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A New Approach to Testing Marginal Productivity Theory
marginal productivity theory distribution of income robust statistics
2012/10/22
We address the long standing question of whether production factors are paid their marginal products. We propose a new approach that circumvents the need to specify production functions and to compare...
A Continuous Labour Supply Model in Microsimulation: A Life-Cycle Modelling Approach with Heterogeneity and Uncertainty Extension
lifetime labour supply dynamic microsimulation
2012/10/22
This paper advances a structural inter-temporal model of labour supply that is able to simulate the dynamics of labour supply in a continuous setting and to circumvent two main drawbacks of most of th...
The Japanese Lost Decade and Beyond: A Chain Reaction Theory Approach
labor market dynamics structural multi-equation models chain reaction theory simulations
2012/11/1
The Japanese lost decade has become an intriguing puzzle for both economists and policy-makers alike, as the unemployment rate climbed to unprecedented levels and the growth rate of productivity decre...