Search Models and Applied Labor Economics by Nicholas M. Kiefer

By Nicholas M. Kiefer

This selection of papers marks the improvement of empirical software of the quest method of exertions economics--an method which arose as a theoretical improvement of the Nineteen Sixties and resulted in various insights within the Nineteen Seventies. the hunt process obviously comprises uncertainty within the financial version, making up a number of the early paintings in what's now known as "the economics of information." incorporated are econometric concerns akin to estimation and specification of seek versions for wages and unemployment length, non-stop time types of turnover, and id of structural parameters. functions to coverage questions together with Unemployment assurance and salary subsidy courses are given, and knowledge assortment concerns are mentioned in the seek framework.

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The advantage which this approach possesses is that a broader set of questions about labor market behavior can be asked, and more accurate estimates of the quantitative effects of various policy measures can be obtained. For example, it is possible in this framework to analyze exactly how unemployment insurance payments affect wages or duration of unemployment. Although this chapter represents a start, there is clearly much more that needs to be done. Our investigation was in the context of a simple job search model, and the empirical results obtained, while generally consistent, indicate that more complex models may be required.

Thus observations on both completed and uncompleted spells of unemployment can be used. The question which arises naturally is whether one can identify the basic parameters of interest: p, 7, CTO, a r , aor. Clearly, p and ao can be identified from the wage offer function (see Heckman, 1979). The correlation parameter between wage offers and the employment decision can also be identified. Problems arise in attempting to identify the remaining parameters since wrt and, hence, a r are not observed.

The reservation-wage function also exhibits little change, except for the effect of duration of unemployment. 22. Both tests (they are asymptotically equivalent) provide statistical evidence that 19 20 Note that this is an ex post interpretation of our estimates. A more general analysis along these lines would require explicit treatment of the individual effects.

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