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on Labour Economics |
| By: | Holmlund, Bertil (Uppsala Center for Labor Studies) |
| Abstract: | The past couple of decades have seen a huge increase in research on various labor market institutions. This paper offers a brief overview and discussion of research on the labor market impacts of minimum wages (MW), unemployment insurance (UI), and employment protection legislation (EPL). It is argued that research on UI is largely a success story, involving a fruitful interplay between search theory and empirical work. This research has established that UI matters for labor market behavior, in particular the duration of unemployment, although there remains substantial uncertainty about the magnitudes of the effects. The research on MW should have shaken economists’ belief in the competitive labor market model as a result of frequent failures to find noticeable employment effects despite considerable effects on wages. EPL research has established that employment protection reduces labor and job turnover but the jury is still out regarding the impact on overall employment and productivity. |
| Keywords: | minimum wages; unemployment Insurance; employment protection |
| JEL: | J01 |
| Date: | 2013–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uulswp:2013_014&r=lab |
| By: | Gabriel Chodorow-Reich; Loukas Karabarbounis |
| Abstract: | The flow opportunity cost of moving from unemployment to employment consists of foregone public benefits and foregone utility from non-working time relative to consumption. Using detailed microdata, administrative data, and the structure of the search and matching model with concave and non-separable preferences, we document that the opportunity cost of employment is as procyclical as, and more volatile than, the marginal product of employment. The empirically-observed cyclicality of the opportunity cost implies that unemployment volatility in search and matching models of the labor market is far smaller than that observed in the data. This result holds irrespective of the level of the opportunity cost or whether wages are set by Nash bargaining or by an alternating-offer bargaining process. We conclude that appealing to aspects of labor supply does not help search and matching models explain aggregate employment fluctuations. |
| JEL: | E24 E32 J22 J64 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19678&r=lab |
| By: | Alessandra Bonfiglioli; Gino Gancia |
| Abstract: | We study the incentives to acquire skill in a model where heterogeneous firms and workers interact in a labor market characterized by matching frictions and costly screening. When effort in acquiring skill raises both the mean and the variance of the resulting ability distribution, multiple equilibria may arise. In the high-effort equilibrium, heterogeneity in ability is sufficiently large to induce firms to select the best workers, thereby confirming the belief that effort is important for finding good jobs. In the low-effort equilibrium, ability is not sufficiently dispersed to justify screening, thereby confirming the belief that effort is not so important. The model has implications for wage inequality, the distribution of firm characteristics, sorting patterns between firms and workers, and unemployment rates that can help explaining observed cross-country variation in socio-economic and labor market outcomes. |
| Keywords: | wage inequality, firm heterogeneity, unemployment, effort, beliefs, sorting, selection, multiple equilibria |
| JEL: | E24 J24 J64 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:734&r=lab |
| By: | Alois Kneip; Monika Merz; Lidia Storjohann |
| Abstract: | The aggregate Frisch elasticity of labor supply has played a key role in business cycle analysis. This paper develops a statistical aggregation procedure which allows for worker heterogeneity in observables and unobservables and is applicable to an individual labor supply function with non-employment as a possible outcome. Performing a thought experiment in which all offered or paid wages are subject to an unanticipated temporary change, we can derive an analytical expression for the aggregate Frisch elasticity and illustrate its main components: (i) the intensive and extensive adjustment of hours worked, (ii) the extensive adjustment of wages, and (iii) the aggregate employment rate. We use individual-specific data from the German Socio-Economic Panel (SOEP) for males at working-age in order to quantify each component. This data base provides indirect evidence on non-employed workers’ reservation wages. We use this variable in conjunction with a twostep conditional density estimator to retrieve the extensive adjustment of hours worked and wages paid. The intensive hours’ adjustment follows from estimating a conventional panel data model of individual hours worked. Our estimated aggregate Frisch elasticity varies between .63 and .70. These results are sensitive to the assumed nature of wage changes. |
| Keywords: | aggregation, reservation wage distribution, labor supply, extensive and intensive margin of adjustment, time-varying Frisch elasticities |
| JEL: | C51 E10 J22 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp606&r=lab |
| By: | Bryan, Mark L. (University of Essex); Longhi, Simonetta (ISER, University of Essex) |
| Abstract: | We examine how couples' labour supply behaviour in the UK responds to a job loss by one partner, using the Labour Force Survey to compare the period of growth of 1995-2007 to the Great Recession and its aftermath of 2008-11. In single earner couples during the recession, both men and women substantially increased their job search activity following a partner's job loss, while the increase in search during the boom was smaller (and non-existent for men). However, the increase in job search during recession did not appear to translate into more success in finding work for either men or women. Among dual earner couples, we find little evidence that individuals searched for alternative jobs or tried to increase their hours if their partner lost their job, except that women working part-time were more likely to start looking for another job. Both men and women were more likely to quit their job voluntarily if their partner lost their job, but the recession seems to have made people more cautious about voluntarily quitting their job. We find little evidence that people react in advance of job losses, suggesting that unemployment typically comes as a surprise. |
| Keywords: | added-worker effect, recession, employment, household labour supply |
| JEL: | J22 J64 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7775&r=lab |
| By: | Hirsch, Boris (University of Erlangen-Nuremberg); Jahn, Elke J. (Institute for Employment Research (IAB), Nuremberg); Schnabel, Claus (University of Erlangen-Nuremberg) |
| Abstract: | This paper investigates the behaviour of employers' monopsony power and workers' wages over the business cycle. Using German administrative linked employer-employee data for the years 1985-2010 and an estimation framework based on duration models, we construct a time series of the firm-level labour supply elasticity and estimate its relationship to the aggregate unemployment rate. In line with theory, we find that firms possess more monopsony power during economic downturns, which shows to be robust to controlling for time-invariant unobserved worker heterogeneity. We also document that cyclical changes in workers' entry wages are of similar magnitude as those predicted under monopsonistic wage setting, suggesting that monopsony power should not be neglected when analysing wage cyclicality. |
| Keywords: | monopsony power, business cycle, entry wages |
| JEL: | J42 J31 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7776&r=lab |
| By: | Alexander Muravyev (Institute for the Study of Labor (IZA, Bonn) and St. Petersburg University Graduate School of Management.); Aleksey Oshchepkov (Center for Labor Marker Studies, Higher School of Economics (HSE), Moscow.) |
| Abstract: | This paper revisits the effect of minimum wages on employment by taking advantage of a unique institutional setting and data from Russia. The main strength of the paper is the use, for identification purposes, of the large variation in labor market outcomes as well as in the minimum wage across the 89 regions (states) over 10 years, from 2001 to 2010. The study relies on the standard methodology introduced by Neumark and Wascher, in which various labor market outcomes at the regional level are related to the relative minimum wage (captured by the Kaitz index) in a panel setting. We find adverse effects of the minimum wage on young workers in the form of higher unemployment among those aged 16-24. There are also signs that minimum wage increases lead to higher unemployment in the general population, but the effect is small. Our analysis also suggests that higher minimum wages lead to an increase in the share of workers employed in the informal sector. |
| Keywords: | minimum wages, unemployment, informal employment, Russia. |
| JEL: | J38 J23 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:29/ec/2013&r=lab |
| By: | Anna Zaharieva (Center for Mathematical Economics, Bielefeld University) |
| Abstract: | This paper develops a labour market model with on-the-job search, match-specific productivity draws and an endogenous irreversible schooling decision. The choice of schooling is modelled as an optimal stopping problem which gives rise to the equilibrium heterogeneity of workers with respect to the formal education. The optimal schooling decision is characterized by the reservation productivity of students which is a monotonic function of time. Moreover, this reservation productivity is lower in expansions when job-to-job mobility is more intensive. Therefore, the model is compatible with the empirical evidence that expansions have a positive effect on the probability of a school dropout. The schooling density is downward-sloping and the equilibrium wage distribution is right-skewed with a unique interior mode. This means that the majority of workers earn wages in the middle range of the earnings distribution. At the same time there is a small proportion of employees in the beginning of their career with wages in the left tail of the earnings distribution and a small proportion of high-skilled workers earning wages in the right tail of the distribution. |
| Keywords: | Optimal schooling, uncertainty, on-the-job search, wage dispersion |
| JEL: | I21 I24 J62 J64 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:bie:wpaper:492&r=lab |
| By: | Yuliia Stupnytska (Center for Mathematical Economics, Bielefeld University; Center for Mathematical Economics, Bielefeld University) |
| Abstract: | This paper develops a search model with heterogeneous workers and social networks. High ability workers are more productive and have a larger number of professional contacts. Firms have a choice between a high cost vacancy in the regular labour market and a low cost job opening in the referral market. In this setting the model predicts that a larger number of social contacts is associated with a larger wage gap between high and low ability workers and a larger difference in the equilibrium unemployment rates. Next we demonstrate that the decentralized equilibrium is inefficient for any value of the bargaining power. There are two reasons for the inefficiency. First, the private gain from creating a job in the referral market is always below the social gain, so the equilibrium unemployment of high ability workers is above its optimal value. Moreover, high ability workers congest the market for low ability workers, so the equilibrium wage inequality is inefficiently large. This is in contrast to the result of Blazquez and Jansen (2008) showing that the distribution of wages is compressed in a search model with heterogeneous workers. Finally, we show that a combination of taxes and subsidies can restore the optimal allocation. |
| Keywords: | social capital, social networks, referrals, wage dispersion, wage compression |
| JEL: | J23 J31 J38 J64 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:bie:wpaper:491&r=lab |
| By: | Hirsch, Boris; Zwick, Thomas |
| Abstract: | Using linked employer-employee panel data for Germany, this paper investigates whether firms implement real wage reductions in a selective manner. In line with insider-outsider and several strands of efficiency wage theory, we find strong evidence for selective wage cuts with high-productivity workers being spared even when controlling for permanent differences in firms' wage policies. In contrast to some recent contributions stressing fairness considerations, we also find that wage cuts increase wage dispersion among peers rather than narrowing it. Notably, the same selectivity pattern shows up when restricting our analysis to firms covered by collective agreements or having a works council. -- |
| Keywords: | real wage rigidity,real wage cuts,selectivity,Germany |
| JEL: | J30 J31 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:13086&r=lab |
| By: | Anna Lukiyanova (Senior Reseacher, Centre for Labor Market Studies, Higher School of Economics, Moscow.) |
| Abstract: | In this paper I investigate the impact of informality on earnings inequality in Russia using RLMS-HSE data for 2000-2010. I find that during the whole period earnings inequality was substantially higher in the informal sector. Informality increases earnings polarization, thereby widening both tails of the distribution. Changes in the earning distribution of the formal sector were mainly generated by changes in the distribution of hourly earnings. In the informal sector, reduction of inequality occurred via two channels: Differences in hourly rates and working hours both declined. Changes in the structure of informality and conditional wage differentials did not have a significant impact on the overall earnings inequality, with the exception of decline in irregular employment |
| Keywords: | earnings inequality, informal economy, decomposition, recentered influence functions |
| JEL: | C21 D63 J31 J42 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:37/ec/2013&r=lab |
| By: | Cardullo, Gabriele; Guerrazzi, Marco |
| Abstract: | In this paper, we explore the fluctuations of unemployment and vacancies in the Italian labour market over the last twenty years. For reasons of data availability on unfilled job openings, this period is split in two parts. The former is covered by a help-wanted time series, while the latter is analyzed by means of a harmonized vacancy rate. In both periods, in line with previous findings on the unemployment volatility puzzle, we find that the labour market tightness indicator is much more volatile than productivity. Moreover, we show that a matching model with segmented labour markets and on-the-job search has the potential to provide a rationale for this pattern. |
| Keywords: | Macroeconomic fluctuations; Italian labour market; Shimer puzzle; Market segmentation; On-the-job search. |
| JEL: | E12 E24 J63 J64 |
| Date: | 2013–11–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:51726&r=lab |
| By: | Felfe, Christina (University of St. Gallen); Lechner, Michael (University of St. Gallen); Thiemann, Petra (University of St. Gallen) |
| Abstract: | Does after-school care provision promote mothers' employment and balance the allocation of paid work among parents of schoolchildren? We address this question by exploiting variation in cantonal (state) regulations of after-school care provision in Switzerland. To establish exogeneity of cantonal regulations with respect to employment opportunities and preferences of the population, we restrict our analysis to confined regions along cantonal borders. Using semi-parametric instrumental variable methods, we find a positive impact of after-school care provision on mothers' full-time employment, but a negative impact on fathers' full-time employment. Thus, the supply of after-school care fosters a convergence of parental working hours. |
| Keywords: | childcare, parents' labor supply, semi-parametric estimation methods |
| JEL: | J13 J22 C14 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7768&r=lab |
| By: | Cheng, Terence Chai (Melbourne Institute of Applied Economic and Social Research); Kalb, Guyonne (Melbourne Institute of Applied Economic and Social Research); Scott, Anthony (Melbourne Institute of Applied Economic and Social Research) |
| Abstract: | This paper investigates the factors influencing the allocation of time between public and private sectors by medical specialists. A discrete choice structural labour supply model is estimated, where specialists choose from a set of job packages that are characterised by the number of working hours in the public and private sectors. The results show that medical specialists respond to changes in earnings by reallocating working hours to the sector with relatively higher earnings, while leaving total working hours unchanged. The magnitudes of the own-sector and cross-sector earnings elasticities fall in the range of 0.21-0.54, and are larger for male than for female specialists. The labour supply response varies by doctors' age and medical specialty. Family circumstances such as the presence of young dependent children influence the hours worked by female specialists but not male specialists. We illustrate the relevance of our findings by simulating the impact of recent trends in earnings growth in the public and private sectors. |
| Keywords: | labour supply, elasticities, medical specialists, public-private mix |
| JEL: | I10 I11 J22 J24 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7766&r=lab |
| By: | Busl, Claudia; Seymen, Atılım |
| Abstract: | While a widespread consensus exists among macroeconomists that the German labour market reforms in 2003-2005 have successfully contributed to the decline of the unemployment rate, critics claim that the reforms led to wage restraint and consequently consumption dampening accompanied by beggar-thy-neighbour effects, harming Germany's trade partners. We check up on the validity of these arguments by means of a two-country DSGE model featuring intra-industry trade and labour market frictions. Our results suggest that the disproportional growth of GDP (labour productivity) in comparison to consumption (wages) are only partially driven by the reforms. However, we do not find that the reforms contribute to Germany's trade surplus and cause negative spillovers to trading partners in terms of output and employment. -- |
| Keywords: | labour market reforms,search and matching,spillover,dynamic stochastic general equilibrium models |
| JEL: | E24 E61 E65 F42 J38 J63 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:13097&r=lab |
| By: | Lutgen, Vanessa (IRES, Université catholique de Louvain); Van der Linden, Bruno (IRES, Université catholique de Louvain) |
| Abstract: | This paper studies equilibrium unemployment in a two-region economy where homogeneous workers and jobs are free to move and the housing market clears. Because of the Internet, searching for a job in another region without first migrating there is nowadays much simpler than in the past. Search-matching externalities are amplified by this possibility and by the fact that some workers can simultaneously receive a job offer from each region. The rest of the framework builds on Moretti (2011). We study numerically the impacts of various local shocks in a stylized US economy. Contrary to what could be expected, increasing matching effectiveness in the other region yields growing regional unemployment rates. We characterize the optimal allocation and conclude that the Hosios condition is not sufficient to restore efficiency. In the efficient allocation, the regional unemployment rates are much lower than in the decentralized economy and nobody searches in the other region. |
| Keywords: | matching, search then move, spatial equilibrium, regional economics, unemployment differentials |
| JEL: | J61 J64 R13 R23 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7763&r=lab |
| By: | Sara de la Rica; Juan J. Dolado; Raquel Vegas |
| Abstract: | This paper analyzes the gender gap in the performance–pay component of hourly wages received by workers in Spain using detailed information drawn from a large wage survey for 2006. Under the assumption that performance pay is determined in a more competitive fashion than the remaining wage components, there should be less room for gender discrimination. However, this is not what we find. After controlling for observable characteristics, non-random selection into performance-pay jobs and for segregation into different firms and occupations, the estimated adjusted gap in favour of male remains large (around 30 log points). Further, there is evidence of a “glass ceiling” pattern throughout the distribution of performance pay. After examining alternative hypotheses that could rationalize these findings, we conjecture that employers’ discrimination, possibly due to monopsonistic power, might be the one which is more consistent with the evidence. |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2013-14&r=lab |
| By: | Matthias Kehrig; Nicolas Ziebarth |
| Abstract: | We separate changes in labor supply and demand through changes in higher-order moments of the wage distribution. We illustrate this idea in a study of the effects of oil price shocks, which generate a predictable labor demand adjustment across regions. Empirically, oil price shocks decrease average wages, particularly skilled wages, and increase wage dispersion, particularly unskilled wage dispersion. In a model with spatial energy intensity differences and nontradables, labor demand shifts, while explaining the response of average wages to oil price shocks, have counterfactual implications for the response of wage dispersion. Only shifts in labor supply can explain this latter fact. |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:13-57&r=lab |
| By: | Jochen Späth |
| Abstract: | This paper addresses the issue if and to what extent young firms differ from incumbents regarding the use of non-standard employment, trust-based working time arrangements and overtime hours in the light of the qualitative changes of employment structures that are taking place in industrialized countries, such as rising shares of non-standard employment and borders between work and private life that become increasingly blurred. Based on a microeconometric analysis of the IAB Establishment Panel, a representative survey of about 16,000 employers in Germany, we find that young establishments rely significantly more often on limited contracts and freelance work than incumbent businesses in order to hedge the higher risks and uncertainties of young firms. Likewise, trust-based working time arrangements and overtime hours are more an issue in young than in incumbent firms, indicating a higher level of subjectivated work in young firms. Additionally, we provide basic evidence that these differences are not purely transitory but on the contrary rather stable as the firms grow older, which makes young firms contribute a substantial part to the ongoing qualitative changes of employment structures. |
| Keywords: | start-ups, trust-based working hours, overtime, team work, job quality, non-standard employment |
| JEL: | L26 J23 D22 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iaw:iawdip:98&r=lab |
| By: | Matteo PICCHIO (Universit… Politecnica delle Marche, Dipartimento di Scienze Economiche e Sociali); Stefano STAFFOLANI (Universit… Politecnica delle Marche, Dipartimento di Scienze Economiche e Sociali) |
| Keywords: | Apprenticeship, hazard function, permanent work, regression discontinuity, temporary work |
| JEL: | C36 C41 J24 J41 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:anc:wpaper:393&r=lab |
| By: | Baert, Stijn (Ghent University); Heylen, Freddy (Ghent University); Isebaert, Daan (Ghent University) |
| Abstract: | This paper examines the impact of housing tenure choice on unemployment duration in Belgium using EU‐SILC micro data. We contribute to the literature in distinguishing homeowners with mortgage payments and outright homeowners. We simultaneously estimate unemployment duration by a mixed proportional hazard model, and the probability of being an outright homeowner, a homeowner with mortgage payments or a tenant by a mixed multinomial logit model. To be able to correctly identify the causal influence of different types of housing tenure on unemployment duration, we use instrumental variables. Our results show that homeowners with a mortgage exit unemployment first. Outright owners stay unemployed the longest. Tenants take an intermediate position. Moreover, our results reveal the different share of mortgage holders within the group of homeowners as a possible explanation for the discrepancy between former contributions to this literature. |
| Keywords: | unemployment, housing tenure, duration analysis |
| JEL: | C41 J64 R2 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7774&r=lab |
| By: | Alam, Moudud (Dalarna University); Carling, Kenneth (Dalarna University); Nääs, Ola (Dalarna University) |
| Abstract: | In part because of high youth unemployment, students’ transition from school to work is an important policy and research topic. Public programs offering summer jobs or work while in high school as measures to smooth the transition is commonplace. The immediate effect of the programs on school attendance, school grades, and disposable income is well documented. However, their effect on the transition to the labor market remains unsettled, partly because of a potential selection bias in previous observational studies. In this paper, 2650 first graders of high school in Falun Council, Sweden, randomly allotted summer jobs via a program in the years of 1997-2003, are followed ten years after graduation. The program led to a substantially larger accumulation of work experience while in high school for offered (particularly weak academically performing) females, but not for offered males. Hence, the immediate program effect was heterogeneous. Females were used to estimate the causal effect of work experience while in high school on post-schooling incomes. The (statistically) significant estimate implies an elasticity of 0.4. Work experience while in high school seems to be of future benefit, but the elasticity is potentially inflated due to heterogeneous effects that we were unable to account for. |
| Keywords: | experimental data; work experience; work while in school; selection bias |
| JEL: | C93 J24 J68 |
| Date: | 2013–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ifauwp:2013_024&r=lab |
| By: | Taskin, A. A.; Yaman, F. |
| Abstract: | We examine the effects of homeownership on individuals' unemployment durations in the USA. We take into account that an unemployment spell can terminate with a job or with a non-participation transition. The endogeneity of homeownership is addressed through the estimation of a full maximum likelihood function which jointly models the competing hazards and the probability of being a homeowner. Unobserved factors contributing to the probability of being a homeowner are allowed to be correlated with unobservable heterogeneity in the hazard rates. We find that unemployed homeowners are less likely to find a job than renters. The effect is small but statistically significant for most specifications. The effect is stronger for outright owners and weaker for mortgage holders. We also find that outright owners have a higher and mortgage holders a lower probability of exiting to non-participation than renters. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:cty:dpaper:13/04&r=lab |
| By: | Paul Bingley (SFI, The Danish National Centre for Social Research); Lorenzo Cappellari (Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore) |
| Abstract: | We model the correlations of brothers’ earnings isolating the effect of fathers’ earnings from additional residual influences shared between brothers. We separate the two effects by analysing sibling correlations and intergenerational correlations jointly within a unified framework. Our multi-person model of earnings dynamics distinguishes permanent from transitory shocks, allows for heterogeneous life cycle effects and nests previous models. Using data on the Danish population of father/first-son/second-son triplets, we corroborate the findings of studies that do not account for life cycle effects for those aged in their 30’s, but find correlations twice as large at 25. The impact of intergenerational effects also varies over age, but is everywhere higher than found in previous studies ?by on average a factor of thirteen? and accounts for most of the sibling correlation. We provide evidence that lack of both life cycle effects and heterogeneous intergenerational transmission across families in previous studies explain the difference. When allowing for differential intergenerational transmission within families, we find mild evidence of stronger transmission to second sons. |
| Keywords: | Sibling correlation, Intergenerational transmission, Life cycle earnings |
| JEL: | D31 J62 |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie1:def6&r=lab |