Job performance in the mountain metros
This issue of the Rocky Mountain Economist explores the labor market performance of the mountain state metropolitan areas, including recent industry trends and comparisons to state and national job performance.
Valuable jobs and uncertainty
Little attention has been given to the link between variation in a firm's circumstances and the resolution of agency problems that pervade the relationship between a firm and its employees. We construct stochastic versions of standard efficiency-wage and performance-bonding models and find that this connection has important and apparently inescapable consequences. Compensation levels depend on characteristics of the firm. The possibility of the firm's exit drive an important counterfactual prediction in both classes of model: compensation rises in dying firms. This result illustrates the need ...
An experimental study of comparable worth
From professor to policymaker: emerging from the shadow
Presentation to Washington University's Olin School of Business, St. Louis, MO - Nov. 15, 2002
Testing optimality in job search models
This paper uses Bayesian techniques to compare three definitions of optimality for the basic job search model: the standard income-maximizing definition, an approximation to the standard definition, and a simple alternative. The important role of prior choice in these comparisons is illustrated. Using natural conjugate priors to represent hypothetical samples of data, we find that the simple alternative is preferred to the standard definition of optimality. However, using priors constructed from findings in the literature, we are able to find some evidence in favor of the standard definition ...
What's wrong with Houston's job market?
What do expected changes in U.S. job structure mean for states and workers in the Tenth District?
Public interest in the future structure of the U.S. labor market has been understandably high in recent years, for several reasons. Some types of manufacturing and service jobs are going offshore. The recovery in employment from the 2001 recession has been sluggish. And the quality of job creation has been called into question. Against this backdrop, policymakers, businesses, workers, and students in the Tenth Federal Reserve District are asking difficult questions about the future of jobs in their area. Will local industries increase or decrease employment in the years ahead? What types of ...
Human resources needs in the evolving financial sector
As banks, securities houses, and insurance companies offer increasingly similar services, how have their human resource needs changed? An analysis of survey data reveals that all three industries have come to rely more heavily on high-skilled labor; however, the educational and occupational profiles of their workforces have not become substantially more alike.
Job reallocation and the business cycle: new facts for an old debate