Economics of Imperfect Labor Markets

ISBN-10: 0691158932
ISBN-13: 9780691158938
Edition: 2nd 2013 (Revised)
List price: $50.95
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Description: Most labor economics textbooks pay little attention to actual labor markets, taking as reference a perfectly competitive market in which losing a job is not a big deal. The Economics of Imperfect Labor Markets is the only textbook to focus on  More...

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Book details

List price: $50.95
Edition: 2nd
Copyright year: 2013
Publisher: Princeton University Press
Publication date: 9/8/2013
Binding: Hardcover
Pages: 464
Size: 7.00" wide x 10.00" long x 1.50" tall
Weight: 2.750
Language: English

Most labor economics textbooks pay little attention to actual labor markets, taking as reference a perfectly competitive market in which losing a job is not a big deal. The Economics of Imperfect Labor Markets is the only textbook to focus on imperfect labor markets and to provide a systematic framework for analyzing how labor market institutions operate. This expanded, updated, and thoroughly revised second edition includes a new chapter on labor-market discrimination; quantitative examples; data and programming files enabling users to replicate key results of the literature; exercises at the end of each chapter; and expanded technical appendixes.The Economics of Imperfect Labor Markets examines the many institutions that affect the behavior of workers and employers in imperfect labor markets. These include minimum wages, employment protection legislation, unemployment benefits, active labor market policies, working-time regulations, family policies, equal opportunity legislation, collective bargaining, early retirement programs, education and migration policies, payroll taxes, and employment-conditional incentives. Written for advanced undergraduates and beginning graduate students, the book carefully defines and measures these institutions to accurately characterize their effects, and discusses how these institutions are today being changed by political and economic forces.Expanded, thoroughly revised second editionNew chapter on labor-market discriminationNew quantitative examplesNew data sets enabling users to replicate key results of the literatureNew end-of-chapter exercises (with solutions at www.press.princeton.edu)Expanded technical appendixesUnique focus on institutions in imperfect labor marketsIntegrated framework and systematic coverageSelf-contained chapters on each of the most important labor-market institutions

The Managing Editors of #60;i#62;Economic Policy#60;/i#62;:#60;p#62;#60;b#62;Tullio Jappelli#60;/b#62; is CSEF Director and Professor of Economics at the University of Naples Federico II.#60;p#62;#60;b#62;Philip Lane#60;/b#62; is Professor of International Macroeconomics at Trinity College Dublin.#60;p#62;#60;b#62;Philippe Martin#60;/b#62; is Professor at the Universit_ Paris-1 Panth_on Sorbonne and CERASENPC and a Research Fellow at CEPR.#60;p#62;#60;b#62;Jan van Ours#60;/b#62; is Professor of Economics at Tilburg University and Professorial Fellow at Melbourne University.#60;p#62;The Senior Editors of #60;i#62;Economic Policy#60;/i#62;:#60;p#62;#60;b#62;Georges de Menil#60;/b#62; works at the Delta Ens, France.#60;p#62;#60;b#62;Richard Portes#60;/b#62; lectures in the Department of Economics, London Business School.#60;p#62;#60;b#62;Hans-Werner Sinn#60;/b#62; is based at the Centre for Economic Studies, University of Munich.#60;p#62;

Boxes and Available Datasets
Preface and Acknowledgments
Symbols and Acronyms
Overview
A Few Key Definitions
The Reservation Wage and the Value of a Job
From Individual to Aggregate Labor Supply
The Value of a Job
A Perfect Labor Market Equilibrium
Labor Market Institutions
Acting on Prices
Acting on Quantities
Institutional Interactions
Why Do Labor Market Institutions Exist?
Reforms of Labor Market Institutions
Review Questions and Exercises
Technical Annex: A Simple Static Framework
A Competitive Labor Market
Labor Market Institutions
The Wedge
Product Market Competition and the Employment Bias of Institutions
Minimum Wages
Cross-Country Comparisons
Theory
A Perfect Labor Market
An Imperfect Labor Market
Empirical Evidence
Studies Based on Firm-Level Data
Studies Based on Natural Experiments
Studies Based on Workers' Histories
Policy Issues
Should the Minimum Wage Be Reduced or Increased?
Should There Be a Youth Minimum Wage?
Interactions with Other Institutions
Why Does a Minimum Wage Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Minimum Wage Revisited
Minimum Wage and Monopsony
Bargaining or Government Setting?
Efficiency Wages
Unions and Collective Bargaining
Measures and Cross-Country Comparisons
Union Density
Coverage and Excess Coverage
Centralization and Coordination
Strike Activity
Theory
Collective Bargaining
Union Membership
Strikes
Empirical Evidence
Effects of Unions on Wages
Bargaining Coordination, Union Density, and Unemployment
Policy Issues
Do Unions Increase Efficiency?
Should Collective Bargaining Be Decentralized?
Interactions with Other Institutions
Why Do Unions Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Unions Revisited
How Strong Should Unions Be to Be Efficient?
Deriving the Contract Curve
Antidiscrimination Legislation
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
An Imperfect Labor Market
Empirical Evidence
Unconditional Gender Employment and Earnings Gaps
Empirical Evidence on Discrimination in the Labor Market
Policy Issues
Equal Pay Legislation
Affirmative Action
Interactions with Other Institutions
Why Does Antidiscrimination Legislation Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Discrimination
Prejudice in a Competitive Labor Market
Monopsony and Gender Discrimination
Unobserved Heterogeneity in a Correspondence Study
Regulation of Working Hours
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
Labor Supply: Overtime Pay and Availability of Part-Time Work
Labor Demand and the Choice between Hours and Workers
An Imperfect Labor Market
Short-Time Work
Regulating Weekly Working Hours
Empirical Evidence
Working Hours
Part-Time Work
Policy Issues
Should Governments Regulate Working Hours?
Should Governments Subsidize STW?
Interactions with Other Institutions
Why Does Regulation of Working Hours Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Intensive and Extensive Margins
Early Retirement Plans
Measures and Cross-Country Comparisons
Theory
Empirical Evidence
Age and Employment
Age and Productivity
Policy Issues
Should the Mandatory Retirement Age Be Increased?
Should Early Retirement Programs Be Phased Out?
Interactions with Other Institutions
Why Do Early Retirement Programs Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Optimal Retirement Age
Family Policies
Measures and Cross-Country Comparisons
Theory
Subsidized Childcare
Mandated Parental Leave
Effects on Fertility
Empirical Evidence
Policy Issues
Should Public Policies Encourage Mothers to Work?
Who in the Family Should Receive the Subsidy?
Interactions with Other Institutions
Why Do Family Policies Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Family Policies
Childcare Facilities
The Surplus from Home Production
The Unitary and Collective Models of the Household
Education and Training
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
An Imperfect Labor Market
Empirical Evidence
Returns to Schooling
Estimating the Returns to Schooling
On-the-Job Training
Policy Issues
Should There Be a Compulsory Schooling Age?
Should Governments Subsidize In-Company Training?
Interactions with Other Institutions
Why Do Governments Subsidize Education and Training?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Education and Training
Optimal Years of Schooling
Signaling
Derivation of the Mincer Equation
Who Pays for General Training?
Migration Policies
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
An Economy with Wage Rigidities
What Drives Migration Decisions?
Effects on Income Distribution of Skill-Biased Migration
Empirical Evidence
Labor Market Effects of Immigration
Fiscal Effects of Immigration
Labor Market Performance of Migrants
Labor Market Performance of Immigrant Children
Policy Issues
Closing the Welfare Door?
Adopting a Points System?
Interactions with Other Institutions
Why Do Migration Policies Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Net Gains from Migration
Employment Protection Legislation
Measures and Cross-Country Comparisons
Theory
A Neutrality Result
Removing Risk Neutrality
EPL with Rigid Wages
EPL as a Tax
Two-Tier Regimes
Empirical Evidence
Cross-Country Analyses
Studies Based on Firm and Worker Data
Endogeneity of EPL
Policy Issues
How Much Protection Should EPL Provide?
Should There Be a Single Employment Contract?
Interactions with Other Institutions
Why Does EPL Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: When Is EPL Efficient?
Unemployment Benefits
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
An Imperfect Labor Market
Empirical Evidence
Effects of UBs on Unemployment Duration
Effect of UBs on Post-unemployment Outcomes
Policy Issues
Should the Generosity of UBs Vary over the Business Cycle?
Is Moral Hazard All That Matters?
Interactions with Other Institutions
Why Do UBs Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Search Theory and Duration Models
Search Theory
Duration Models
Active Labor Market Policies
Measures and Cross-Country Comparisons
Theory
Empirical Evidence
Experimental Studies
Nonexperimental Studies
Policy Issues
Do We Need Public Employment Services?
Do We Need Activation Policies?
Interactions with Other Institutions
Why Do ALMPs Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: ALMP
The Statistical Foundations of the Matching Function
Activating Unemployed Workers
Payroll Taxes
Measures and Cross-Country Comparisons
Theory
A Perfect Labor Market
An Imperfect Labor Market
Empirical Evidence
Policy Issues
How to Make Work Pay?
How to Pay and Target Beneficiaries
Interactions with Other Institutions
Why Do Payroll Taxes Exist?
Suggestions for Further Reading
Review Questions and Exercises
Technical Annex: Payroll Taxes
Taxes, Benefits, and the Structure of Taxation
General Equilibrium Effects of Taxes
References
Name Index
Subject Index

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