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Employment Duration And Match Quality Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama
Employment Duration And Match Quality Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama
Research Collection School Of Economics
This paper studies the cyclical behavior of employment duration using data from the National Longitudinal Survey of Youth 1979 cohort. We estimate a proportional hazard model with competing risks, distinguishing different types of separations. A higher unemployment rate at the start of an employment relationship increases the probability that the worker quits to take or look for another job, but it decreases the probability that the firm fires the worker. The net effect of these opposing forces on the overall duration of the employment is negative, but small, implying that match quality is weakly pro-cyclical. We also build a simple …
Innovation And Employment, Hian Teck Hoon, Edmund S. Phelps
Innovation And Employment, Hian Teck Hoon, Edmund S. Phelps
Research Collection School of Economics
Is employment higher in an economy that has a higher rate of innovation? In Hoon and Phelps (1997), we study this question in the small open, and closed, economy under the assumption that the rate of technological progress is exogenous to the economic system.In this paper, we reexamine this question in the context of a model with endogenous product innovation (and thus endogenous technological progress) and endogenous labor supply first in a small open economy taking the world interest rate as given and then ina closed economy that determines the whole term structure of the interest rate. In our present …
Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon
Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon
Research Collection School Of Economics
Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not justified by fundamentals. When these expectations are corrected, the result is a precipitous drop in housing prices and, on that account alone, some drop in employment. There is also a bulge in the housing stock. In the closed economy case, the downward shift of the term structure of interest …
Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon
Macroeconomic Effects Of Over-Investment In Housing In An Aggregative Model Of Economic Activity, Hian Teck Hoon
Research Collection School Of Economics
Is there a theoretical basis for the view that the end of a period of over-investment necessarily leads to a period of below-normal employment as the excess capital stock is run down? We study the repercussions of a false boom in housing driven by prior expectations of future housing prices not justified by fundamentals. When these expectations are corrected, the result is a precipitous drop in housing prices and, on that account alone, some drop in employment. There is also a bulge in the housing stock. In the case of a closed economy, the downward shift of the term structure …
Effects Of Technological Improvement In The Ict Producing Sector On Business Activity, Hian Teck Hoon, Edmund S. Phelps
Effects Of Technological Improvement In The Ict Producing Sector On Business Activity, Hian Teck Hoon, Edmund S. Phelps
Research Collection School Of Economics
It seems to be taken for granted by many commentators that the sharp decline in prices of computers, telecommunications equipment and software resulting from the technological improvements in the information and communications technology (ICT)-producing sector is good for jobs and is a major driving force behind the non-inflationary employment miracle and booming stock market in the latter half of the nineties in the U.S. and their recurrence since 2004. We show that, in our model, a technical improvement in the ICT-producing sector by itself cannot explain a simultaneous increase in employment and a rise in firms’ valuation (or Tobin’s Q …
Older Workers: Untapped Assets For Creating Value, Knowledge@Smu
Older Workers: Untapped Assets For Creating Value, Knowledge@Smu
Knowledge@SMU
The days when an executive could look forward to a leisurely retirement out on the golf course are over, thanks to a possible looming job shortage, a graying population, low savings rates and an insecure Social Security system. The impact of these factors on both workers and companies was the subject of the Symposium on Older Workers, co-sponsored recently by the AARP Global Aging Program along with Wharton's Center for Human Resources and Boettner Center for Pensions and Retirement Research. Speakers included AARP CEO William D. Novelli, Olivia Mitchell, executive director of Wharton's Pension Research Council, and Thomas Dowd, a …