Related papers: $u^* = \sqrt{uv}$
Labor productivity in developed countries is analyzed and modeled. Modeling is based on our previous finding that the rate of labor force participation is a unique function of GDP per capita. Therefore, labor productivity is fully…
The existence of involuntary unemployment advocated by J. M. Keynes is a very important problem of the modern economic theory. Using a three-generations overlapping generations model, we show that the existence of involuntary unemployment…
A standard growth model is modified in a straightforward way to incorporate what Keynes (1936) suggests in the "essence" of his general theory. The theoretical essence is the idea that exogenous changes in investment cause changes in…
A central socioeconomic concern about Artificial Intelligence is that it will lower wages by depressing the labor share - the fraction of economic output paid to labor. We show that declining labor share is more likely to raise wages. In a…
The U.S. labor market is dynamic and complex, and understanding wage data across different segments of the workforce is critical to providing policymakers and business leaders with actionable insights. There is no labor index that assesses…
The evolution of inflation, p(t), and unemployment, UE(t), in Japan has been modeled. Both variables were represented as linear functions of the change rate of labor force, dLF/LF. These models provide an accurate description of…
Among other macroeconomic indicators, the monthly release of U.S. unemployment rate figures in the Employment Situation report by the U.S. Bureau of Labour Statistics gets a lot of media attention and strongly affects the stock markets. I…
The US economy is transitioning away from fossil fuels toward sources of green energy. California policymakers have adopted the goal of carbon neutrality by 2045 or earlier. Within California, Kern County accounts for over 70 percent of oil…
Economic models assume that payroll tax burdens fall fully on workers, but where does tax incidence fall when taxes are firm-specific and time-varying? Unemployment insurance in the United States has the key feature of varying both across…
'Animal spirits' or confidence levels are heavily dependent on how current conditions compare to adaptation levels. In the US, with its highly flexible labor markets and weak safety nets, the unemployment rate seems to serve as a…
Evidence on the effectiveness of retraining U.S. unemployed workers primarily comes from evaluations of training programs, which represent one narrow avenue for skill acquisition. We use high-quality records from Ohio and a matching method…
This paper develops an algorithm for detecting US recessions in real time. The algorithm constructs hundreds of millions of recession classifiers by combining unemployment and vacancy data. Classifiers are then selected to avoid both false…
The evolution of the rate of price inflation and unemployment in Japan has been modeled within the Phillips curve framework. As an extension to the Phillips curve, we represent both variables as linear functions of the change rate of labor…
In this paper, I present a visual representation of the relationship between mean hourly total compensation divided by per-capita GDP, hours worked per capita, and the labor share, and show the represented labor equilibrium equation is the…
This study provides the first confirmation that individual employment status can be predicted from standard mobile phone network logs externally validated with household survey data. Individual welfare and households vulnerability to shocks…
By borrowing methods from complex system analysis, in this paper we analyze the features of the complex relationship that links the development and the industrialization of a country to economic inequality. In order to do this, we identify…
Uncertainty plays an important role in the global economy. In this paper, the economic policy uncertainty (EPU) indices of the United States and China are selected as the proxy variable corresponding to the uncertainty of national economic…
The effects of automation on our economy and society are more palpable than ever, with nearly half of jobs at risk of being fully executed by machines over the next decade or two. Policymakers and scholars alike have championed the…
Recent wide-spread adoption of electronic and pervasive technologies has enabled the study of human behavior at an unprecedented level, uncovering universal patterns underlying human activity, mobility, and inter-personal communication. In…
We test the international applicability of Friedman s famous plucking theory of the business cycle in 12 advanced economies between 1970 and 2021. We find that in countries where labour markets are flexible (Australia, Canada, United…