Why Does Unemployment Hurt the Employed? Evidence from the Life Satisfaction Gap between the Public and Private Sectors Simon Luechinger, Stephan Meier, and Alois Stutzer Abstract: High rates of unemployment entail substantial costs to the working population in terms of reduced subjective well‐being. This paper studies the importance of individual economic security, in particular, job securit...

We analyze a model of wage payment practices in which strategic complementarities arise because each employer’s costs of delaying wages decrease with the arrears in its labor market. The model is estimated on panel data for workers and firms in Russia, facilitating identification through fixed effects for employees, employers, and local labor markets, and instrumental variables based on policy ...

Bootstrap confidence intervals on fixed-effects efficiency estimates from finite-sample panel data models exhibit low coverage probabilities, because the traditional estimate involves a "max" operator that induces a finite sample bias. Attempts to bootstrap confidence intervals for the traditional estimate have focused on correcting bias. Rather than addressing this bias at the bootstrap stage,...

We analyse the determinants of equity agency costs for the top 500 Australian listed firms. Data are collected over four one-year periods (2004, 2005, 2010 and 2011) and analysed using both pooled OLS regression and two stage least squares regression within a random effects panel data model. Analysis covers the full four-year period, the pre global financial crisis (GFC) sub-period (2004 and 20...

This article investigates the association between stock market activity and mental well-being, exploiting the availability of interview dates in the British Household Panel Survey to match changes in the FTSE 100 stock price index to respondents over the period 1991–2008. We present evidence that annual changes in the price index are associated with better mental well-being whilst greater uncer...

This paper extends the panel threshold regression of Hansen (1999) and Kourtellos, Stengos and Tan (2007) to allow for endogeneity of the threshold variable. We consider the static linear panels with fixed effect. The modified concentrated two-stage least square methods that are based on inverse Mills ratio bias correction terms are proposed to estimate threshold parameters. Our estimators are ...

The budgetary implications of an aging population in the OECD are often considered dire. This study argues that this need not be the case provided that older educated workers are more innovative than their younger counterparts, and that workers with tertiary education stay in the labor force until their 60s. Using a panel of 21 OECD countries over the period 1870-2009, this paper estimates the ...

many empirical papers have applied a semi-parametric two-stage procedure named tobit model to investigate the sources of inefficiency in different industries over the last two decades. using this approach in small samples has recently been criticized for a possible bias in its results. in very recent papers simar and wilson (2007) have tackled this problem by suggesting an alternative bootstrap...

abstract this study investigates casual relationship between co2 emission and gross domestic product per capita in five different country groups, using cross- country data for the period 1960-2007. to achieve the purpose, the co- integration test and error correction models are applied. results confirm casual relationships between the two variables. a unilateral relationship between gdp and co2...

Abstract The Italian market of sparkling wines increases as volume and assortment (such brands, appellations, typologies) mainly because Prosecco consumption. We investigate the repeated purchase behavior in two years within supermarket channel through scanner data collected from a consumer panel. propose Hidden Markov Model to analyze these data, assuming an unobservable process capture consum...