Trade shocks and labor adjustment: theory
We construct a dynamic, stochastic rational expectations model of labor reallocation within a trade model that is designed so that its key parameters can be estimated for trade policy analysis. A key feature is the presence of time-varying idiosyncratic moving costs faced by workers. As a consequenc...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13463 |
| Zusammenfassung: | We construct a dynamic, stochastic rational expectations model of labor reallocation within a trade model that is designed so that its key parameters can be estimated for trade policy analysis. A key feature is the presence of time-varying idiosyncratic moving costs faced by workers. As a consequence of these shocks: (i) Gross flows exceed net flows (an important feature of empirical labor movements); (ii) the economy features gradual and anticipatory adjustment to aggregate shocks; (iii) wage differentials across locations or industries can persist in the steady state; and (iv) the normative implications of policy can be very different from a model without idiosyncratic shocks, even when the aggregate behaviour of both models is similar. It is shown that the equilibrium solves a particular planner's problem, thus facilitating analytical results, econometric estimation, and simulation of the model for policy analysis |
| Beschreibung: | Literaturverz. S. 42 - 45 |
| Beschreibung: | 45 S. 22 cm |
Internformat
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| 100 | 1 | |a Cameron, Stephen V. |e Verfasser |0 (DE-588)135808243 |4 aut | |
| 245 | 1 | 0 | |a Trade shocks and labor adjustment |b theory |c Stephen Cameron ; Shubham Chaudhuri ; John McLaren |
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| 500 | |a Literaturverz. S. 42 - 45 | ||
| 520 | |a We construct a dynamic, stochastic rational expectations model of labor reallocation within a trade model that is designed so that its key parameters can be estimated for trade policy analysis. A key feature is the presence of time-varying idiosyncratic moving costs faced by workers. As a consequence of these shocks: (i) Gross flows exceed net flows (an important feature of empirical labor movements); (ii) the economy features gradual and anticipatory adjustment to aggregate shocks; (iii) wage differentials across locations or industries can persist in the steady state; and (iv) the normative implications of policy can be very different from a model without idiosyncratic shocks, even when the aggregate behaviour of both models is similar. It is shown that the equilibrium solves a particular planner's problem, thus facilitating analytical results, econometric estimation, and simulation of the model for policy analysis | ||
| 700 | 1 | |a Chaudhuri, Shubham |d 1966- |e Verfasser |0 (DE-588)12890318X |4 aut | |
| 700 | 1 | |a McLaren, John |d 1962- |e Verfasser |0 (DE-588)13423331X |4 aut | |
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Datensatz im Suchindex
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| author | Cameron, Stephen V. Chaudhuri, Shubham 1966- McLaren, John 1962- |
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| id | DE-604.BV023593363 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 45 S. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Cameron, Stephen V. Verfasser (DE-588)135808243 aut Trade shocks and labor adjustment theory Stephen Cameron ; Shubham Chaudhuri ; John McLaren Cambridge, Mass. National Bureau of Economic Research 2007 45 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13463 Literaturverz. S. 42 - 45 We construct a dynamic, stochastic rational expectations model of labor reallocation within a trade model that is designed so that its key parameters can be estimated for trade policy analysis. A key feature is the presence of time-varying idiosyncratic moving costs faced by workers. As a consequence of these shocks: (i) Gross flows exceed net flows (an important feature of empirical labor movements); (ii) the economy features gradual and anticipatory adjustment to aggregate shocks; (iii) wage differentials across locations or industries can persist in the steady state; and (iv) the normative implications of policy can be very different from a model without idiosyncratic shocks, even when the aggregate behaviour of both models is similar. It is shown that the equilibrium solves a particular planner's problem, thus facilitating analytical results, econometric estimation, and simulation of the model for policy analysis Chaudhuri, Shubham 1966- Verfasser (DE-588)12890318X aut McLaren, John 1962- Verfasser (DE-588)13423331X aut National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13463 (DE-604)BV002801238 13463 |
| spellingShingle | Cameron, Stephen V. Chaudhuri, Shubham 1966- McLaren, John 1962- Trade shocks and labor adjustment theory |
| title | Trade shocks and labor adjustment theory |
| title_auth | Trade shocks and labor adjustment theory |
| title_exact_search | Trade shocks and labor adjustment theory |
| title_exact_search_txtP | Trade shocks and labor adjustment theory |
| title_full | Trade shocks and labor adjustment theory Stephen Cameron ; Shubham Chaudhuri ; John McLaren |
| title_fullStr | Trade shocks and labor adjustment theory Stephen Cameron ; Shubham Chaudhuri ; John McLaren |
| title_full_unstemmed | Trade shocks and labor adjustment theory Stephen Cameron ; Shubham Chaudhuri ; John McLaren |
| title_short | Trade shocks and labor adjustment |
| title_sort | trade shocks and labor adjustment theory |
| title_sub | theory |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT cameronstephenv tradeshocksandlaboradjustmenttheory AT chaudhurishubham tradeshocksandlaboradjustmenttheory AT mclarenjohn tradeshocksandlaboradjustmenttheory |