Accounting for missing data in M-estimation: a general matching approach

This paper addresses M-estimation of conditional mean functions when observations are missing at random. The usual approach of correcting for missing data, when the missing data mechanism is ignorable, is inverse probability weighting (IPW). An alternative semiparametric M-estimator which involves local polynomial matching techniques is proposed and its asymptotic distribution is derived. Like IPW, the proposed estimation approach has a double robustness property for the estimation of unconditional means. Monte Carlo evidence suggests slightly better finite sample properties of the semiparametric M-estimator relatively to IPW. A version of the proposed estimator is applied to estimate the impact of noncognitive skills on wages in Germany for two different educational treatment regimes.     

Die Arbeitsteilung als Grundproblem der Nationalökonomie bei Ernst Ludwig Carl (1722)

Ohne Zusammenfassung     

Is the world economy about to disintegrate?

There have been increasing warnings lately that the world economy is in danger of disintegrating. How realistic are such fears? Could the world's trading partners have a serious interest in such a development and be prepared to accept the risks involved? The following three articles seek to answer these questions.     

Labour Market Regimes and Worker Recruitment and Retention in the European Union: Plant Comparisons

We analyse worker recruitment and retention outcomes, contrasting production worker skill profiles in the UK subsidiaries of five multinationals with, in each case, a matched plant in another EU state. From personnel records we build up plant distributions of worker pay, age, schooling, prior experience and tenure. We find evidence of local management discretion, with differences in unit labour costs and in recruitment/retention outcomes between the matched subsidiaries. UK plants have a 'hire and fire' environment and a less skilled worker mix. Such outcomes can be linked to the UK's lower labour costs and less regulated labour market.     

Wage Fixing Loses 230,000 Youth Jobs

The Government has announced its intention to modify, perhaps even abolish, the Wages Councils which help determine minimum pay for the under-20s, and a Department of Employment Consultative Paper has called for views on the potential for improvement in the labour market. Stanley Siebert of the University of Birmingham presents evidence that the Youth Wages Councils combine with union restrictive practices to throw around 230,000 teenagers on the dole.