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Articles 1 - 6 of 6
Full-Text Articles in Business
I'M Retiring ... Well, Sort Of, Kevin F. Hallock
I'M Retiring ... Well, Sort Of, Kevin F. Hallock
Economics Faculty Publications
I’m 45 years old and I’m retiring ... from writing regular columns for workspan. And that has me thinking about retirement and incentives as part of a total rewards system.
Quotas On Boards And The Gender Gap, Kevin F. Hallock
Quotas On Boards And The Gender Gap, Kevin F. Hallock
Economics Faculty Publications
Back in the late 1990s, Marianne Bertrand and the author examined the pay gap between male and female executives listed in the proxy statements of publicly traded US firms from 1992 in 1997, which they later published in the October 2011 edition of Industrial and Labor Relations Review. They found that, taken as a whole, women in these top five positions earned about 45% less than men in these positions. At the same time, they found that as much as 75% of this gap could be explained by the fact that women managed smaller companies, and were less likely to …
Good Girl, Bad Boy: Corrupt Behavior In Professional Tennis, Michael Jetter, Jay K. Walker
Good Girl, Bad Boy: Corrupt Behavior In Professional Tennis, Michael Jetter, Jay K. Walker
Economics Faculty Publications
This paper identifies matches on the male and female professional tennis tours in which one player faces a high payoff from being "on the bubble" of direct entry into one of the lucrative Grand Slam tournaments, while their opposition does not. Analyzing over 378,000 matches provides strong evidence for corrupt behavior on the men's tour, as bubble players are substantially more likely to beat better ranked opponents when a win is desperately needed. However, we find no such evidence on the women's tour. These results prevail throughout a series of extensions and robustness checks, highlighting gender differences regarding corrupt and …
Examining Industrial Interdependence Between Japan And South Korea: A Favar Approach, David D. Selover, Takeshi Yagihashi
Examining Industrial Interdependence Between Japan And South Korea: A Favar Approach, David D. Selover, Takeshi Yagihashi
Economics Faculty Publications
This paper investigates the economic relationship between Japan and South Korea by incorporating disaggregated output measures. Using a factor-augmented vector autoregression (FAVAR) model, we conduct several experiments to test the nature of the interdependence, both in the aggregate and by sector. We find that South Korean output shocks affect the Japanese economy in a significant manner, whereas Japanese output shocks have a limited effect on South Korea. By further examining the transmission mechanism of sectoral output shocks and comparing them with the direction of sectoral trade, we find evidence of cross-border production sharing, which explains the asymmetric results seen in …
The Choice Of Technology And Equilibrium Wage Rigidity, Haiwen Zhou
The Choice Of Technology And Equilibrium Wage Rigidity, Haiwen Zhou
Economics Faculty Publications
In this general equilibrium model, firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Capital and labor are the two factors of production. The existence of efficiency wages leads to unemployment. The model is able to explain some interesting observations of the labor market. First, even though there is neither long-term labor contract nor costs of wage adjustment, wage rigidity is an equilibrium phenomenon: an increase in the exogenous job separation rate, the size of the population, the cost of exerting effort, and the probability that shirking is detected will not change the equilibrium wage rate. …
Time-Consistent Optimal Fiscal Policy Over The Business Cycle, Zhigang Feng
Time-Consistent Optimal Fiscal Policy Over The Business Cycle, Zhigang Feng
Economics Faculty Publications
This paper examines a dynamic stochastic economy with a benevolent government that cannot commit to its future policies. I consider equilibria that are timeconsistent and allow for history-dependent strategies. A new numerical algorithm is developed to solve for the set of equilibrium payoffs. For a baseline economy calibrated to the U.S. economy, the capital income tax with the highest social welfare is slightly procyclical, while the labor income tax is countercyclical. Compared with the data, this equilibrium provides a better account of the cyclical properties of U.S. tax policy than other solutions that abstract from history dependence. The welfare cost …