Outsourcing, labor market pooling, and labor contracts

This paper considers the interaction between input sharing and labor market pooling in urban areas. In particular, it examines the impact of the size of a city and business risks on the organizational structures of firms located in urban agglomerations, and it also discusses the impact of organizational structure on incentives to insure workers against income risks. It is shown that manufacturing firms suffer from a coordination game in their decision to outsource production. The existence of idiosyncratic risks causes manufacturers to refrain from outsourcing. The incentives to offer wage and employment protection to workers are more pronounced when manufacturers outsource the production of their inputs to a local market, which mitigates the impact of labor market pooling.     

Thy neighbor’s jobs: geography and labor market dynamics

This paper develops three explanations for the extent of correlation between neighboring geographic areas’ economic outcomes. Export-oriented firms in neighboring counties might independently produce similar goods, or might be linked directly through the production of intermediate inputs. In either case, counties are exposed to similar demand shocks. Finally, regions share markets for goods and services that are both produced and consumed locally. Empirical results suggest that much of the ‘risk’ associated with economic decline in neighboring regions can be attributed to industrial similarity rather than direct dependence of jobs in one area on jobs in another.     

Costly external finance and labor market dynamics

We study the role of agency frictions and costly external finance in cyclical labor market dynamics, with a focus on how credit-market frictions may amplify aggregate TFP shocks. The main result is that aggregate TFP shocks lead to large fluctuations of labor market quantities if the model is calibrated to the empirically observed countercyclicality of the finance premium. A financial accelerator mechanism thus amplifies labor market fluctuations by rendering rigidity in real wage dynamics. In contrast, if the finance premium is procyclical, which the model can be parameterized to accommodate, amplification is absent, and labor-market fluctuations display the Shimer (2005) puzzle.     

Taxing capital is a good idea: The role of idiosyncratic risk in an OLG model

We investigate an overlapping generations (OLG) model in which agents who live for two periods receive idiosyncratic productivity shocks when they are old. We show that, around zero tax equilibria, we can always construct a combination of a small capital tax and a lump-sum transfer that are Pareto-improving. As Dávila et al. (Econometrica (2012)) show, a capital reduction in one period raises the welfare level of agents who are old in that period, but lowers that of the young agents, because it reduces their wages. We show that the government can compensate for these wage losses by additionally taxing the old agents, such that their welfare gains remain positive. Our result is unchanged when earnings are uncertain at young age.     

The role of asset testing in public health insurance reform

Starting slowly with the 1996 Welfare Reform Act and culminating in the 2010 Affordable Care Act, means-tested public health insurance eligibility expanded to include adults in low-income families regardless of their asset holdings. This paper quantifies the effects of these eligibility expansions within the context of the 2010 Affordable Care Act. I construct a dynamic stochastic general equilibrium model with indivisible labor supply expanded to include an endogenous household choice of health insurance coverage and calibrate it to U.S. data. I establish that changes in the distribution of labor and welfare associated with removal of asset testing are driven by exit of high productivity and high wealth households from the labor market. I then expand my analysis to the 2010 Affordable Care Act to demonstrate that removal of asset testing is critical to the obtained results even when combined with other provisions of the Act. Finally, I find that a simple asset test for eligibility of health insurance transfers undoes the distortion to the household labor supply decision among high productivity types. These results are robust to the introduction of employer premium contributions, an independent health insurance market, and idiosyncratic shocks to eligibility for employment-based health insurance.     

国外汽车共享服务的理论与实践

汽车共享服务是介于私家车和公共交通之间的交通创新方式,它有利于减少交通流量,减少大气污染,提高交通时效,因此已在瑞士、德国、美国、加拿大、新加坡、日本等国家悄然兴起.我国人多地少,人均能源贫乏,应该研究和逐步推广汽车共享服务,使之成为现有公共交通工具的补充形式.     

财务共享模式下企业财务管理分析与优化

企业财务管理工作随着现代化信息科学技术的发展,已逐渐成为企业发展的关键因素。当前,将财务共享模式引入企业财务管理工作,可以快速提升企业内部协作的效率,使企业稳步、高速运转。论文就财务共享模式下的企业财务管理及其优化路径进行阐述,旨在推进我国企业财务管理的协调发展。     

Labor market institutions and inflation volatility in the euro area

Despite having had the same currency for many years, EMU countries still have quite different inflation dynamics. In this paper we explore one possible reason: country specific labor market institutions, giving rise to different inflation volatilities. When unemployment insurance schemes differ, as they do in EMU, reservation wages react differently in each country to area-wide shocks. This implies that real marginal costs and inflation also react differently. We report evidence for EMU countries supporting the existence of a cross-country link over the cycle between labor market structures on the one side and real wages and inflation on the other. We then build a DSGE model that replicates the data evidence. The inflation volatility differentials produced by asymmetric labor markets generate welfare losses at the currency area level of approximately 0.3% of steady state consumption.     

The benefits of international diversification: Re-examining the effect of market allocation constraints

This paper makes adjustments to the data, methods and perspective as presented in Chiou (2008) to report lower potential benefits from international diversification for U.S. investors during the previously reported 1988–2004 investment period. The extended results for 1988–2014 are also presented. Naive international diversification is not found to provide positive return-to-risk (RR) gains or volatility reducing benefits versus the U.S. market. Portfolios optimized with no short sales and weakened weight constraints on positive market allocations can provide RR gains and volatility reducing benefits. The positive RR benefits from diversification out of the U.S. market portfolio are not found to be statistically significant for both periods measured.     

Servitization across countries and sectors: Evidence from world input-output data

This paper uses the supply tables underlying WIOT data to explore the provision of services by manufacturing. The service shares differ substantially across countries and sectors, while they remain largely stable over time. A latent class analysis assigns broadly defined manufacturing sectors to economy-wide growth models, differentiating between service- and manufacturing-driven models in catching-up and developed economies. Servitization increases with labor productivity. The service intensities in the sectoral production mix are lower in countries with higher manufacturing shares. This holds for both catching-up and developed economies. However, servitization is largely unrelated to productivity and employment growth. We therefore argue that the degree of servitization is contingent on and an attribute of the respective economic model in which a sector operates.     

Corporate bond market interdependence: Credit spread correlation between and within U.S. and Canadian corporate bond markets

This study investigates the correlation and interdependence between and within the U.S. and Canadian corporate bond markets. The empirical framework adopted allows credit spreads to depend on common systematic risk factors derived from structural models and incorporates dynamic conditional correlations (DCC) between spreads. Results show that there is a surprisingly weak correlation between the two markets in normal times. However, during crises, there is a sudden and strong increase in the correlation between U.S. and Canadian credit spreads. The analysis of credit spread correlation within each market also shows an unusual increase in credit spread correlations between sectors and between risk classes in the U.S. during the 2007–2009 global financial crisis. This increase persists over the post-crisis period. By contrast, in Canada, credit spread correlations between sectors remain remarkably stable over time, suggesting an interdependence of credit spreads within the Canadian market.     

浅谈石油企业财务共享推广实施过程及经验总结

石油企业建设财务共享是顺应时代发展的需要,能够更好地保障企业的生产经营服务,能够建立新型财务管理体制,能够提高财务运行效率和效益,最终更好地为公司、员工、合作伙伴提供优质服务,推动财务转型,为公司合规经营保驾护航,为公司创造价值。论文从财务共享建设最基础的推广实施阶段进行研究,在业务范围、实施过程、经验总结等方面进行了论述,对石油企业开展财务共享建设具有一定借鉴意义。     

Towards a theory of the labor market with a public sector

The object is to specify and analyze equilibrium in a labor market with frictions when there is a significant public sector. In the vast majority of equilibrium studies on labor markets, a public sector has been ruled out by assumption. This seems a strange oversight as about 17% of workers in the US are public sector workers, whereas in western Europe, approximately 22% of workers work in the public sector. The goal in this study is to provide answers to such questions as: what happens to private sector wages if the public sector is increased? If the Government increases the number of public sector jobs, does this crowd out private sector jobs? When will private sector wages be greater (less) than the public sector wage? Reasonably complete answers to these questions (and others) are provided within the context of the model developed.     

财务共享服务中心对企业财务管理的影响

论文探讨了财务共享中心的基本概念,并对财务共享中心对企业财务管理方面的积极和消极的影响进行了阐述,最后针对性地提出了企业在财务共享服务中心基础之上,提高企业财务管理水平的策略,希望能够提供参考价值。     

财务共享模式下业财融合研究——以中兴通讯为例

随着经济全球化以及信息技术的快速发展,越来越多的企业进行扩张来抢占市场,以此来提高自身竞争力。财务共享模式受到很多大型企业的青睐,而业财融合能从财务的角度更好的对业务流程进行把控,发挥出管理职能,财务共享与业财融合的结合能为企业创造出更大的价值。本文选取了我国最早实施财务共享的中兴通讯集团为例,运用案例研究法对中兴通讯财务共享模式下业财融合的实施路径及其实施效果进行研究并提出建议,以期能够对企业构建财务共享模式下业财融合提供些许帮助。     

Equity market contagion during the global financial crisis: Evidence from the world's eight largest economies

The global financial crisis (2007–2009) saw sharp declines in stock markets around the world, affecting both advanced and emerging markets. In this paper we test for the existence of equity market contagion originating from the US to advanced and emerging markets during the crisis period. Using a latent factor model, we provide strong evidence of contagion effects in both advanced and emerging equity markets. In the aggregate equity market indices, contagion from the US explains a large portion of the variance in stock returns in both advanced and emerging markets. However, in the financial sector indices we find less evidence of contagion than in the aggregate indices, and this is particularly the case for the advanced markets. The results suggest that contagion effects are not strongly related to high levels of global integration.     

Neighborhood quality and labor market outcomes: Evidence from quasi-random neighborhood assignment of immigrants

Settlement in a socially deprived neighborhood may hamper individual labor market outcomes because of lack of employed or highly skilled contacts. I investigate this hypothesis by exploiting a unique natural experiment that occurred between 1986 and 1998 when refugee immigrants to Denmark were assigned to municipalities quasi-randomly, which successfully addresses the methodological problem of endogenous neighborhood selection. I show that individuals sort into neighborhoods. Taking account of location sorting, living in a socially deprived neighborhood does not affect labor market outcomes of refugee men. Their labor market outcomes are also not affected by the overall employment rate and the overall average skill level in the neighborhood. However, an increase in the average skill level of non-Western immigrant men living in the neighborhood raises their employment probability, while an increase in the employment rate of co-national men living in the neighborhood raises their real annual earnings. This provides quasi-experimental evidence that residence-based job information networks are ethnically stratified.     

Macroeconomic Adjustment and the Poor: Analytical Issues and Cross‐Country Evidence

Abstract.  This paper studies the links between macroeconomic adjustment and poverty. The first part summarizes some of the recent evidence on poverty in the developing world. The second reviews the various channels through which macroeconomic policies affect the poor, whereas the third is devoted to the specific role of the labor market. It presents an analytical framework that captures some of the main features of the urban labor market in developing countries and studies the effects of fiscal adjustment on wages, employment, and poverty. The fourth part presents cross‐country regressions linking various macroeconomic and structural variables to poverty. Higher levels and growth rates of per capita income, higher rates of real exchange rate depreciation, better health conditions, and a greater degree of commercial openness lower poverty, whereas inflation, greater income inequality, and macroeconomic volatility tend to increase it. Moreover, the impact of growth on poverty appears to be asymmetric; it seems to result from a significant relationship between episodes of increasing poverty and negative growth rates.     

知识产权保护与信息资源共享问题研究

进入21世纪以来,随着科技的不断进步与发展,网络科技不断革新,直播行业兴起,信息化浪潮席卷全球。信息资源共享与知识产权保护的矛盾日益突出。信息资源作为人们认识和改造世界的精神产物,是全人类共有的资源,应该为全人类所共享。知识产权作为人类的智力产物,法律赋予了知识产权合法的垄断性,这就造成信息资源的共享性与知识产权保护的专有性、排他性的矛盾长期存在。论文根据当今社会的现状,剖析知识产权保护与信息资源共享之间的矛盾冲突,提出解决矛盾的对策与建议。