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Essays in labour economics

Graber, Michael Reinhold; (2017) Essays in labour economics. Doctoral thesis (Ph.D), UCL (University College London). Green open access

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Abstract

In this thesis I study the nature of labour income risk and labour market dynamics. The first chapter attempts to enhance our understanding of the interplay between labour and financial markets. We develop a simple general equilibrium model with labour market frictions and an imperfect financial market. When calibrating the model to the Great Recession and its aftermath, we find that the lack of an improvement in the financial sector’s effectiveness to intermediate resources played a crucial role in the slow recovery of the labour market. The second chapter uses rich Norwegian population panel data to provide new evidence on labour income risk over the life cycle. We find that the income processes differ systematically by age, skill level and their interaction. Our findings suggest that the redistributive nature of the Norwegian tax–transfer system plays a key role in attenuating the magnitude and persistence of income shocks, especially among the low skilled. The third chapter presents an estimated income process that is consistent with recent evidence on income risk over the life and business cycle. Using Norwegian population panel data, we estimate an income process that allows income risk within each skill group to depend on the previous income level, calendar time and experience. The fourth chapter attempts to bridge the gap between the literature on income dynamics and the search and matching literature. We develop a frictional model of the labour market in which inequality in earnings and consumption results from the interaction between heterogeneity of workers, heterogeneity of jobs, shocks to human capital, and labour market frictions.

Type: Thesis (Doctoral)
Qualification: Ph.D
Title: Essays in labour economics
Event: UCL (University College London)
Open access status: An open access version is available from UCL Discovery
Language: English
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
URI: https://discovery.ucl.ac.uk/id/eprint/10037957
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