Technical Progress, Sorting, and Early Retirement

[cat] El progrés tecnològic afecta a la jubilació anticipada a través de dues forces oposades. Per una banda, augmenta el salari real i, per tant, crea incentius per posposar la jubilació. Per altra banda, causa l’erosió de les habilitats dels treballadors, el qual augmenta la probabilitat de jubilació anticipada. En aquest article reexaminem l’efecte del progrés tecnològic en la jubilació anticipada tenint en compte que, al principi de la vida laboral, els individus es distribueixen en diferents sectors segons la seva habilitat. Obtenim dos resultats principals: 1) per petits (grans) canvis tecnològics, l’efecte salari (erosió) domina, i 2) els individus més capaços resisteixen millor l’efecte erosió.

Analyytikkoennusteiden virheet Suomen markkinoilla

Tutkimuksen tavoitteena on selvittää analyytikoiden ennustevirheiden suuruus sekä jakauma. Keskeisenä tavoitteena on selvittää, kuinka paljon yrityksen toimiala ja markkina-arvo vaikuttavat ennustevirheen suuruuteen ja tätä kautta vääristävät osakkeiden hinnoittelua. Tutkimus olettaa, että osakkeiden hinnoittelu perustuu tuotto-odotuksiin eli analyytikoiden tulosennusteisiin sekä riskiin. Tutkimuksessa on käytetty kvantitatiivisia menetelmiä. Tutkimusaineistona on käytetty Helsingin pörssin päälistalla vuosina 1998 – 1999 olleita yrityksiä, joille on annettu tulosennusteita. Tulosennusteet on poimittu manuaalisesti REUTTERS:in tietokannasta. Tulosennusteet vuosille 1998 - 1999 eivät ole selvästi positiivisia tai negatiivisia. Ennustevirheet eivät myöskään ole jakautuneet selvästi toimialan mukaan. Kuitenkin vuonna 1999 ”teollisuus” sekä ”palvelut” toimialoille annettiin selvästi liian pessimistisiä ennusteita. Myöskään yhtiön markkina-arvolla ei ole selvää yhteyttä ennustevirheen suuruuteen. Kuitenkin vuonna 1999 isojen yhtiöiden tuloksista on annettu liian pessimistisiä ja pienten liian positiivisia arvioita. Etsittäessä ennustevirheen selittäjiä regressioanalyysin avulla, vahvimmiksi selittäjiksi nousivat analyytikoiden määrä per yhtiö ja analyytikkoennusteiden keskihajonta. Selittäjät saavuttivat 40 prosentin selitysasteen.

Distribución espacial y desigualdad de la renta salarial en el área metropolitana de Barcelona

Las diferencias geográficas en los niveles de ingresos son importantes para elaborar e implementar políticas en las ciudades. Con el objetivo de estimar el nivel de ingresos y analizar su distribución espacial se presenta un método alternativo e innovador que enlaza estimaciones de salarios provenientes de la Encuesta de Estructura Salarial (EES) con datos del padrón de habitantes (1996) y del Censo (2001) desagregados por secciones censales. Los resultados tienen un nivel de detalle espacial significativamente mejor que los disponibles. Se obtiene el valor de la Renta Salarial Media para cada una de las 2500 secciones censales de los 36 municipios pertenecientes a la AMB y para dos periodos. La Renta Salarial presenta una elevada autocorrelación espacial positiva; zonas con niveles similares se concentran espacialmente. La desigualdad en el AMB ha aumentado en el periodo analizado. Este aumento se debe principalmente al componente intra-municipal, es decir, las diferencias en el interior de cada municipio.

The Feminization of Occupations and Change in Wages : a Panel Analysis of Britain, Germany, and Switzerland

In the past four decades, women have made major inroads into occupations previously dominated by men. This paper examines whether occupational feminization is accompanied by a decline in wages: Do workers suffer a wage penalty if they remain in, or move into, feminizing occupations? We analyze this question over the 1990s and 2000s in Britain, Germany, and Switzerland, using longitudinal panel data to estimate individual fixed effects for men and women. Moving from an entirely male to an entirely female occupation entails a loss in individual earnings of 13 percent in Britain, 7 percent in Switzerland, and 3 percent in Germany. The impact of occupational feminization on wages is not linear, but sets apart occupations holding more than 60 percent of women. Moving into such female occupations incurs a wage penalty. Contrary to the prevailing idea in economics, differences in productivity-human capital, job-specific skills, and time investment-do not fully explain the wage gap between male and female occupations. The wage penalty associated with working in a female occupation is also much larger where employer discretion is greater-in the private sector-than where wagesetting is guided by formal rules-the public sector. These findings suggest that wage disparities across male and female occupations are due to gender devaluation.

The regional distribution of unemployment. What do micro-data tell us?

Regional disparities in unemployment rates are large and persistent. The literature provides evidence of their magnitude and evolution, as well as evidence of the role of certain economic, demographic and environmental factors in explaining the gap between regions of low and high unemployment. Most of these studies, however, adopt an aggregate approach and so do not account for the individual characteristics of the unemployed and employed in each region. This paper, by drawing on micro-data from the Spanish wave of the Labour Force Survey, seeks to remedy this shortcoming by analysing regional differentials in unemployment rates. An appropriate decomposition of the regional gap in the average probability of being unemployed enables us to distinguish between the contribution of differences in the regional distribution of individual characteristics from that attributable to a different impact of these characteristics on the probability of unemployment. Our results suggest that the well-documented disparities in regional unemployment are not just the result of regional heterogeneity in the distribution of individual characteristics. Non-negligible differences in the probability of unemployment remain after controlling for this type of heterogeneity, as a result of differences across regions in the impact of the observed characteristics. Among the factors considered in our analysis, regional differences in the endowment and impact of an individual’s education are shown to play a major role.

Estudi quantitatiu dels assalariats d'una empresa des de la perspectiva de gènere

L’objectiu d’aquest treball és visualitzar el paper de la dona en el mercat de treball, així com també l’estudi dels assalariats d’una empresa des de la perspectiva de gènere. La part teòrica consta d’una explicació de l’evolució del paper de la dona en el món laboral, com també el seu paper dins l’empresa i els diferents sectors on s’ha desenvolupat laboralment. L’estudi realitzat a la part pràctica, tracta d’una anàlisi estadística descriptiva de diverses variables d’una base de dades dels treballadors d’una empresa, per tal de poder veure les possibles diferències salarials entre homes i dones, així com també altres aspectes importants que s’han pogut destacar. D’aquesta manera s’han pogut extreure unes conclusions de l’estudi i s’ha pogut relacionar amb el marc teòric que hem presentat.

The biological embedding of social differences in ageing trajectories.

The occurrence of adult disease is related to lifetime experiences and, at least in part, to early life events. It is now well established that socioeconomic circumstances across the lifetime are major determinants of adult health and disease, and the current economic crisis is amplifying susceptibility to disease and unhealthy ageing in disadvantaged subgroups of the population. In adulthood, the gap between social groups is extensive in terms of mortality, functional performances and cognitive capacity. Since the occurrence of adult disease is related to lifetime experiences, including early life exposures, late-life preventive efforts may be of limited efficacy, particularly in disadvantaged subgroups. We now have the analytical tools to understand mechanisms that underlie life-long susceptibility to unhealthy ageing, and new knowledge can lead to better and more effective mechanisms to prevent diseases and reduce health inequalities. In this perspective, we first discuss the impact of recent changes in the understanding of chronic disease aetiology on our interpretation of the influence of life-course socioeconomic status (SES) on health and ageing. We then propose a model for integrating the exposome concept (the myriad of exposures derived from exogenous and endogenous sources) into the analysis of life-course socioeconomic differentials in ageing.

Exploring the link between flexible working and organizational performance

The expansion of flexible work experienced since the 1980s in developed economies is consistent with a more generic trend towards organizational flexibility, which many authors see as essential in order to compete in the dynamic global environment (Volberda, 1998). From this point of view, the changing demands of the environment have forced organizations to seek the ability to adapt rapidly and effectively as a means to be successful or even to survive. In the quest for flexibility, every area of the organization has been scrutinized in order to render it as ¿agile¿ as possible. In the human resources arena, this analysis has led to the definition of diverse ¿flexible working practices¿ (FWP) that describe a wide range of employment practices, which differ from the traditional full-time job with a fixed salary and a permanent contract. These practices have been described using other terms, such as ¿alternative¿ (Polivka, 1996; Powell & Mainiero, 1999), ¿non-standard¿ (Kalleberg, 2000), or ¿atypical¿ (De Grip, Hoevenberg, &m Willems, 1997), which coincide in denoting their divergence from the most traditional forms of employment. This article will show that quite different practices have been embraced by the common term ¿flexible working practices.¿ Subsequently, the results of empirical research regarding the implications for organizational performance of a number of flexible practices will be commented on.

Formal Education, Mismatch and Wages After Transition: Assessing the Impact of Unobserved Heterogeneity using Matching Estimators

This paper studies the incidence and consequences of the mismatch between formal education and the educational requirements of jobs in Estonia during the years 1997-2003. We fi nd large wage penalties associated with the phenomenon of educational mismatch. Moreover, the incidence and wage penalty of mismatches increase with age. This suggests that structural educational mismatches can occur after fast transition periods. Our results are robust for various methodologies, and more importantly regarding departures from the exogeneity assumptions inherent in the matching estimators used in our analysis

Liderazgo y dirección de empresas en el s. XXI

Peer-reviewed

Fiscal policy and interest rates: the role of financial and economic integration

It is commonly believed that a fiscal expansion raises interest rates. However, these crowding out effects of deficits have been found to be small or non-existent. One explanation is that financial integration offsets interest rate differentials on globalised bond markets. This paper measures the degree of integration of government bond markets, using spatial modelling techniques to take this spillover on financial markets into account. Our main finding is that the crowding out effect on domestic interest rates is significant, but is reduced by spillover across borders. This spillover is important in major crises or in periods of coordinated policy actions. This result is generally robust to various measures of cross-country linkages. We find spillover to be much stronger among EU countries.

Wages and productivity: the role of labour market institutions in OECD countries

In the context of a monetary union, to keep a territorial equilibrium in terms of economic activity and employment, the relationship between real wages and productivity is crucial. In this paper, empirical evidence about the response of wages to productivity is obtained for 20 OECD countries and the role of labour market institutions to explain differences in this response is analysed.

Sobre a primeira lei da termodinâmica: as diferenciais do calor e do trabalho

We treat some subtleties concerning the First Law of Thermodynamics and discuss the inherent difficulties, namely the interpretation of the heat and the work differentials. By proposing a new differential equation for the First Law, which is written using both system and neighborhood variables, we overcome the mentioned difficulties and establish a criterion for the definition of heat and work.

Evolución de las diferencias salariales por razón de sexo

El artículo examina los determinantes del diferencial salarial por razón de sexo y de sus cambios entre 1995 y 2002 mediante una extensión de la metodología propuesta por Juhn et al. (1991, 1993) adaptada a los microdatos emparejados empresa-trabajador de la Encuesta de Estructura Salarial. La evidencia obtenida muestra que el origen fundamental del diferencial radica en la influencia del establecimiento de filiación de los trabajadores y de factores inobservables. Se constata también que la exigua reducción del diferencial con el transcurso del tiempo se debe a que la intensificación de la segregación de las mujeres en establecimientos que pagan salarios comparativamente bajos (caracterizados fundamentalmente por una elevada feminización de su fuerza laboral) contrarresta en buena medida el efecto que en sentido contrario ejercen diversos factores, especialmente la mejora de las cualificaciones relativas de las mujeres. La intensificación de este tipo de segregación es más pronunciada en el caso de las mujeres de mayor cualificación, hasta el punto de que esta circunstancia da lugar, de forma diferenciada para este colectivo, a una ampliación de la brecha salarial frente a hombres de características equivalentes.

Productivity, Technical eficiency and internationalisation of the Spanish chemical sector

relationship between productivity and international position of Spanish chemical firms in the period 2005-2011. The goal is to determine whether companies that follow and international strategy, either with exports or by investment in foreign countries obtain greater productivity growth than these that do not operate in global market. For this purpose a panel data set with microdata has been created. A preliminary analysis of the evolution of productivity growth in the sector is carried out. The measurement of Total Factor Productivity is performed. With the estimated TFP we analyze the differentials in productivity growth, comparing the effects of export and investment behavior with non-international firms.