Productivity Shocks in a Model with Vintage Capital and Heterogeneous Labor
نویسندگان
چکیده
منابع مشابه
Vintage Capital in Frictional Labor Markets∗
Does capital-embodied technological change play an important role in shaping labor market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among both vacant and matched firms. We demonstrate that capital-embodied technological change reduces lab...
متن کاملCapital, Labor, and Productivity
IN A PREVIOUS PAPER I explored two suggestions about how to understand time-series and cross-country variations in measured total factor productivity growth: increases in the labor force might slow technological change and increases in capital might speed it up. 1 Neither suggestion was new. The conjecture about the effect of labor dates back, at least, to attempts to explain the divergence in ...
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This paper extends the indivisible-labor model by Hansen [J. Monet. Econ. 16 (1985) 309] and Rogerson [J. Monet. Econ. 21 (1988) 3] to include multiple consumers who differ in initial wealth and whose labor productivities are subject to idiosyncratic shocks. In the presence of idiosyncratic uncertainty, the optimal allocations for the individual employment probabilities are at corners: agents w...
متن کاملProductivity, Capital and Labor in Labor-Managed and Conventional Firms
Despite a continuing interest in the compared efficiency of labor-managed and conventional firms, only a handful of comparative empirical studies exist. These studies suggest that labor-managed firms have the same productivity levels as conventional ones, but organize production differently. However, the data used in these studies cover a single industry, or firms matched by industry and size i...
متن کاملProductivity , Capital and Labor in Labor - Managed and Conventional
Despite a continuing interest in the compared efficiency of labor-managed and conventional firms, only a handful of comparative empirical studies exist. These studies suggest that labor-managed firms have the same productivity levels as conventional ones, but organize production differently. However, the data used in these studies cover a single industry, or firms matched by industry and size i...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.1007833