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Working Paper
Exact utilities under alternative monetary rules in a simple macro model with optimizing agents
Kim, Jinill; Henderson, Dale W. (1999)
We construct an optimizing-agent model of a closed economy which is simple enough that we can use it to make exact utility calculations. There is a stabilization problem because there are one-period nominal contracts for wages, or prices, or both and shocks that are unknown at the time when contracts are signed. We evaluate alternative monetary policy rules using the utility function of the representative agent. Fully optimal policy can attain the Pareto-optimal equilibrium. Fully optimal policy is contrasted with both 'naive' and 'sophisticated' simple rules that involve, respectively, ...
International Finance Discussion Papers , Paper 635

Working Paper
Health care costs, wages, and aging
Sheiner, Louise (1999)
While economists generally agree that workers pay for their health insurance costs through reduced wages, there has been little thought devoted to the level at which these costs are passed on: Is each employee's wage reduced by the amount of his or her own health costs, by the average health costs of employees in the firm, or by some amount in between? This paper analyzes one dimension of the question of how firms pass health costs to workers. Using cross-city variation in health costs, I test whether older workers pay for their higher health costs in the form of lower wages. I find that in ...
Finance and Economics Discussion Series , Paper 1999-19

Working Paper
Characterizations in a random record model with a non-identically distributed initial record
Nagaraja, H. N.; Barlevy, Gadi (2005)
We consider a sequence of random length M of independent absolutely continuous observations Xi, 1 = i = M, where M is geometric, X1 has cdf G, and Xi, i = 2, have cdf F. Let N be the number of upper records and Rn, n = 1, be the nth record value. We show that N is free of F if and only if G(x) = G0(F (x)) for some cdf G0 and that if E (|X2|) is finite so is E |Rn|) for n = 2 whenever N = n or N = n. We prove that the distribution of N along with appropriately chosen subsequences of E(Rn) characterize F and G, and along with subsequences of E Rn - Rn-1) characterize F and G up to a common ...
Working Paper Series , Paper WP-05-05

Conference Paper
The rise of offshoring: it's not wine for cloth anymore
Rossi-Hansberg, Esteban; Grossman, Gene M. (2006)
Proceedings - Economic Policy Symposium - Jackson Hole

Discussion Paper
Firms' Employment and Wage Outlook Going Into 2025
Mengedoth, Joseph; Kosakow, Jason (2024-12-20)
Every November, the Richmond Fed asks businesses a series of questions about their expectations for hiring, wage adjustments, and other employment-related topics. This year, in addition to the usual set of questions, we asked firms if they have reduced the size of their workforce over the past three months and what workforce decisions they would make if business conditions deteriorated in the next six months.Consistent with past results, most responding businesses expect to maintain or increase employee headcount over the next 12 months. However, there were some shifts in responses compared ...
Regional Matters

Working Paper
The causes of business cycles and the cyclicality of real wages
Fleischman, Charles A. (1999)
A model's ability to explain procyclical movements in real wages has become an important benchmark by which macroeconomists judge business cycle theories. Because Keynesian models with sticky nominal wages predict countercyclical real wages, they have been criticized and dismissed in favor of Real Business Cycle models or New Keynesian models based on price stickiness or countercyclical markups. The bulk of the evidence for procyclical real wages, however, comes from studies using panel data that estimate the unconditional, contemporaneous correlation between real wages and the unemployment ...
Finance and Economics Discussion Series , Paper 1999-53

Journal Article
Industrial employment shift and wage growth: Massachusetts and the U. S., 1969-87
Costrell, Robert M. (1989-07)
New England Economic Indicators , Issue Q III , Pages iv-xiii

Working Paper
Measuring the cyclicality of real wages: how important is aggregation across industries?
Swanson, Eric T. (1999)
There is a growing consensus among economists that real wages in the postwar U.S. have been moderately to strongly procyclical, particularly in panel data on workers. From the point of view of hiring decisions of firms, however, this conclusion may be premature or even erroneous. Whether a firm's labor demand curve is stable or shifting at business cycle frequencies should be tested with a wage that is deflated by the firm's own price of output, with appropriate controls for the prices of intermediate inputs, and with respect to the cyclical state of the firm's own industry, as opposed to the ...
Finance and Economics Discussion Series , Paper 1999-52

Report
The effect of import competition on manufacturing wages
Brauer, David A. (1990)
Research Paper , Paper 9030

Journal Article
Has deunionization led to higher earnings inequality?
Asher, Martin A.; DeFina, Robert H. (1995-11)
Business Review , Issue Nov , Pages 3-12

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