Some of the conclusions are: Unions reduce wage inequality because they raise wages more for low- and middle-wage workers than for higher-wage workers, more for blue-collar than for white-collar workers, and more for workers who do not have a college degree.
The reason is that central banks react to variables, such as inflation and the output gap, which are endogenous to monetary policy shocks. Endogeneity implies a correlation between regressors and the error term, and hence, an asymptotic bias.
In principle, Instrumental Variables IV estimation can solve this endogeneity problem. In practice, IV estimation poses challenges as the validity of potential instruments also depends on other economic relationships.
We argue in favor of OLS estimation of monetary policy rules. To that end, we show analytically in the three-equation New Keynesian model that the asymptotic OLS bias is proportional to the fraction of the variance of regressors accounted for by monetary policy shocks.
Using Monte Carlo simulation, we then show that this relationship also holds in a quantitative model of the U. As monetary policy shocks explain only a small fraction of the variance of regressors typically included in monetary policy rules, the endogeneity bias is small.
Using simulations, we show that, for realistic sample sizes, the OLS estimator of monetary policy parameters outperforms IV estimators.The Economics Daily million nonfatal workplace injuries and illnesses resulted in days away from work in November 23, There were million nonfatal occupational injuries and illnesses in in which the injured or ill worker took at least one day away from work to recuperate.
Combating Child Labor Ilab First Button URL.
Feb 09, · Executive Summary. This study examines the labor market and economic consequences of the opioid crisis. While previous studies have estimated economic costs of the opioid epidemic, none has taken into account the most significant way opioid dependency is likely impacting the U.S. economy: its impact on labor force participation. Three Essays on Labor Market Analysis: Dissertation Summary Patrick M. Kline University of Michigan. Dissertation Summaries 5 research have policy implications that extend beyond the par- labor market other . Labor Markets Jobs lost, jobs gained: What the future of work will mean for jobs, skills, and wages November – In an era marked by rapid advances in automation and artificial intelligence, new research assesses the jobs lost and jobs gained under different scenarios through
Monday, June 11, Ending Child Labor. The U.S. Department of Labor’s Bureau of International Labor Affairs is working across the Administration and with stakeholders to advance efforts to end child labor.
Career Technical Education and Labor Market Outcomes: Evidence from California Community Colleges Ann Huff Stevens, Michal Kurlaender, Michel Grosz. NBER Working Paper No.
Labor Markets Jobs lost, jobs gained: What the future of work will mean for jobs, skills, and wages November – In an era marked by rapid advances in automation and artificial intelligence, new research assesses the jobs lost and jobs gained under different scenarios through EC08CHHanson ARI 29 September The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade David H.
Autor,1,2 David Dorn,3,4 and Gordon H. Hanson2,5 1Department of Economics, Massachusetts Institute of Technology, Cambridge, Massachusetts ; email: [email protected] NBER Program(s):Industrial Organization, Labor Studies A product market is concentrated when a few firms dominate the market.
Similarly, a labor market is concentrated when a few firms dominate hiring in the market.