The Demand for Labor: An Analysis Using Matched EmployerEmployee Data from the German LIAB. Will the High Unskilled Worker Own-Wage Elasticity Please Stand Up? This paper uses matched employee-employer LIAB data to provide panel estimates of the structure of labor demand in Germany, 1993-2002, distinguishing between highly skilled, skilled, and unskilled labor and between the manufacturing and ...

This paper presents a theory of inflation in an economy with commodity money and supports it by evidence from the inflationary episodes in France during the fourteenth and fifteenth centuries. The paper shows that commodity money can be inflated similarly to fiat money through repeated debasements, which act like devaluation. Furthermore, as with fiat money, demand for commodity money falls wit...

Individual heterogeneity is an important source of variation in demand. Allowing for general heterogeneity is needed for correct welfare comparisons. We consider general heterogenous demand where preferences and linear budget sets are statistically independent. We find that the dimension of heterogeneity and the individual demand functions are not identified. We also find that the exact consume...

In a market with stochastic demand at most one seller can acquire costly information about demand. Other sellers entertain idiosyncratic beliefs about the market demand and the probability that an informed seller is trading in the market. These idiosyncratic beliefs co-evolve with the potential insider’s inclination to acquire information. True demand expectations are not evolutionarily stable ...

Wage hikes affect production costs and hence are usually analysed as supply shocks. There is, however, a long-standing debate about demand effects of wage variations. In this paper, we bring together these two arguments in a Kaldorian model with group specific saving rates and a production technology that allows for redistribution between workers and entrepreneurs following a wage hike. We ther...

This paper estimates a Structural Dynamic Factor Model on a panel of 102 US quarterly series. We model economic comovements by means of 5 underlying structural shocks (oil price, productivity, aggregate demand, monetary policy, and housing demand). The results of the benchmark model (impulse responses and variance decompositions) are in line with those predicted by economic theory and usually e...

We consider a stylised model in which two cartel members bargain over the aggregate-production quota in a world of asymmetric information. We show that when the two cartel members are sufficiently different, the probability of agreement depends on both the current state of demand and initial production. Specifically, the probability of agreement is much lower when demand is low (and initial pro...

Categorization of text in IR has traditionally focused on topic. As use of the Internet and e−mail increases, categorization has become a key area of research as users demand methods of prioritizing documents. This work investigates text classification by format style, i.e. "genre", and demonstrates, by complementing topic classification, that it can significantly improve retrieval of informati...

Active learning refers to the mechanism of querying users to accomplish a classification task in machine learning or a conjoint analysis in econometrics with minimum cost. Classification and conjoint analysis have been introduced to design research to automate design feasibility checking and to construct marketing demand models, respectively. In this paper, we review active learning algorithms ...