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  1. The changing link between labor cost and price inflation in the United States
    Autor*in: Bobeica, Elena; Ciccarelli, Matteo; Vansteenkiste, Isabel
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The link between US labor cost and price inflation has weakened notably over the past three decades. In this paper we document this decline and analyse potential contributing factors. We consider four important trends that have shaped the US economy... mehr

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    The link between US labor cost and price inflation has weakened notably over the past three decades. In this paper we document this decline and analyse potential contributing factors. We consider four important trends that have shaped the US economy of late: (i) improved anchoring of inflation expectations; (ii) the changing constellation of shocks hitting the economy; (iii) increased trade integration and (iv) rising firm market power. We find that the improved anchoring of inflation expectations has played a particularly relevant role but also that the latter two trends offer promising avenues to understand the decline in pass-through from labor cost to price inflation. Our results also bring supportive evidence to the view taken by the FED in the context of its monetary policy strategy review that a robust job market can be sustained without causing an outbreak of inflation.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948067
    Weitere Identifier:
    hdl: 10419/237722
    Schriftenreihe: Working paper series / European Central Bank ; no 2583 (August 2021)
    Schlagworte: Inflation; pass-through; labor costs; structural VAR; United States
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Productivity and employment in APAC economies
    a comparison with the EU using firm-level information
    Autor*in: Di Mauro, Filippo; Hoang, Minh Duy; Morgan, Peter J.
    Erschienen: [2021]
    Verlag:  Asian Development Bank Institute, Tokyo, Japan

    This paper provides an overview of productivity development and other related indicators in Asian-Pacific (APAC) countries, with comparisons with the Europe region. We use the seventh vintage firm-level data from the Productivity Research Network in... mehr

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    Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht, Bibliothek
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    This paper provides an overview of productivity development and other related indicators in Asian-Pacific (APAC) countries, with comparisons with the Europe region. We use the seventh vintage firm-level data from the Productivity Research Network in the APAC region and CompNet in Europe for our study. The overall results show that the productivity growth in developed APAC countries (Australia, New Zealand, and the Republic of Korea) is significantly ahead of the growth in developing APAC countries (India and the People's Republic of China) and on par with the EU's growth. There is an ongoing process of bottom firms catching up with top firms in the Republic of Korea and the richest EU countries. Regarding employment and labor skills, employment growth has generally been quite stagnant in all regions. Labor skills, for which we use the wage premium as a proxy, are quite similar across most regions, with the richest EU countries showing a higher premium than the rest. Our test of the productivity−employment link indicates that the size of employment tends to have a greater impact on productivity in APAC countries, while labor skills have greater emphasis in the EU.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10419/238621
    Schriftenreihe: ADBI working paper series ; no. 1264 (May 2021)
    Schlagworte: productivity; firm-level; employment; labor costs; labor skills; wage premium; TFP dispersion; firm concentration; financial constraint
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  3. Can payroll tax cuts help firms during recessions?
    Autor*in: Benzarti, Youssef; Harju, Jarkko
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper estimates the effect of payroll tax cuts on firm-level employment and balance-sheet outcomes during economic downturns. We use two regional payroll tax cuts in Finland as well as the onset of the Great Recession to estimate the effect of... mehr

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    This paper estimates the effect of payroll tax cuts on firm-level employment and balance-sheet outcomes during economic downturns. We use two regional payroll tax cuts in Finland as well as the onset of the Great Recession to estimate the effect of the recession on firms treated by the payroll tax cuts compared to a similar control group. When implemented, prior to the Great Recession, we estimate that the payroll tax cuts had limited effects on employment and balance-sheet outcomes of firms located in the treated regions. However, when the recession starts, some of its negative effects were substantially hampered by the previously enacted payroll tax cuts in treated firms. These employment effects are exacerbated for men and low-skilled employees. We also find that sales and profits in treated firms respond differently in treated firms during the recession. We provide some evidence showing that firms that are liquidity con-strained are the ones that exhibit the strongest response. This shows that payroll tax cuts can make firms more resilient during downturns, possibly by relaxing liquidity constraints.

     
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    Weitere Identifier:
    hdl: 10419/235360
    Schriftenreihe: CESifo working paper ; no. 8990 (2021)
    Schlagworte: labor costs; place-based policies; great recession; payroll taxes; employment; wages; firms; fiscal multipliers
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  4. Globalization and firm performance
    Autor*in: Catão, Luis; Faria, Pedro de; Martins, António; Portela, Miguel
    Erschienen: 31 January 2023
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP17860
    Schlagworte: Foreign direct investment; entrepreneurship; trade; productivity; wages; labor costs; leverage; firm size distribution; Portuguese economy
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  5. Globalization and firm performance
    Autor*in: Catão, Luis; Faria, Pedro de; Martins, António; Portela, Miguel
    Erschienen: January 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Using a new panel dataset of about 140 thousand Portuguese firms during 2006-2019, we measure the effects of globalization on firm-level performance along four dimensions: ownership of capital, employment of foreign-seasoned managers, and... mehr

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    Using a new panel dataset of about 140 thousand Portuguese firms during 2006-2019, we measure the effects of globalization on firm-level performance along four dimensions: ownership of capital, employment of foreign-seasoned managers, and participation in export and import markets. Once at least one of these channels is active, firms are larger, less leveraged, employ better qualified workers, and pay higher hourly wages. We also uncover a pecking order of effects, with export-market participation having generally larger positive effects on productivity and negative effects on unit labor costs. All four channels interact, sometimes complementing, sometimes substituting one another. For instance, foreign ownership boosts exports at the extensive margin while being an importer and/or having a foreign-experienced manager help at the intensive margin; conversely, the marginal productivity gains of foreign-ownership are greatly reduced when the firm is already an exporter. Breaking down the effects of each channel by firm size, we show that smaller firms stand the most to gain from export market participation and foreign-ownership.

     
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    Weitere Identifier:
    hdl: 10419/272530
    Schriftenreihe: Discussion paper series / IZA ; no. 15903
    Schlagworte: foreign direct investment; entrepreneurship; trade; productivity; wages; labor costs; leverage; firm size distribution
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. How do firms respond to unions?
    Autor*in: Dodini, Samuel; Stansbury, Anna; Willén, Alexander
    Erschienen: December 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper provides a comprehensive assessment of the margins along which firms in Norway respond to increased union density, using legislative changes in the tax deductibility of union dues as a quasi-exogenous shock to firm-level unionization... mehr

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    This paper provides a comprehensive assessment of the margins along which firms in Norway respond to increased union density, using legislative changes in the tax deductibility of union dues as a quasi-exogenous shock to firm-level unionization rates. Despite higher personnel costs driven by a union wage premium, the average manufacturing firm increases employment and scales up production, charges higher prices in the product market, enjoys higher nominal value added per worker, and experiences no decrease in profits. We show that this result is a direct implication of the labor- and product-market power that the average manufacturing firm possesses, in combination with a reallocation of inputs and industry revenue shares from smaller and less unionized firms to larger and more unionized firms. Larger firms are, therefore, increasing employment and output at the same time their ability to mark up prices is growing, thereby preventing negative profit effects. For the broader private sector in which firms do not hold much price- or wage-setting power, we observe the opposite result: the average firm reduces employment and profit falls. We synthesize these findings through a partial-equilibrium model of firm decision-making that incorporates union bargaining, product-market price-setting power, and labor market monopsony power.

     
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    hdl: 10419/282824
    Schriftenreihe: Discussion paper series / IZA ; no. 16697
    Schlagworte: unions; price pass-through; firms; market power; labor costs
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  7. The evolution of work from home
    Autor*in: Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.
    Erschienen: September 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Full days worked at home account for 28 percent of paid workdays among Americans 20-64 years old, as of mid 2023, according to the Survey of Working Arrangements and Attitudes. That's about four times the 2019 rate and ten times the rate in the... mehr

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    Full days worked at home account for 28 percent of paid workdays among Americans 20-64 years old, as of mid 2023, according to the Survey of Working Arrangements and Attitudes. That's about four times the 2019 rate and ten times the rate in the mid-1990s that we estimate in time-use data. We first explain why the big shift to work from home has endured rather than reverting to pre-pandemic levels. We then consider how work-from-home rates vary by worker age, sex, education, parental status, industry and local population density, and why it is higher in the United States than other countries. We also discuss some implications of the big shift for pay, productivity, and the pace of innovation. Over the next five years, U.S. business executives anticipate modest increases in the share of fully remote jobs at their own companies and in the share of jobs with hybrid arrangements, whereby the employee splits the workweek between home and employer premises. Other factors that portend an enduring shift to work from home include the ongoing adaptation of managerial practices and further advances in technologies, products, and tools that support remote work.

     
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    hdl: 10419/279134
    Schriftenreihe: Discussion paper series / IZA ; no. 16436
    Schlagworte: Telearbeit; Arbeitsgestaltung; Arbeitsangebotsverhalten; Arbeitsproduktivität; USA; work from home; productivity; labor costs; job amenities; COVID-19
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  8. Sick leave and medical leave in the United States
    a categorization and recent trends
    Autor*in: Pichler, Stefan; Ziebarth, Nicolas R.
    Erschienen: January 2024
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    This article reviews the current debate about sick pay mandates and medical leave in the United States. The United States is one of three industrialized countries that do not guarantee access to paid sick leave for all employees. We first provide a... mehr

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    This article reviews the current debate about sick pay mandates and medical leave in the United States. The United States is one of three industrialized countries that do not guarantee access to paid sick leave for all employees. We first provide a categorization of the different paid leave concepts such as sick leave, medical leave, or temporary disability insurance, both in a domestic and an international context. Then we use data from the National Compensation Survey to sketch employee coverage rates by type of job. We also document changes since 2010, focusing on paid sick leave. Although gaps in access have decreased over the past decade, we still find large inequalities in access to paid sick leave: While overall coverage increased to 78% in 2023 from 64% in 2015, about half of all parttime employees, employees in the bottom quarter of the wage distribution, and employees in the accommodation and food industry still have no access to paid sick leave benefits. In the last part, we discuss implications of the lack of access to paid sick and medical leave benefits. Moreover, building on international research findings and experiences, we discuss what a possible integration, coordination, and expansion of the co-existing programs could look like.

     
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    hdl: 10419/283504
    Schriftenreihe: IZA policy paper ; no. 206
    Schlagworte: sick pay mandates; sick leave; medical leave; paid leave; inequality; employer mandates; fringe benefits; moral hazard; unintended consequences; labor costs; National Compensation Survey (NCS)
    Umfang: 1 Online-Ressource (circa 46 Seiten)
  9. How do firms respond to unions?
    Autor*in: Dodini, Samuel; Stansbury, Anna; Willén, Alexander
    Erschienen: December 2023
    Verlag:  CESifo, Munich, Germany

    This paper provides a comprehensive assessment of the margins along which firms in Norway respond to increased union density, using legislative changes in the tax deductibility of union dues as a quasi-exogenous shock to firm-level unionization... mehr

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    DS 63
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    This paper provides a comprehensive assessment of the margins along which firms in Norway respond to increased union density, using legislative changes in the tax deductibility of union dues as a quasi-exogenous shock to firm-level unionization rates. Despite higher personnel costs driven by a union wage premium, the average manufacturing firm increases employment and scales up production, charges higher prices in the product market, enjoys higher nominal value added per worker, and experiences no decrease in profits. We show that this result is a direct implication of the labor- and product-market power that the average manufacturing firm possesses, in combination with a reallocation of inputs and industry revenue shares from smaller and less unionized firms to larger and more unionized firms. Larger firms are, therefore, increasing employment and output at the same time their ability to mark up prices is growing, thereby preventing negative profit effects. For the broader private sector in which firms do not hold much price- or wage-setting power, we observe the opposite result: the average firm reduces employment and profit falls. We synthesize these findings through a partial-equilibrium model of firm decision-making that incorporates union bargaining, product-market price-setting power, and labor market monopsony power.

     
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    Weitere Identifier:
    hdl: 10419/282561
    Schriftenreihe: CESifo working papers ; 10873 (2023)
    Schlagworte: unions; price pass-through; firms; market power; labor costs
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  10. Sick leave and medical leave in the United States
    a categorization and recent trends
    Autor*in: Pichler, Stefan; Ziebarth, Nicolas R.
    Erschienen: [2024]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    This article reviews the current debate about sick pay mandates and medical leave in the United States. The United States is one of three industrialized countries that do not guarantee access to paid sick leave for all employees. We first provide a... mehr

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    This article reviews the current debate about sick pay mandates and medical leave in the United States. The United States is one of three industrialized countries that do not guarantee access to paid sick leave for all employees. We first provide a categorization of the different paid leave concepts such as sick leave, medical leave, or temporary disability insurance, both in a domestic and an international context. Then we use data from the National Compensation Survey to sketch employee coverage rates by type of job. We also document changes since 2010, focusing on paid sick leave. Although gaps in access have decreased over the past decade, we still find large inequalities in access to paid sick leave: While overall coverage increased to 78% in 2023 from 64% in 2015, about half of all part-time employees, employees in the bottom quarter of the wage distribution, and employees in the accommodation and food industry still have no access to paid sick leave benefits. In the last part, we discuss implications of the lack of access to paid sick and medical leave benefits. Moreover, building on international research findings and experiences, we discuss what a possible integration, coordination, and expansion of the co-existing programs could look like.

     
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    Weitere Identifier:
    hdl: 10419/289611
    Schriftenreihe: Discussion paper / ZEW ; no. 24, 011 (03/2024)
    Schlagworte: sick pay mandates; sick leave; medical leave; paid leave; inequality; employer mandates; fringe benefits; moral hazard; unintended consequences; labor costs; National Compensation Survey (NCS)
    Umfang: 1 Online-Ressource (40 Seiten), Illustrationen