Import Competition, Employment Risk, and the Job-Search Outcomes of Trade-Displaced Manufacturing Workers

This study examines the underlying relationships that exist among import competition, employment risk, and worker earnings. In addition, we consider how such competitiveness and risk experienced on a prior job will affect, under both equilibrium and disequilibrium interpretations of the labor market, alternative postdisplacement job-search outcomes. Econometric models of predisplacement earnings and postdisplacement outcomes (jobless duration, reemployment, and earnings) provide insights on these relationships and in turn on the comparative job-search success of trade-displaced and "other" displaced workers.     

On the faustmann solution to the forest management problem

This paper is concerned with optimal solutions to the forest management problem when future utilities are undiscounted. By examining asymptotic properties of such solutions, we find that (i) if the utility function is linear, then the Faustmann periodic solution is optimal; (ii) if the utility function is increasing and strictly concave, an optimal solution converges to the maximum sustained yield solution, which we characterize as a golden rule. These results may be viewed as a possible resolution to the debate in forestry economics about what constitutes an optimal policy in forest management.