topic 2-3: Policy Design: Unemployment Insurance and Moral Hazard
Introduction Trade-off Optimal UI Empirical Topic 2-3: Policy Design: Unemployment Insurance and Moral Hazard Johannes Spinnewijn London School of Economics Lecture Notes for Ec426 1 / 27 Introduction
Capital Constraints, Lending over the Cycle and the Precautionary Motive: A Quantitative Exploration
Capital Constraints, Lending over the Cycle and the Precautionary Motive: A Quantitative Exploration Angus Armstrong and Monique Ebell National Institute of Economic and Social Research 1. Introduction
The Macroeconomics of Universal Health Insurance Vouchers
The Macroeconomics of Universal Health Insurance Vouchers Juergen Jung Towson University Chung Tran University of New South Wales Jul-Aug 2009 Jung and Tran (TU and UNSW) Health Vouchers 2009 1 / 29 Dysfunctional
Lecture 1: Happiness and Growth
Lecture 1: Happiness and Growth Eugenio Proto March 13, 2009 Eugenio Proto () Lecture 1: Happiness and Growth March 13, 2009 1 / 18 Happiness and Utility Implies cardinal Utility and Interpersonal Comparison
Tests for One Variance
Chapter 65 Introduction Occasionally, researchers are interested in the estimation of the variance (or standard deviation) rather than the mean. This module calculates the sample size and performs power
Switzerland. IACSS, 27 July Institute of Economic Studies Charles University in Prague, Czech Republic. Dynamic Gravity Model
Jan, Pavel Jan, Pavel Institute of Economic Studies Charles University in Prague, Czech Republic IACSS, 27 July 2013 Research topic Jan, Pavel Research question Which institutions affect international
A Model of the Consumption Response to Fiscal Stimulus Payments
A Model of the Consumption Response to Fiscal Stimulus Payments Greg Kaplan University of Pennsylvania Gianluca Violante New York University Federal Reserve Board May 31, 2012 1/47 Fiscal stimulus payments
Networks in Production: Asset Pricing Implications
Networks in Production: Asset Pricing Implications Bernard Herskovic UCLA Anderson Third Economic Networks and Finance Conference London School of Economics December 2015 Networks in Production: Asset
ECON 450 Development Economics
ECON 450 Development Economics Classic Theories of Economic Growth and Development The Empirics of the Solow Growth Model University of Illinois at Urbana-Champaign Summer 2017 Introduction This lecture
Gender Differences in the Labor Market Effects of the Dollar
Gender Differences in the Labor Market Effects of the Dollar Linda Goldberg and Joseph Tracy Federal Reserve Bank of New York and NBER April 2001 Abstract Although the dollar has been shown to influence
Oil Price Uncertainty in a Small Open Economy
Yusuf Soner Başkaya Timur Hülagü Hande Küçük 6 April 212 Oil price volatility is high and it varies over time... 15 1 5 1985 199 1995 2 25 21 (a) Mean.4.35.3.25.2.15.1.5 1985 199 1995 2 25 21 (b) Coefficient
Lecture 12 Ricardian Equivalence Dynamic General Equilibrium. Noah Williams
Lecture 12 Ricardian Equivalence Dynamic General Equilibrium Noah Williams University of Wisconsin - Madison Economics 312/702 Ricardian Equivalence What are the effects of government deficits in the economy?
Simulations of the macroeconomic effects of various
VI Investment Simulations of the macroeconomic effects of various policy measures or other exogenous shocks depend importantly on how one models the responsiveness of the components of aggregate demand
Session III Differences in Differences (Dif- and Panel Data
Session III Differences in Differences (Dif- in-dif) and Panel Data Christel Vermeersch March 2007 Human Development Network Middle East and North Africa Region Spanish Impact Evaluation Fund Structure
Annex: Alternative approaches to corporate taxation Ec426 Lecture 8 Taxation and companies 1
Ec426 Public Economics Lecture 8: Taxation and companies 1. Introduction 2. Incidence of corporation tax 3. The structure of corporation tax 4. Taxation and the cost of capital 5. Modelling investment
Bank Capital, Agency Costs, and Monetary Policy. Césaire Meh Kevin Moran Department of Monetary and Financial Analysis Bank of Canada
Bank Capital, Agency Costs, and Monetary Policy Césaire Meh Kevin Moran Department of Monetary and Financial Analysis Bank of Canada Motivation A large literature quantitatively studies the role of financial
Does Trade Liberalization Increase the Labor Demand Elasticities? Evidence from Pakistan
Does Trade Liberalization Increase the Labor Demand Elasticities? Evidence from Pakistan Naseem Akhter and Amanat Ali Objective of the Study Introduction we examine the impact of the trade liberalization
Topic 7: Asset Pricing and the Macroeconomy
Topic 7: Asset Pricing and the Macroeconomy Yulei Luo SEF of HKU November 15, 2013 Luo, Y. (SEF of HKU) Macro Theory November 15, 2013 1 / 56 Consumption-based Asset Pricing Even if we cannot easily solve
Wage flexibility of older workers and the role of institutions
Wage flexibility of older workers and the role of institutions Evidence from the German LIAB data set Martin Kerndler Vienna Graduate School of Economics University of Vienna Workshop Arbeitsmarktökonomie
Macroeconomics and finance
Macroeconomics and finance 1 1. Temporary equilibrium and the price level [Lectures 11 and 12] 2. Overlapping generations and learning [Lectures 13 and 14] 2.1 The overlapping generations model 2.2 Expectations
Lecture 2. (1) Permanent Income Hypothesis. (2) Precautionary Savings. Erick Sager. September 21, 2015
Lecture 2 (1) Permanent Income Hypothesis (2) Precautionary Savings Erick Sager September 21, 2015 Econ 605: Adv. Topics in Macroeconomics Johns Hopkins University, Fall 2015 Erick Sager Lecture 2 (9/21/15)
The Risky Steady State and the Interest Rate Lower Bound
The Risky Steady State and the Interest Rate Lower Bound Timothy Hills Taisuke Nakata Sebastian Schmidt New York University Federal Reserve Board European Central Bank 1 September 2016 1 The views expressed
Household Debt, Financial Intermediation, and Monetary Policy
Household Debt, Financial Intermediation, and Monetary Policy Shutao Cao 1 Yahong Zhang 2 1 Bank of Canada 2 Western University October 21, 2014 Motivation The US experience suggests that the collapse
Problem set 5. Asset pricing. Markus Roth. Chair for Macroeconomics Johannes Gutenberg Universität Mainz. Juli 5, 2010
Problem set 5 Asset pricing Markus Roth Chair for Macroeconomics Johannes Gutenberg Universität Mainz Juli 5, 200 Markus Roth (Macroeconomics 2) Problem set 5 Juli 5, 200 / 40 Contents Problem 5 of problem
Evaluating the Impact of Macroprudential Policies in Colombia
Esteban Gómez - Angélica Lizarazo - Juan Carlos Mendoza - Andrés Murcia June 2016 Disclaimer: The opinions contained herein are the sole responsibility of the authors and do not reflect those of Banco
Asset Pricing and Equity Premium Puzzle. E. Young Lecture Notes Chapter 13
Asset Pricing and Equity Premium Puzzle 1 E. Young Lecture Notes Chapter 13 1 A Lucas Tree Model Consider a pure exchange, representative household economy. Suppose there exists an asset called a tree.
Do Peer Firms Affect Corporate Financial Policy?
1 / 23 Do Peer Firms Affect Corporate Financial Policy? Journal of Finance, 2014 Mark T. Leary 1 and Michael R. Roberts 2 1 Olin Business School Washington University 2 The Wharton School University of
Lecture 13 Price discrimination and Entry. Bronwyn H. Hall Economics 220C, UC Berkeley Spring 2005
Lecture 13 Price discrimination and Entry Bronwyn H. Hall Economics 220C, UC Berkeley Spring 2005 Outline Leslie Broadway theatre pricing Empirical models of entry Spring 2005 Economics 220C 2 Leslie 2004
Information in Order Backlog: Change versus Level. Li Gu Zhiqiang Wang Jianming Ye Fordham University Xiamen University Baruch College.
Information in Order Backlog: Change versus Level Li Gu Zhiqiang Wang Jianming Ye Fordham University Xiamen University Baruch College Abstract Information on order backlog has been disclosed in the notes
Aging, Social Security Reform and Factor Price in a Transition Economy
Aging, Social Security Reform and Factor Price in a Transition Economy Tomoaki Yamada Rissho University 2, December 2007 Motivation Objectives Introduction: Motivation Rapid aging of the population combined
Returns to R&D and the depreciation problem. Bronwyn H. Hall UC Berkeley and NBER
Returns to R&D and the depreciation problem Bronwyn H. Hall UC Berkeley and NBER Adding R&D investment to SNA Adding R&D to SNA requires Balance sheet: capitalizing R&D - need a measure of depreciation
Graduate School of Business, University of Chicago Business 41202, Spring Quarter 2007, Mr. Ruey S. Tsay. Solutions to Final Exam
Graduate School of Business, University of Chicago Business 41202, Spring Quarter 2007, Mr. Ruey S. Tsay Solutions to Final Exam Problem A: (30 pts) Answer briefly the following questions. 1. Suppose that
Chapter 10 Solutions
Foundations of International Macroeconomics 1 Workbook 2 Maurice Obstfeld, Kenneth Rogoff, and Gita Gopinath Chapter 10 Solutions 1. (a) With a positive steady-state gross money supply growth rate of 1
STATE UNIVERSITY OF NEW YORK AT ALBANY Department of Economics. Ph. D. Comprehensive Examination: Macroeconomics Fall, 2016
STATE UNIVERSITY OF NEW YORK AT ALBANY Department of Economics Ph. D. Comprehensive Examination: Macroeconomics Fall, 2016 Section 1. (Suggested Time: 45 Minutes) For 3 of the following 6 statements, state
Non-Performing Loans and the Supply of Bank Credit: Evidence from Italy
Non-Performing Loans and the Supply of Bank Credit: Evidence from Italy M Accornero P Alessandri L Carpinelli A M Sorrentino First ESCB Workshop on Financial Stability November 2 th - 3 rd, 2017 Disclaimer:
Estimating Market Power in Differentiated Product Markets
Estimating Market Power in Differentiated Product Markets Metin Cakir Purdue University December 6, 2010 Metin Cakir (Purdue) Market Equilibrium Models December 6, 2010 1 / 28 Outline Outline Estimating
Testing the Solow Growth Theory
Testing the Solow Growth Theory Dilip Mookherjee Ec320 Lecture 4, Boston University Sept 11, 2014 DM (BU) 320 Lect 4 Sept 11, 2014 1 / 25 RECAP OF L3: SIMPLE SOLOW MODEL Solow theory: deviates from HD
Household income risk, nominal frictions, and incomplete markets 1
Household income risk, nominal frictions, and incomplete markets 1 2013 North American Summer Meeting Ralph Lütticke 13.06.2013 1 Joint-work with Christian Bayer, Lien Pham, and Volker Tjaden 1 / 30 Research
Lecture notes 2: Physical Capital, Development and Growth
Lecture notes 2: Physical Capital, Development and Growth These notes are based on a draft manuscript Economic Growth by David N. Weil. All rights reserved. Lecture notes 2: Physical Capital, Development
Economics 826 International Finance. Final Exam: April 2007
Economics 826 International Finance Final Exam: April 2007 Answer 3 questions from Part A and 4 questions from Part B. Part A is worth 60%. Part B is worth 40%. You may write in english or french. You
Growth and Inclusion: Theoretical and Applied Perspectives
THE WORLD BANK WORKSHOP Growth and Inclusion: Theoretical and Applied Perspectives Session IV Presentation Sectoral Infrastructure Investment in an Unbalanced Growing Economy: The Case of India Chetan
Final Exam Solutions
14.06 Macroeconomics Spring 2003 Final Exam Solutions Part A (True, false or uncertain) 1. Because more capital allows more output to be produced, it is always better for a country to have more capital
Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap David Cook and Michael B. Devereux
Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap David Cook and Michael B. Devereux Online Appendix: Non-cooperative Loss Function Section 7 of the text reports the results for
A Production-Based Model for the Term Structure
A Production-Based Model for the Term Structure U Wharton School of the University of Pennsylvania U Term Structure Wharton School of the University 1 / 19 Production-based asset pricing in the literature
Bank Capital Requirements: A Quantitative Analysis
Bank Capital Requirements: A Quantitative Analysis Thiên T. Nguyễn Introduction Motivation Motivation Key regulatory reform: Bank capital requirements 1 Introduction Motivation Motivation Key regulatory
Reforms in a Debt Overhang
Structural Javier Andrés, Óscar Arce and Carlos Thomas 3 National Bank of Belgium, June 8 4 Universidad de Valencia, Banco de España Banco de España 3 Banco de España National Bank of Belgium, June 8 4
Effects of Increased Elderly Employment on Other Workers Employment and Elderly s Earnings in Japan. Ayako Kondo Yokohama National University
Effects of Increased Elderly Employment on Other Workers Employment and Elderly s Earnings in Japan Ayako Kondo Yokohama National University Overview Starting from April 2006, employers in Japan have to
DIFFERENCE DIFFERENCES
DIFFERENCE IN DIFFERENCES & PANEL DATA Technical Track Session III Céline Ferré The World Bank Structure of this session 1 When do we use Differences-in- Differences? (Diff-in-Diff or DD) 2 Estimation
Food Price Volatility
Multi-year Expert Meeting on Commodities Palais des Nations, Geneva 24-25 March 2010 Food Price Volatility by Christopher L. Gilbert University of Trento, Italy and C. Wyn Morgan University of Nottingham,
The Role of Energy Capital in Accounting for Africa s Recent Growth Resurgence
The Role of Energy Capital in Accounting for Africa s Recent Growth Resurgence Stephie Fried a and David Lagakos b a Carleton College, b UCSD and NBER IMF Workshop on Macroeconomic Policy and Income Inequality
Monetary Economics Final Exam
316-466 Monetary Economics Final Exam 1. Flexible-price monetary economics (90 marks). Consider a stochastic flexibleprice money in the utility function model. Time is discrete and denoted t =0, 1,...
Implementing an Agent-Based General Equilibrium Model
Implementing an Agent-Based General Equilibrium Model 1 2 3 Pure Exchange General Equilibrium We shall take N dividend processes δ n (t) as exogenous with a distribution which is known to all agents There
STATE UNIVERSITY OF NEW YORK AT ALBANY Department of Economics. Ph. D. Preliminary Examination: Macroeconomics Fall, 2009
STATE UNIVERSITY OF NEW YORK AT ALBANY Department of Economics Ph. D. Preliminary Examination: Macroeconomics Fall, 2009 Instructions: Read the questions carefully and make sure to show your work. You
Lecture 5: Fundamentals of Statistical Analysis and Distributions Derived from Normal Distributions
Lecture 5: Fundamentals of Statistical Analysis and Distributions Derived from Normal Distributions ELE 525: Random Processes in Information Systems Hisashi Kobayashi Department of Electrical Engineering
International Banks and the Cross-Border Transmission of Business Cycles 1
International Banks and the Cross-Border Transmission of Business Cycles 1 Ricardo Correa Horacio Sapriza Andrei Zlate Federal Reserve Board Global Systemic Risk Conference November 17, 2011 1 These slides
Microeconomic Foundations of Incomplete Price Adjustment
Chapter 6 Microeconomic Foundations of Incomplete Price Adjustment In Romer s IS/MP/IA model, we assume prices/inflation adjust imperfectly when output changes. Empirically, there is a negative relationship
Credit Spreads and the Macroeconomy
Credit Spreads and the Macroeconomy Simon Gilchrist Boston University and NBER Joint BIS-ECB Workshop on Monetary Policy & Financial Stability Bank for International Settlements Basel, Switzerland September
Notes on Epstein-Zin Asset Pricing (Draft: October 30, 2004; Revised: June 12, 2008)
Backus, Routledge, & Zin Notes on Epstein-Zin Asset Pricing (Draft: October 30, 2004; Revised: June 12, 2008) Asset pricing with Kreps-Porteus preferences, starting with theoretical results from Epstein
Growth Opportunities, Investment-Specific Technology Shocks and the Cross-Section of Stock Returns
Growth Opportunities, Investment-Specific Technology Shocks and the Cross-Section of Stock Returns Leonid Kogan 1 Dimitris Papanikolaou 2 1 MIT and NBER 2 Northwestern University Boston, June 5, 2009 Kogan,
Not All Oil Price Shocks Are Alike: A Neoclassical Perspective
Not All Oil Price Shocks Are Alike: A Neoclassical Perspective Vipin Arora Pedro Gomis-Porqueras Junsang Lee U.S. EIA Deakin Univ. SKKU December 16, 2013 GRIPS Junsang Lee (SKKU) Oil Price Dynamics in
The Use of Penultimate Approximations in Risk Management
The Use of Penultimate Approximations in Risk Management www.math.ethz.ch/ degen (joint work with P. Embrechts) 6th International Conference on Extreme Value Analysis Fort Collins CO, June 26, 2009 Penultimate
Two Hours. Mathematical formula books and statistical tables are to be provided THE UNIVERSITY OF MANCHESTER. 22 January :00 16:00
Two Hours MATH38191 Mathematical formula books and statistical tables are to be provided THE UNIVERSITY OF MANCHESTER STATISTICAL MODELLING IN FINANCE 22 January 2015 14:00 16:00 Answer ALL TWO questions
1 Dynamic programming
1 Dynamic programming A country has just discovered a natural resource which yields an income per period R measured in terms of traded goods. The cost of exploitation is negligible. The government wants
Economic Growth. (c) Copyright 1999 by Douglas H. Joines 1. Module Objectives
Economic Growth Module Objectives now what determines the growth rates of aggregate and per capita GDP Distinguish factors that affect the economy s growth rate from those that merely shift the level of
1 st IMF-OECD-World Bank Conference on Structural Reforms, Paris, June 11, 2018
Product Market Competition, Monetary Policy and Intangible Investment: Firm-level Evidence from the Global Financial Crisis Romain Duval Senior Advisor and Head of Structural Reforms Unit, IMF Research
Monetary Policy, Financial Stability and Interest Rate Rules Giorgio Di Giorgio and Zeno Rotondi
Monetary Policy, Financial Stability and Interest Rate Rules Giorgio Di Giorgio and Zeno Rotondi Alessandra Vincenzi VR 097844 Marco Novello VR 362520 The paper is focus on This paper deals with the empirical
The Employment and Output Effects of Short-Time Work in Germany
The Employment and Output Effects of Short-Time Work in Germany Russell Cooper Moritz Meyer 2 Immo Schott 3 Penn State 2 The World Bank 3 Université de Montréal Social Statistics and Population Dynamics
Import Protection, Business Cycles, and Exchange Rates:
Import Protection, Business Cycles, and Exchange Rates: Evidence from the Great Recession Chad P. Bown The World Bank Meredith A. Crowley Federal Reserve Bank of Chicago September 2012 Any views expressed
Reforming the Social Security Earnings Cap: The Role of Endogenous Human Capital
Reforming the Social Security Earnings Cap: The Role of Endogenous Human Capital Adam Blandin Arizona State University May 20, 2016 Motivation Social Security payroll tax capped at $118, 500 Policy makers
Business Cycles II: Theories
Macroeconomic Policy Class Notes Business Cycles II: Theories Revised: December 5, 2011 Latest version available at www.fperri.net/teaching/macropolicy.f11htm In class we have explored at length the main