The effects of employment uncertainty and wealth shocks on the labor supply and claiming behavior of older American workers

Unemployment rates in developed countries have recently reached levels not seenin a generation, and workers of all ages are facing increasing probabilities of losingtheir jobs and considerable losses in accumulated assets. These events likely increasethe reliance that most older workers will have on public social insurance programs,exactly at a time that public finances are suffering from a large drop in contributions.Our paper explicitly accounts for employment uncertainty and unexpectedwealth shocks, something that has been relatively overlooked in the literature, butthat has grown in importance in recent years. Using administrative and householdlevel data we empirically characterize a life-cycle model of retirement and claimingdecisions in terms of the employment, wage, health, and mortality uncertainty facedby individuals. Our benchmark model explains with great accuracy the strikinglyhigh proportion of individuals who claim benefits exactly at the Early RetirementAge, while still explaining the increased claiming hazard at the Normal RetirementAge. We also discuss some policy experiments and their interplay with employmentuncertainty. Additionally, we analyze the effects of negative wealth shocks on thelabor supply and claiming decisions of older Americans. Our results can explainwhy early claiming has remained very high in the last years even as the early retirementpenalties have increased substantially compared with previous periods, andwhy labor force participation has remained quite high for older workers even in themidst of the worse employment crisis in decades.

Labor markets and monetary policy: A new-Keynesian model with unemployement

We construct a utility-based model of fluctuations, with nominal rigidities andunemployment, and draw its implications for the unemployment-inflation trade-off and for the conduct of monetary policy.We proceed in two steps. We first leave nominal rigidities aside. We show that,under a standard utility specification, productivity shocks have no effect onunemployment in the constrained efficient allocation. We then focus on theimplications of alternative real wage setting mechanisms for fluctuations in un-employment. We show the role of labor market frictions and real wage rigiditiesin determining the effects of productivity shocks on unemployment.We then introduce nominal rigidities in the form of staggered price setting byfirms. We derive the relation between inflation and unemployment and discusshow it is influenced by the presence of labor market frictions and real wagerigidities. We show the nature of the tradeoff between inflation and unemployment stabilization, and its dependence on labor market characteristics. We draw the implications for optimal monetary policy.

Incomplete markets, labor supply and capital accumulation

In this paper we explore the accumulation of capital in the presence oflimited insurance against idiosyncratic shocks, borrowing constraintsand endogenous labor supply. As in the exogenous labor supply case(e.g. Aiyagari 1994, Huggett 1997), we find that steady states arecharacterized with an interest rate smaller than the rate of timepreference. However,wealsofind that when labor supply is endogenous thepresence of uncertainty and a borrowing limit are not enough to giverise to aggregate precautionary savings .

Restless bandits, partial conservation laws and indexability

We show that if performance measures in a stochastic scheduling problem satisfy a set of so-called partial conservation laws (PCL), which extend previously studied generalized conservation laws (GCL), then the problem is solved optimally by a priority-index policy for an appropriate range of linear performance objectives, where the optimal indices are computed by a one-pass adaptive-greedy algorithm, based on Klimov's. We further apply this framework to investigate the indexability property of restless bandits introduced by Whittle, obtaining the following results: (1) we identify a class of restless bandits (PCL-indexable) which are indexable; membership in this class is tested through a single run of the adaptive-greedy algorithm, which also computes the Whittle indices when the test is positive; this provides a tractable sufficient condition for indexability; (2) we further indentify the class of GCL-indexable bandits, which includes classical bandits, having the property that they are indexable under any linear reward objective. The analysis is based on the so-called achievable region method, as the results follow fromnew linear programming formulations for the problems investigated.

Ex post bargaining, labor coordination and wage formation at the firm level

We lay out a model of wage bargaining with two leading features:bargaining is ex post to relevant investments and there isindividual bargaining in firms without a Union. We compareindividual ex post bargaining to coordinated ex post bargainingand we analyze the effects on wage formation. As opposed to exante bargaining models, the costs of destroying the employmentrelationship play a crucial role in determining wages. Highfiring costs in particular yield a rent for employees. Ourtheory points to a employer size-wage effect that is independentof the production function and market power. We derive a simpleleast squares specification from the theoretical model thatallow us to estimate components of the wage premium fromcoordination. We reject the hypothesis that labor coordinationdoes not alter the extensive form of the bargaining game. Laborcoordination substantially increases bargaining power butdecreases labor's ability to pose costly threats to the firm.

The Handbook of Iowa Boating Laws and Responsibilities, 2010

A synopsis of Iowa boating regulations. This synopsis is not intended to quote the complete law, but rather to present a summary of the various regulations concerning safe boating. These guidelines are, however, included as regulations in the Code of Iowa and the Administrative Code.

Inter-firm labor mobility and knowledge diffusion: a theoretical approach

[cat] Analitzem una economia amb dues característiques principals: la mobilitat dels treballadors implica transferència de coneixement i la productivitat de l’empresa augmenta amb l’intercanvi de coneixement. Cada empresa desenvolupa un tipus de coneixement que serà trasmès a la resta de la indústria mitjançant la mobilitat de treballadors. Estudiem dues estructures de mercat laboral i utilitzant un anàlisi comparatiu derivem les implicacions del model. Els resultats revelen com la mobilitat de treballadors depèn en la varietat i nivell del coneixement, la presència de costos de mobilitat, les institucions, la capacitat d’absorvir coneixement per part de les empreses i la mida de la indústria. Els resultats no depenen de l’estructura del mercat laboral.

Iowa Autism Council By-Laws and Operating Procedures, Revised 2012

These By-laws and Operating Procedures are designed to guide the membership and work of the Iowa Autism Council. The Iowa Autism Council is a collaborative resource that envisions its role as an advocate for children and adults living with Autism Spectrum Disorder (autism and Asperger's and other conditions represented on the autism spectrum) and their families. As such, it is committed to representing individuals with diverse and changing educational needs. Iowa Autism Council (IAC) shall have, and will perform, functions and duties as specified by law. Responsibilities include offering advice, consultation, and recommendations to Governor Culver and the Iowa legislature regarding matters concerning the ASD population. The role of the Council members is to advise, not advocate, for an individual position. Advise means to inform, counsel, recommend, suggest or guide. To advocate means to plead for your case or position, to favor an individual case or argument. The advisory Council is to provide advice, based on facts and good judgment.

Inter-firm labor mobility and knowledge diffusion: a theoretical approach

[cat] Analitzem una economia amb dues característiques principals: la mobilitat dels treballadors implica transferència de coneixement i la productivitat de l’empresa augmenta amb l’intercanvi de coneixement. Cada empresa desenvolupa un tipus de coneixement que serà trasmès a la resta de la indústria mitjançant la mobilitat de treballadors. Estudiem dues estructures de mercat laboral i utilitzant un anàlisi comparatiu derivem les implicacions del model. Els resultats revelen com la mobilitat de treballadors depèn en la varietat i nivell del coneixement, la presència de costos de mobilitat, les institucions, la capacitat d’absorvir coneixement per part de les empreses i la mida de la indústria. Els resultats no depenen de l’estructura del mercat laboral.

The Handbook of Iowa Boating Laws and Responsibilities, 2013

A synopsis of Iowa boating regulations. This synopsis is not intended to quote the complete law, but rather to present a summary of the various regulations concerning safe boating. These guidelines are, however, included as regulations in the Code of Iowa and the Administrative Code.

Iowa Alcoholic Beverages Laws and You, 2012

Iowa’s alcoholic beverages industry operates within the confines of a carefully cast partnership between the Iowa Alcoholic Beverages Division (Division), licensees and law enforcement officials. Close cooperation among these three entities is essential for regulation and enforcement of Iowa’s alcoholic beverages laws in order to achieve compliance. This manual was developed to provide licensees (their employees and agents) with the information needed to protect the welfare and safety of Iowans through compliance with laws addressing the manufacture, distribution and sale of alcoholic beverages.

The Handbook of Iowa Boating Laws and Responsibilities, 2014

A synopsis of Iowa boating regulations. This synopsis is not intended to quote the complete law, but rather to present a summary of the various regulations concerning safe boating. These guidelines are, however, included as regulations in the Code of Iowa and the Administrative Code.

Labor Mobility and Productivity Growth

[cat] Els models de creixement amb aprenentatge suposen que el coneixement après en producció es transmet de forma lliure i instantània a tota l'economia. En con- seqüència, l'economia presenta economies d'escala creixents i el creixement de la productivitat (TFP) és endògena. No obstant, el supòsit de difusió instantània del coneixement és poc realista. La difusió del coneixement necessita temps i algun canal de transmissió. En aquest article suposem que el coneixement es transmet amb la contractació de treballadors nous (learning-by-hiring). En el nostre model la difusió instantània i lliure de coneixement pot ocórrer només dins d'un sector. La difusió de coneixement entre sectors pot ocórrer només a través de la mobilitat de treballadors, i per tant, el mercat de treball determina el nivell i la taxa de creixement de productivitat (TFP). Estudiem com els costos de mobilitat laboral modifiquen l'equilibri sota dos escenaris: creixement endogen i exogen. A més, demostrem que d'altres ineficiències del mercat laboral, com són les taxes o els costos de cerca, poden reduir la mobilitat laboral, i per tant, modificar la TFP.

Labor Mobility and Productivity Growth

[cat] Els models de creixement amb aprenentatge suposen que el coneixement après en producció es transmet de forma lliure i instantània a tota l'economia. En con- seqüència, l'economia presenta economies d'escala creixents i el creixement de la productivitat (TFP) és endògena. No obstant, el supòsit de difusió instantània del coneixement és poc realista. La difusió del coneixement necessita temps i algun canal de transmissió. En aquest article suposem que el coneixement es transmet amb la contractació de treballadors nous (learning-by-hiring). En el nostre model la difusió instantània i lliure de coneixement pot ocórrer només dins d'un sector. La difusió de coneixement entre sectors pot ocórrer només a través de la mobilitat de treballadors, i per tant, el mercat de treball determina el nivell i la taxa de creixement de productivitat (TFP). Estudiem com els costos de mobilitat laboral modifiquen l'equilibri sota dos escenaris: creixement endogen i exogen. A més, demostrem que d'altres ineficiències del mercat laboral, com són les taxes o els costos de cerca, poden reduir la mobilitat laboral, i per tant, modificar la TFP.

HARVEST LABOR QUALITY AND PRODUCTIVITY:CASE STUDY OF CHERRY GROWING IN CHILE

In Chile, the cherry tree has been one of the fastest growing and most profitable crops in the last ten years. However, increasing production costs, the scarcity of hired labor, and unfavorable exchange rates have reduced the productivity and competitiveness of the Chilean fruit sector. The aim of this article is to evaluate the harvest labor quality in cherry growing in Chile through the use of productivity indicators. A harvest labor evaluation system (HLES) was designed and four indicators were measured: Average Weight of Harvested Box, Average Daily Production per Worker, Percent of Export Fruit, and Percent of Fruit Discarded. Significant differences werefound between the 2010/11 season (with the HLES implementation) and the previous seasons without HLES. The average worker yield, average weight of a filled box, and fruit quality improved, while the amount of discarded fruit decreased. Hired labor management in agriculture is crucial for improving the productivity of the fresh fruit export producers. The use of HLES and the adoption of new technologies could help to solve the competitiveness problem in the Chilean fruit sector.