CEMFI

About: CEMFI is a based out in . It is known for research contribution in the topics: Unemployment & Estimator. The organization has 71 authors who have published 499 publications receiving 46553 citations. The organization is also known as: Center for Monetary and Financial Studies.

Publishing performance in economics: Spanish rankings (1990-1999)

Abstract: This paper contributes to the growing literature that analyses the Spanish publishing performance in Economics throughout the 1990s. Several bibliometric indicators are used in order to provide Spanish rankings (of both institutions and individual authors) based on Econlit journals. Further, lists of the ten most influential authors and articles over that period, in terms of citations, are reported.

The Time Series and Cross-Section Asymptotics of Dynamic Panel Data Estimators

Abstract: In this paper we derive the asymptotic properties of within groups (WG), GMM and LIML estimators for an autoregressive model with random effects when both T and N tend to infinity. GMM and LIML are consistent and asymptotically equivalent to the WG estimator. When T/N->0 the fixed T results for GMM and LIML remain valid, but WG although consistent has an asymptotic bias in its asymptotic distribution. When T/N tends to a positive constant, the WG, GMM and LIML estimators exhibit negative asymptotic biases of order T,N and (2N-T), respectively. In addition, the crude GMM estimator that neglects the autocorrelation in first differenced errors is inconsistent as T/N->c>0, despite being consistent for fixed T. Finally, we discuss the properties of a random effects MLE with unrestricted initial conditions when both T and N tend to infinity.

Borrowing from employees: wage dynamics with financial constraints

Abstract: We analyze how the financial conditions of the firm affect the compensation structure of workers, the size of the firm, and its dynamics. Firms that are financially constrained offer long-term wage contracts characterized by an increasing wage profile, that is, they pay lower wages today in exchange of higher future wages, effectively borrowing form their employees. Because constrained firms also operate at a suboptimal scale, which then increases gradually over time, we have that younger and smaller firms grow faster and pay lower wages.

Employment and Output Adjustment in the OECD: A Disaggregate Analysis of the Role of Job Security Provisions

Abstract: Job security provisions are frequently cited as inhibiting the functioning of labour markets in Europe. However, as with many forms of non-price regulation, it is difficult to assess how tightly these regulations bind and influence labour market outcomes. We use an industrycountry panel of OECD countries over 20 years to estimate adjustment paths for employment and output conditional on wages, the capital stock and exchange rates. We find that job security provisions are correlated with the speed of adjustment of employment and output (restrictive legislation slowing adjustment down), and that controlling for industry effects is important in isolating this effect.