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| Caballero, Ricardo J.; Engel, Eduardo M.R.A.. |
| In most instances, the dynamic response of monetary and other policies to shocks is infrequent and lumpy. The same holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and prices. We show that the standard practice of estimating the speed of adjustment of such variables with partial-adjustment ARMA procedures substantially overestimates this speed. For example, for the target federal funds rate, we find that the actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the speed of adjustment inferred from aggregates of a small number of agents is likely to be close to instantaneous. While aggregating across microeconomic units... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Speed of adjustment; Discrete adjustment; Lumpy adjustment; Aggregation; Calvo model; ARMA process; Partial adjustment; Expected response time; Monetary policy; Investment; Labor demand; Sticky prices; Idiosyncratic shocks; Impulse response function; Wold representation; Time-to-build; Financial Economics; C22; C43; D2; E2; E5. |
| Ano: 2003 |
URL: http://purl.umn.edu/28419 |
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| Newman, Constance. |
| Although earnings generally increased in rural areas in the 1990s, Hispanic population growth led to lower wages for at least one segment of the rural populationworkers with a high school degree (skilled workers), particularly men in this skill group. Using data from the Bureau of Economic Analysis and the Current Population Survey, this report examines the effects of Hispanic population growth on rural wages. The analysis combines approaches from earlier immigration-impact studies and more recent work that incorporates the role of labor demand in the labor market. The analysis finds that labor demand shift factors and other area-specific factors that often are not included in immigration studies are important. Results indicate that labor demand increases... |
| Tipo: Report |
Palavras-chave: Immigration; Wages; Labor demand; Hispanic population growth; Community/Rural/Urban Development; Labor and Human Capital. |
| Ano: 2003 |
URL: http://purl.umn.edu/33965 |
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| Braconier, Henrik; Ekholm, Karolina. |
| This paper uses a dataset on the foreign activities by Swedish manufacturing firms to examine the performance of German affiliates compared with affiliates in other locations. It is found that German affiliates, on average, have higher labour productivity, R&D expenditure per employee and skill-intensity. There is also evidence suggesting that German affiliates are more oriented towards selling in the local market than affiliates in other European countries. We also analyse the effect of labour costs in the Swedish multinational enterprises' (MNEs') decision to locate in Germany. We find that the location decision is sensitive to the level of wage costs in Germany and in other potential locations in high-income Europe, but not to the level of wage... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Labor demand; Multinational firms; Foreign affiliates; Germany; International Relations/Trade; Labor and Human Capital; F23; J23. |
| Ano: 2001 |
URL: http://purl.umn.edu/26200 |
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| Guariglia, Alessandra. |
| The objective of this paper is to quantify the net effect that the massive opening of edge or out-of-town superstores, which took place in Great Britain in the mid-eighties and early nineties, had on local employment. Our data set consists of the location and the opening dates of Tesco and Sainsbury’s stores, in combination with Census of Employment data from 1984 to 1991. Using both a fixed-effects specification and a system-GMM specification which allows to control for endogeneity, we find that in spite of the adverse effects they had on competing smaller stores, superstores had an overall positive net effect on employment. |
| Tipo: Journal Article |
Palavras-chave: Superstores; Labor demand; Labor and Human Capital; J23; R23. |
| Ano: 2002 |
URL: http://purl.umn.edu/44291 |
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