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  1. The real effects of money growth in dynamic general equilibrium
    Autor*in: Graham, Liam; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  European Central Bank, Frankfurt am Main ; Institut für Weltwirtschaft (IfW), Kiel

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/3475
    RVK Klassifikation: QM 430
    Schriftenreihe: Working Paper Series, European Central Bank ; 412
    Schlagworte: Geldmenge; Neokeynesianismus; Neue Makroökonomie; Wirtschaftswachstum; Phillips-Kurve; Geldpolitik; Theorie
    Weitere Schlagworte: (stw)Geldmenge; (stw)Neoklassische Synthese; (stw)Wirtschaftswachstum; (stw)Phillips-Kurve; (stw)Geldpolitik; (stw)Theorie; Geldmenge (STW); Ungleichgewichtstheorie (STW); Wirtschaftswachstum (STW); Phillips-Kurve (STW); Geldpolitik (STW); Theorie (STW); Arbeitspapier; Graue Literatur
    Umfang: Online-Ressource
  2. The real effects of money growth in dynamic general equilibrium
    Autor*in: Graham, Liam; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  Europ. Central Bank, Frankfurt am Main

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    RVK Klassifikation: QM 430
    Schriftenreihe: Working paper series / European Central Bank ; Eurosystem ; No. 412
    Schlagworte: Geldmenge; Neokeynesianismus; Neue Makroökonomie; Wirtschaftswachstum; Phillips-Kurve; Geldpolitik; Theorie
    Weitere Schlagworte: (stw)Geldmenge; (stw)Neoklassische Synthese; (stw)Wirtschaftswachstum; (stw)Phillips-Kurve; (stw)Geldpolitik; (stw)Theorie; Geldmenge (STW); Ungleichgewichtstheorie (STW); Wirtschaftswachstum (STW); Phillips-Kurve (STW); Geldpolitik (STW); Theorie (STW); Arbeitspapier; Graue Literatur
    Umfang: 35 S., graph. Darst., 30 cm
    Bemerkung(en):

    Auch im Internet unter den Adressen www.ecb.int und ssrn.com/abstract_id=617805 verfügbar
  3. On-the-job training, firing costs and employment
    Autor*in: Díaz-Vázquez, Pilar; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    RVK Klassifikation: QB 910
    Schriftenreihe: Array ; 4241
    Schlagworte: Betriebliches Bildungsmanagement; Kündigung; Kosten; Verhandlungstheorie des Lohnes; Beschäftigungseffekt; Konjunktur; Theorie
    Umfang: 23 S
  4. The firm as a pool of factor complementarities
    Autor*in: Lindbeck, Assar; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    RVK Klassifikation: QB 910
    Schriftenreihe: Array ; 4242
    Schlagworte: Theorie der Unternehmung; Produktionsfaktor; Faktorsubstitution; Transaktionskosten; Betriebsgröße; Allgemeines Gleichgewicht; Theorie; Faktorkomplementarität
    Umfang: 14 S
  5. Unemployment in the EU
    institutions, prices and growth
    Autor*in: Karanassou, Marika; Sala, Hector; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; 4243
    Schlagworte: Arbeitslosigkeit; Hysterese; Schock; Arbeitsmarktflexibilität; Internationaler Wettbewerb; Konjunktur; Schätzung; EU-Staaten; chain reaction theory
    Umfang: 35 S, graph. Darst
  6. Unemployment in the European Union
    institutions, prices, and growth
    Autor*in: Karanassou, Marika; Sala, Hector; Snower, Dennis J.
    Erschienen: 2004
    Verlag:  Univ., Center for Economic Studies [u.a.], Munich

    This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the interplay... mehr

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    This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the interplay between these adjustment processes and the dynamic structure of labor market shocks, and (c) the interaction between the adjustment processes and economic growth. We divide the shocks into institutional variables, price variables, and growth drivers. Estimating a system of labor market equations for a panel of EU countries, we derive the dynamic unemployment responses to each shock. Our analysis permits us to distinguish between the short- and long-run effects of the shocks. Different shocks generate different degrees of unemployment persistenceʺ (responses to temporary shocks) and unemployment responsivenessʺ (responses to permanent shocks). We find that the growth drivers play a dominant role in accounting for the main swings in EU unemployment.

     
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    Schriftenreihe: Array ; 1247
    Schlagworte: Arbeitslosigkeit; Hysterese; Schock; Arbeitsmarktflexibilität; Internationaler Wettbewerb; Konjunktur; Schätzung; EU-Staaten; chain reaction theory
    Umfang: 28 S, graph. Darst
    Bemerkung(en):

    Literaturverz. S. 27 - 28
  7. A theory of price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  SFB 649, Economic Risk, Berlin

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains... mehr

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    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
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    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price changes are evaluated relative to an endogenous reference price, which depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the consumers' reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is starkly at variance with past theories. We find that - in line with the empirical evidence - prices are more sluggish upwards than downwards in response to temporary demand shocks, while they are more sluggish downwards than upwards in response to permanent demand shocks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/107916
    Schriftenreihe: SFB 649 discussion paper ; 2014-065
    Umfang: Online-Ressource (26 S.), graph. Darst.
  8. A theory of wage adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Kiel Inst. for the World Economy, Kiel

    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal... mehr

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    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal magnitude. Wage changes are evaluated relative to an endogenous reference wage, which depends on the workers' rational wage expectations from the recent past. By implication, employment responses are more elastic for wage decreases than for wage increases and thus firms face an upward-sloping labor supply curve that is convexly kinked at the workers' reference wage. Firms adjust wages flexibly in response to variations in labor demand. The resulting theory of wage adjustment is starkly at variance with past theories. In line with the empirical evidence, we find that (1) wages are completely rigid in response to small labor demand shocks, (2) wages are downward rigid but upward flexible for medium sized labor demand shocks, and (3) wages are relatively downward sluggish for large shocks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/104972
    Schriftenreihe: Kiel working paper ; 1977
    Schlagworte: Lohnrigidität; Prospect Theory; Lohnbildung; Arbeitsnachfrage; Schock; Theorie
    Umfang: Online-Ressource (21 S.), graph. Darst.
  9. A theory of wage adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  IZA, Bonn

    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4 (8699)
    Fernleihe:
    keine Fernleihe

     

    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal magnitude. Wage changes are evaluated relative to an endogenous reference wage, which depends on the workers' rational wage expectations from the recent past. By implication, employment responses are more elastic for wage decreases than for wage increases and thus firms face an upward-sloping labor supply curve that is convexly kinked at the workers' reference price. Firms adjust wages flexibly in response to variations in labor demand. The resulting theory of wage adjustment is starkly at variance with past theories. In line with the empirical evidence, we find that (1) wages are completely rigid in response to small labor demand shocks, (2) wages are downward rigid but upward flexible for medium sized labor demand shocks, and (3) wages are relatively downward sluggish for large shocks.

     
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    Weitere Identifier:
    hdl: 10419/107467
    Schriftenreihe: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 8699
    Schlagworte: Lohnrigidität; Prospect Theory; Lohnbildung; Arbeitsnachfrage; Schock; Theorie
    Umfang: Online-Ressource (21 S.), graph. Darst.
  10. The minimum wage from a two-sided perspective
    Autor*in: Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Kiel Inst. for the World Economy, Kiel

    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Universitätsbibliothek Kiel, Zentralbibliothek
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    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and increase job acceptance incentives. We show that sufficiently low minimum wages may do no harm to employment, since their job-offer disincentives are countervailed by their job-acceptance incentives.

     
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    Weitere Identifier:
    hdl: 10419/92368
    Schriftenreihe: Kiel working paper ; 1906
    Umfang: Online-Ressource (9 S.)
  11. A theory of price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Univ., Dep. of Economics, Kiel

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers’ perceived utility losses from price increases are weighted more heavily than the perceived utility gains... mehr

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    Universitätsbibliothek Kiel, Zentralbibliothek
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    EZ 180
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    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers’ perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price changes are evaluated relative to an endogenous reference price, which depends on the consumers’ rational price expectations from the recent past. By implication, demand responses are more elastic for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the consumers’ reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is starkly at variance with past theories. We find that - in line with the empirical evidence - prices are more sluggish upwards than downwards in response to temporary demand shocks, while they are more sluggish downwards than upwards in response to permanent demand shocks.

     
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    Weitere Identifier:
    hdl: 10419/96131
    Schriftenreihe: Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics ; 2014-05
    Schlagworte: Preisrigidität; Konsumtheorie; Prospect Theory; Wohlfahrtsanalyse; Nachfrage; Schock; Preismanagement; Theorie
    Umfang: Online-Ressource (26 S.), graph. Darst.
  12. A theory of price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Kiel Inst. for the World Economy, Kiel

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Universitätsbibliothek Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 3 (1915)
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    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price changes are evaluated relative to an endogenous reference price, which depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the consumers' reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is starkly at variance with past theories. We find that - in line with the empirical evidence - prices are more sluggish upwards than downwards in response to temporary demand shocks, while they are more sluggish downwards than upwards in response to permanent demand shocks.

     
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    Weitere Identifier:
    hdl: 10419/96133
    Schriftenreihe: Kiel working paper ; 1915
    Schlagworte: Preisrigidität; Konsumtheorie; Prospect Theory; Wohlfahrtsanalyse; Nachfrage; Schock; Preismanagement; Theorie
    Umfang: Online-Ressource (26 S.), graph. Darst.
  13. A theory pf price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; 9964
    Schlagworte: Preisrigidität; Konsumtheorie; Prospect Theory; Wohlfahrtsanalyse; Nachfrage; Schock; Preismanagement; Theorie
    Umfang: 30 S., graph. Darst.
    Bemerkung(en):

    Parallel als Online-Ausg. erschienen
  14. The minimum wage from a two-sided perspective
    Autor*in: Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  IZA, Bonn

    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4 (8252)
    Fernleihe:
    keine Fernleihe

     

    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and increase job acceptance incentives. We show that sufficiently low minimum wages may do no harm to employment, since their job-offer disincentives are countervailed by their job-acceptance incentives.

     
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    Weitere Identifier:
    hdl: 10419/98947
    Schriftenreihe: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 8252
    Umfang: Online-Ressource (8 S.)
  15. The minimum wage from a two-sided perspective
    Autor*in: Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  CESifo, München

    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and... mehr

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    This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and increase job acceptance incentives. We show that sufficiently low minimum wages may do no harm to employment, since their job-offer disincentives are countervailed by their job-acceptance incentives.

     
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    hdl: 10419/102240
    Schriftenreihe: Array ; 4868
    Umfang: Online-Ressource ([1], 8 S.)
  16. Unemployment in the European Union
    institutions, prices, and growth : presented at CESifo Area Conference on Employment and Social Protection, June 2004
    Autor*in: Karanassou, Marika; Sala, Hector; Snower, Dennis J.
    Erschienen: July 2004
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, München

    This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the interplay... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (1247)
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    This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the interplay between these adjustment processes and the dynamic structure of labor market shocks, and (c) the interaction between the adjustment processes and economic growth. We divide the shocks into institutional variables, price variables, and growth drivers. Estimating a system of labor market equations for a panel of EU countries, we derive the dynamic unemployment responses to each shock. Our analysis permits us to distinguish between the short- and longrun effects of the shocks. Different shocks generate different degrees of 'unemployment persistence' (responses to temporary shocks) and 'unemployment responsiveness' (responses to permanent shocks). We find that the growth drivers play a dominant role in accounting for the main swings in EU unemployment.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/3269
    Schriftenreihe: Array ; no. 1247
    Schlagworte: Arbeitslosigkeit; Hysterese; Schock; Arbeitsmarktflexibilität; Internationaler Wettbewerb; Konjunktur; Schätzung; EU-Staaten
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  17. A theory of price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  IZA, Bonn

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4 (8138)
    Fernleihe:
    keine Fernleihe

     

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price changes are evaluated relative to an endogenous reference price, which depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the consumers' reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is starkly at variance with past theories. We find that - in line with the empirical evidence - prices are more sluggish upwards than downwards in response to temporary demand shocks, while they are more sluggish downwards than upwards in response to permanent demand shocks.

     
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/96781
    Schriftenreihe: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 8138
    Schlagworte: Preisrigidität; Konsumtheorie; Prospect Theory; Wohlfahrtsanalyse; Nachfrage; Schock; Preismanagement; Theorie
    Umfang: Online-Ressource (30 S.), graph. Darst.
  18. A theory of price adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  CESifo, München

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (4789)
    Fernleihe:
    keine Fernleihe

     

    We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price changes are evaluated relative to an endogenous reference price, which depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the consumers' reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is starkly at variance with past theories. We find that - in line with the empirical evidence - prices are more sluggish upwards than downwards in response to temporary demand shocks, while they are more sluggish downwards than upwards in response to permanent demand shocks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/102139
    Schriftenreihe: Array ; 4789
    Schlagworte: Preisrigidität; Konsumtheorie; Prospect Theory; Wohlfahrtsanalyse; Nachfrage; Schock; Preismanagement; Theorie
    Umfang: Online-Ressource (30 S.), graph. Darst.
  19. A theory of wage adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  CESifo, München

    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (5127)
    Fernleihe:
    keine Fernleihe

     

    We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal magnitude. Wage changes are evaluated relative to an endogenous reference wage, which depends on the workers' rational wage expectations from the recent past. By implication, employment responses are more elastic for wage decreases than for wage increases and thus firms face an upward-sloping labor supply curve that is convexly kinked at the workers' reference price. Firms adjust wages flexibly in response to variations in labor demand. The resulting theory of wage adjustment is starkly at variance with past theories. In line with the empirical evidence, we find that (1) wages are completely rigid in response to small labor demand shocks, (2) wages are downward rigid but upward flexible for medium sized labor demand shocks, and (3) wages are relatively downward sluggish for large shocks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/107340
    RVK Klassifikation: QB 910
    Schriftenreihe: Array ; 5127
    Schlagworte: Lohnrigidität; Prospect Theory; Lohnbildung; Arbeitsnachfrage; Schock; Theorie
    Umfang: Online-Ressource (21 S.), graph. Darst.
  20. A theory of wage adjustment under loss aversion
    Autor*in: Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J.
    Erschienen: 2014
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 32 (10288)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Array ; 10288
    Schlagworte: Lohnrigidität; Prospect Theory; Lohnbildung; Arbeitsnachfrage; Schock; Theorie
    Umfang: 21 S., graph. Darst.
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