Turan G. Bali, Joon Woo Bae, Ali Sharifkhani, Xiaofei Zhao
{"title":"Labor Market Networks and Asset Returns","authors":"Turan G. Bali, Joon Woo Bae, Ali Sharifkhani, Xiaofei Zhao","doi":"10.2139/ssrn.3951333","DOIUrl":"https://doi.org/10.2139/ssrn.3951333","url":null,"abstract":"This paper proposes a measure of labor market connectivity based on the similarity in the composition of occupational knowledge characteristics across industries and provides evidence of return predictability in the cross-section of industries that are connected through the labor market. In long-short portfolios, an industry's return is strongly predicted by the past return of its labor-market-connected neighboring industries with an annualized return of up to 9%, which is not explained by established asset pricing models. The return predictability remains significant after controlling for the supply chain momentum as well as the industry lead-lag effect, and is concentrated in stocks with higher arbitrage costs and higher ownership of uninformed investors. We find similar predictive relations for the labor productivity, wages, employment, and profitability of labor connected industries. Our findings are consistent with positive spillover of productivity shocks among industries that are connected through the labor market. Informational frictions, costly arbitrage, and investors' limited attention magnify the delayed response of stock prices to the spillover of labor productivity shocks, which results in the observed return predictability.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89139457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intergenerational Income Mobility and Economic Freedom as Positive Liberty","authors":"Justin T. Callais, Vincent J. Geloso","doi":"10.2139/ssrn.3939909","DOIUrl":"https://doi.org/10.2139/ssrn.3939909","url":null,"abstract":"Economic freedom is often defined as a negative liberty – freedom from interference. This contrasts with positive liberty which is defined as freedom to do which refers to capacities. A well-established literature argues that income inequality reduces positive liberty by limiting the capacities of those at the bottom of the income ladder. This limitation generates the byproduct of a greater persistence of socio-economic status as measured by statistics of intergenerational income mobility. Thus, a case is made for policies that could reduce negative liberty (i.e. reductions in economic freedom) in order to enhance positive liberty. However, this argument neglects the issue of whether economic freedom generates positive liberty by increasing economic growth and the number of options available for people to escape from their initial condition. In this paper, we empirically evaluate – using new data on intergenerational income mobility – this question and argue that economic freedom does strongly relate to positive liberty. Even more interestingly, the (positive) effect of economic freedom is found to be stronger than the (negative) effect of inequality.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"47 6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89593840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Does Declining Worker Power Affect Investment Sensitivity to Minimum Wage?","authors":"Sreedhar T. Bharath, DuckKi Cho, M. Hertzel","doi":"10.2139/ssrn.3931948","DOIUrl":"https://doi.org/10.2139/ssrn.3931948","url":null,"abstract":"Declining worker power has been advanced as an explanation for dramatic generational changes in the U.S. macroeconomic environment such as the substantial decline in labor's share of the national income, the loss of consumer purchasing power, and growing income and wealth inequality. In this paper, we consider microeconomic implications by examining the extent to which declining working power affects firm-level investment decisions as reflected in firm responses to mandated increases in the minimum wage. Over our sample period, we find that investment-wage sensitivities go from negative (when worker power constrains management) to insignificant (when management becomes less constrained and can pursue outside options). We also provide evidence on the channel through which declining worker power affects firm investment responses, by showing that changes in investment-wage sensitivities are more significant for firms that are more exposed to globalization, technological change, and declining unionization.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79041230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Data Deepening and Nonbalanced Economic Growth","authors":"Richard B. Freeman, Buyuan Yang, Baitao Zhang","doi":"10.2139/ssrn.3894511","DOIUrl":"https://doi.org/10.2139/ssrn.3894511","url":null,"abstract":"As a newly emerging factor, data has been widely utilized in producing goods and services, and the nonbalanced growth between digital industries and non-digital industries is significant in recent years. In the digital economy, data has two unique features. One is the fact that data in one industry is the by-product of economic activities not only in its own industry but also in other industries, and it accumulates and depreciates like capital. Another is that, because of the strongly skilled-biased property, data only can be operated by skilled workers from high-tech companies. More importantly, data utilization within and across sectors can spur new ideas and promote technological innovation. We provide a novel growth model with two sectors differing in the degree of data deepening and the factor structure of production function. Our model indicates that an increase in data stock in two sectors has opposite effects on the allocation of skilled labor across sectors, and the skill premium (i.e., the wage of skilled labor relative to that of unskilled labor) decreases with an increase in the fraction of skilled labor employed in the data-extensive sector. With credible parameter values, model calibration shows that faster growth of output occurs in the more data-intensive sector and the high-level skill premium persists as the data accumulates in the long run.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"48 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76499571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What is Economics","authors":"John F. Hall, Anthony Zambelli","doi":"10.1017/9781108764919.003","DOIUrl":"https://doi.org/10.1017/9781108764919.003","url":null,"abstract":"What is economics? Economics is the study of how societies and individuals use limited resources to satisfy \"unlimited\" human wants. Resources are limited because they are scarce. Resources are scarce because there are more possible uses for the resources than there are resources available to be employed in those uses. When scarce resources confront \"unlimited\" wants, choices must be made. We can restate our definition of economics as follows: Economics is the study of how societies and individuals choose among alternative uses for scarce resources, in the never-ending effort to satisfy \"unlimited\" wants.","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81749038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Note to the Reader","authors":"","doi":"10.1017/9781108764919.002","DOIUrl":"https://doi.org/10.1017/9781108764919.002","url":null,"abstract":"","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"135 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77206212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Growth","authors":"Charles Cooper","doi":"10.4135/9781483345727.n212","DOIUrl":"https://doi.org/10.4135/9781483345727.n212","url":null,"abstract":"Recession, rising oil prices and changes in the pattern and organisation of international lending have created or accentuated such circumstances in a large number of countries. So it is reasonable to suppose that there will be renewed interest in inward-looking strategies in coming years. The four-sector model formulated by K. N. Raj and A. K. Sen (Raj and Sen, 1961) has a number of characteristics in common with the Fel'dmanMahalanobis model, but apart from some early comments (Parry Lewis, 1962; Rosen, 1962; Bhagwati, 1962; Scott, 1962) and an elegant generalisation of the approach to alternative strategies by Atkinson (Atkinson, 1969), it has not been much discussed. This is a pity because the Raj-Sen model is especially well adapted for analysing 'inward-looking' strategies, and was indeed drawn up with that objective. This paper re-examines and extends the Raj-Sen model with two main","PeriodicalId":18085,"journal":{"name":"Macroeconomics: Employment","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85296625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
