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57. Productivity gains from unemployment insurance

Author

Acemoglu, Daron and Shimer, Robert

Subjects
Unemployment insurance -- Economic aspects, Labor market -- Research, Business, Business, international, Economics
Abstract

This paper argues that unemployment insurance increases labor productivity by encouraging workers to seek higher productivity jobs, and by encouraging firms to create those jobs. We use a quantitative model to investigate whether this effect is comparable in magnitude to the standard moral hazard effects of unemployment insurance. Our model economy captures the behavior of the U.S. labor market for high school graduates quite well. With unemployment insurance more generous than the current U.S. level, unemployment would increase by a magnitude similar to the micro-estimates; but because the composition of jobs also changes, total output and welfare would increase as well.

Published
2000

60. The cyclicality of hires, separations, and job-to-job transitions

Author

Shimer, Robert

Subjects
United States -- Economic aspects, Employment -- Analysis -- Usage -- Economic aspects, Career changes -- Analysis -- Usage -- Economic aspects, Econometric models -- Usage -- Analysis -- Economic aspects, Banking, finance and accounting industries, Business, Economic aspects, Usage, Analysis
Abstract

This paper measures the job-finding, separation, and job-to-job transition rates in the United States from 1948 to 2004. The job-finding and job-to-job transition rates are strongly procyclical and the separation [...]

Published
2005

79. Frisco Decapod returns to steam

Author

Shimer, Robert

Subjects
Steam motor-cars -- Exhibitions, General interest, History
Abstract

Steam has returned to the Illinois Railway Museum. The museum fired up former Frisco 2-10-0 No. 1630, a 1918 Baldwin product, over the Memorial Day weekend after nine years without [...]

Published
2014

89. Efficient Wage Dispersion

Author

Acemoglu, Daron and Shimer, Robert

Subjects
jel:D83, jel:J31, Efficiency, Search, Search Intensity, Sorting, Wage Dispersion, Wage Posting, jel:J41
Abstract

In market economies identical workers appear to receive very different wages, violating the ‘law of one price’ of Walrasian markets. It is argued in this paper that in the absence of a Walrasian auctioneer to coordinate trade: (i) wage dispersion among identical workers is very often an equilibrium phenomenon; and (ii) such dispersion is necessary for a market economy to function. The paper analyses an environment in which firms post wages and workers may, at a small cost, observe one or more of the posted wages, i.e. search, before deciding where to apply. Both with homogeneous and heterogeneous forms, equilibrium wage dispersion is necessary for the economy to approximate efficiency. Without wage dispersion, workers do not search, and wages are depressed. As a result: (a) there is excessive entry of firms; and (b) because, in the absence of search, high-productivity firms cannot attract workers faster than low-productivity firms, their relative profitability is reduced, and technology choices are distorted.

Published
1997

100. Comment.

Author

Shimer, Robert

Subjects
WORKING hours, BUSINESS cycles, DEMOGRAPHY, AGE & employment, HUMAN life cycle
Abstract

Comments on a study that investigated differences in the variability of hours worked over the business cycle across several demographic groups. Analysis of the representative agent model applied in the study; Examination of employment volatility conditional on a worker's age; Discussion on secular trends in market hours and the life-cycle model.

Published
2004
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