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- Real exchange rates (2)
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- Risk Aversion (1)
- Social Security crisis (1)
- Variable Pay (1)
- Women Managers (1)
- Work-Group Diversity; Communication Costs; Knowledge Spillovers; Specialization; Worker Performance (1)
- Worker Preferences (1)
Articles 1 - 19 of 19
Full-Text Articles in Social and Behavioral Sciences
An Empirical Analysis Of Risk Preferences, Compensation Risk, And Employee Outcomes, Fidan A. Kurtulus, Douglas Kruse, Joseph Blasi
An Empirical Analysis Of Risk Preferences, Compensation Risk, And Employee Outcomes, Fidan A. Kurtulus, Douglas Kruse, Joseph Blasi
Fidan A Kurtulus
We use the NBER Shared Capitalism Database comprised of more than 40,000 employee surveys from 14 firms to explore whether a close match between workers’ risk preferences and the riskiness of their compensation packages relates to improved employee outcomes including lower absenteeism, lower shirking, lower probability of voluntary turnover, greater worker motivation, and higher levels of job satisfaction and loyalty. To do this, we use survey questions reflecting workers’ risk aversion parameters, coupled with a series of measures of the riskiness of workers’ compensation packages including the proportion of pay comprised of various forms of shared capitalism such as profit …
The Great Austerity War: What Caused The Deficit Crisis And Who Should Pay To Fix It?, James Crotty
The Great Austerity War: What Caused The Deficit Crisis And Who Should Pay To Fix It?, James Crotty
James Crotty
Rapidly rising deficits at both the federal and state and local government levels, along with long-term financing problems in the Social Security and Medicare programs, have triggered a one-sided austerity-focused class war in the US. Similar class conflicts have broken out around the globe. A coalition of the richest and most economically powerful segments of society and conservative politicians who represent their interests has demanded that deficits be eliminated by public-sector austerity - severe cuts at all levels of government in spending that either supports the poor and the middle class or funds crucial public investment. These demands constitute a …
What Types Of Diversity Benefit Workers? Empirical Evidence On The Effects Of Co-Worker Dissimilarity On The Performance Of Employees, Fidan A. Kurtulus
What Types Of Diversity Benefit Workers? Empirical Evidence On The Effects Of Co-Worker Dissimilarity On The Performance Of Employees, Fidan A. Kurtulus
Fidan A Kurtulus
This paper explores the consequences of grouping workers into diverse divisions on the performance of employees using a dataset containing the detailed personnel records of a large U.S. firm from 1989-1994. In particular, I examine the effects of demographic dissimilarity among co-workers, namely differences in age, gender and race among employees who work together within divisions, and non-demographic dissimilarity, namely differences in education, work function, firm tenure, division tenure, performance and wages among employees within divisions. I find evidence that age dissimilarity, dissimilarity in firm tenure, and performance dissimilarity are associated with lower worker performance, while wage differences are associated …
Do Women Top Managers Help Women Advance? A Panel Study Using Eeo-1 Records, Fidan A. Kurtulus, Donald Tomaskovic‐Devey
Do Women Top Managers Help Women Advance? A Panel Study Using Eeo-1 Records, Fidan A. Kurtulus, Donald Tomaskovic‐Devey
Fidan A Kurtulus
The goal of this study is to examine whether women in the highest levels of management ranks of firms help reduce barriers to advancement in the workplace faced by women. Using a panel of over 20,000 private-sector firms across all industries and states during 1990-2003 from the U.S. Equal Employment Opportunity Commission, we explore the influence of women in top management on subsequent female representation in lowerlevel managerial positions in U.S. firms. Our key findings show that an increase in the share of female top managers is associated with subsequent increases in the share of women in mid-level management positions …
The Real Exchange Rate And Economic Development, Arslan Razmi, Martin Rapetti, Peter Skott
The Real Exchange Rate And Economic Development, Arslan Razmi, Martin Rapetti, Peter Skott
Peter Skott
Recent empirical studies have found a robust correlation between competitive exchange rates and economic growth in developing economies. This paper presents (i) a formal model to help explain these findings and (ii) econometric evidence on the relation between investment and the real exchange rate. The model emphasizes the existence of (hidden) unemployment as a source of endogenous growth, even under constant returns to scale. Growth promoting policies, however, affect the external balance, and two instruments are needed in order to achieve targets for both the growth rate and the trade balance. The real exchange rate can serve as one of …
Worker Attitudes Towards Employee Ownership, Profit Sharing And Variable Pay, Fidan A. Kurtulus, Douglas Kruse, Joseph Blasi
Worker Attitudes Towards Employee Ownership, Profit Sharing And Variable Pay, Fidan A. Kurtulus, Douglas Kruse, Joseph Blasi
Fidan A Kurtulus
Using the NBER Shared Capitalism Database comprised of over 40,000 employee surveys from 14 firms, we investigate worker attitudes towards employee ownership, profit sharing, and variable pay. Specifically, our study uses detailed survey questions on preferences over profit sharing, forms of employee ownership like company stock and stock option ownership, as well as preferences over variable pay in general, to explore how preferences for these different types of output-contingent pay vary with worker risk aversion, residual control, and views of coworkers and management. Our key results show that, on average, workers want at least a part of their compensation to …
The Realism Of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory As The Guide To Financial Regulation Policy, James Crotty
James Crotty
The radical deregulation of financial markets after the 1970s was a precondition for the explosion in size, complexity, volatility and degree of global integration of financial markets in the past three decades. It therefore contributed to the severity and breadth of the recent global financial crisis. It is not likely that deregulation would have been so extreme and the crisis so threatening had most financial economists adopted Keynes-Minsky financial market theory, which concludes that unregulated financial markets are inherently unstable and dangerous. Instead, they argued that neoclassical efficient financial market theories demonstrate that lightly regulated generate optimal security prices and …
Reflections On Development Economics: An Interview With Keith Griffin, James K. Boyce
Reflections On Development Economics: An Interview With Keith Griffin, James K. Boyce
James K. Boyce
In an interview conducted by James Boyce for the journal Development and Change, Keith Griffin reflects on his career and the current state of development economics. Griffin is Distinguished Professor of Economics Emeritus at the University of California, Riverside, and former President of Magdalen College, Oxford University. A prominent critic of orthodox economic development strategies, his books include Underdevelopment in Spanish America; The Political Economy of Agrarian Change; and Alternative Strategies for Economic Development.
Small And As Productive: Female‐Headed Households And The Inverse Relationship Between Land Size And Output In Kenya, Mwangi Githinji, Charalampos Konstantinidis, Andrew Barenberg
Small And As Productive: Female‐Headed Households And The Inverse Relationship Between Land Size And Output In Kenya, Mwangi Githinji, Charalampos Konstantinidis, Andrew Barenberg
Mwangi Wa Githinji
Access to land and particularly its distribution has reemerged as an important part of both academic and policy discussions in the last decade, leading to the resuscitation of the debate on the relationship between size of holdings and output per land unit. Across the world, studies have suggested the existence of a decreasing relationship between land size and output per unit of land. The most-widely accepted explanation for this relationship is that households with smaller holdings tend to be labor rich relative to land, and therefore can achieve higher output through the increased application of labor. Despite the rich literature …
Disjointed Innovation: The Political Economy Of Digitally Mediated Institutional Reform, Jane E. Fountain
Disjointed Innovation: The Political Economy Of Digitally Mediated Institutional Reform, Jane E. Fountain
Jane E. Fountain
Current attention to social media and governance has focused on the enactment of networked communication and information use by and for governance with particular attention to the role of civil society. This paper argues that such a focus, while illuminating a possibly utopian perspective on political participation, often obscures even recent government reforms, existing institutional arrangements, and the myriad processes by which knowledge is translated to action in political settings. Drawing from and extending core perspectives within historical institutionalism, the paper examines three streams of theory and research: temporal models, coordination models, and the political effects of public policies where …
The Real Exchange Rate And Economic Growth: Are Developing Countries Different?, Peter Skott, Martin Rapetti, Arslan Razmi
The Real Exchange Rate And Economic Growth: Are Developing Countries Different?, Peter Skott, Martin Rapetti, Arslan Razmi
Peter Skott
Recent research has found a positive relationship between real exchange rate (RER) undervaluation and economic growth. Different rationales for this association have been offered, but they all imply that the mechanisms involved should be stronger in developing countries. Rodrik (2008) explicitly analyzed and found evidence that the RER-growth relationship is more prevalent in developing countries. We show that his finding is very sensitive to the criterion used to divide the sample between developed and developing countries. We then use alternative classification criteria and empirical strategies to evaluate the existence of asymmetries between groups of countries and find that the effect …
Public Debt In An Olg Model With Imperfect Competition, Peter Skott, Soon Ryoo
Public Debt In An Olg Model With Imperfect Competition, Peter Skott, Soon Ryoo
Peter Skott
Fiscal policy is needed to avoid dynamic inefficiency and maintain full employment in a modified Diamond OLG model with imperfect competition. A distributionally neutral tax scheme can maintain full employment in the face of variations in .household confidence.. No variations in taxes will be needed if households correctly anticipate future taxes: the tax policy functions as an insurance scheme. JEL Categories: E62, E22
Positional Goods, Climate Change And The Social Returns To Investment, Peter Skott, Leila Davis
Positional Goods, Climate Change And The Social Returns To Investment, Peter Skott, Leila Davis
Peter Skott
The economic analysis of global warming is dominated by models based on optimal growth theory. This approach can generate biases in the presence of positional goods and status effects. We show that by ignoring these direct consumption externalities, integrated assessment models overestimate the social return to conventional investment and underestimate the optimal amount of investment in mitigation. Empirical evidence on the influence of relative consumption on utility suggests that the bias could be quantitatively significant. Our results from a simple survey support this conclusion. JEL Categories: Q13, I3, E1
Heterodox Macro After The Crisis, Peter Skott
Heterodox Macro After The Crisis, Peter Skott
Peter Skott
Macroeconomics is in crisis and this creates openings for alternative perspectives. The dominant heterodox traditions, however, have shortcomings that need to be addressed, both to improve our understanding of the real world and to take advantage of the opportunities offered by the irrelevance of most mainstream macro. This paper discusses three examples of areas that need attention: (i) investment functions (where popular specifications lack behavioral and empirical support), (ii) income distribution (where key developments have received little attention) and(iii) the relation between income inequality and financial markets (where extensions of existing models may help explain financial instability) JEL Categories: E12, …
Increasing Inequality And Financial Instability, Peter Skott
Increasing Inequality And Financial Instability, Peter Skott
Peter Skott
Rising inequality affects the composition of asset demands as well as aggregate demand. The poor have few financial assets and their portfolio is skewed towards fixed-income assets. The rich, by contrast, hold a large proportion of their wealth in stocks. Thus, an increase in inequality tends to raise the demand for stocks. This generates capital gains, and these gains can fuel a bubble, as desired portfolios shift further towards stocks. JEL Categories: E11, E21
Business Cycles, Peter Skott
Business Cycles, Peter Skott
Peter Skott
This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have also come in for debate. JEL Categories:
Distributional Biases In The Analysis Of Climate Change, Peter Skott, Leila Davis
Distributional Biases In The Analysis Of Climate Change, Peter Skott, Leila Davis
Peter Skott
The economic analysis of global warming is dominated by models based on optimal growth theory. These representative-agent models have an intrinsic distributional bias in favor of the rich. The bias is compounded by the se of revenue-neutrality in the allocation of emission permits. The result is mitigation recommendations that are biased downwards. JEL Categories: Q13, I3, E1
Public Debt And Full Employment In A Stock-Flow Consistent Model Of A Corporate Economy, Peter Skott, Soon Ryoo
Public Debt And Full Employment In A Stock-Flow Consistent Model Of A Corporate Economy, Peter Skott, Soon Ryoo
Peter Skott
This paper examines the fiscal requirements for continuous full employment. We find that (i) changes in the financial behavior of households and firms require adjustments in tax rates and public debt, (ii) the stability of the steady-state solution for public debt depends on the .fiscal instrument and the household consumption function, (iii) in stable cases, a fall in government consumption (or a decline in another component of autonomous demand) requires an increase in the steady-state ratio of public debt to capital, and (iv) the steady-state tax rate may be positively or negatively related to the level of debt. JEL Categories: …
The Real Exchange Rate And Economic Development, Arslan Razmi
The Real Exchange Rate And Economic Development, Arslan Razmi
Arslan Razmi
Recent empirical studies have found a robust correlation between competitive exchange rates and economic growth in developing economies. This paper presents (i) a formal model to help explain these findings and (ii) econometric evidence on the relation between investment and the real exchange rate. The model emphasizes the existence of (hidden) unemployment as a source of endogenous growth, even under constant returns to scale. Growth promoting policies, however, affect the external balance, and two instruments are needed in order to achieve targets for both the growth rate and the trade balance. The real exchange rate can serve as one of …