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Working Time and Employment Under Uncertainty

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  • Chen Yu-Fu

    ()
    (Dept of Economic Studies, University of Dundee, UK)

  • Funke Michael

    ()
    (University of Hamburg, Germany)

Abstract

The standard literature on working time has modelled the decisions of firms in a deterministic framework in which firms can choose between employment and overtime (given mandated standard hours). Contrary to this approach, we consider the impact of uncertainty and real options on the decision of working time and examine the determinants of employment and hours in a stochastic framework. A number of simulation exercises to illustrate the workings of the model are also undertaken.

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Bibliographic Info

Article provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.

Volume (Year): 8 (2004)
Issue (Month): 3 (September)
Pages: 1-23

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Handle: RePEc:bpj:sndecm:v:8:y:2004:i:3:n:5

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  1. Marimon, Ramon & Zilibotti, Fabrizio, 2000. "Employment and distributional effects of restricting working time," European Economic Review, Elsevier, vol. 44(7), pages 1291-1326, June.
  2. FitzRoy, Felix R. & Funke, Michael & Nolan, Michael A., 2002. "Working time, taxation and unemployment in general equilibrium," European Journal of Political Economy, Elsevier, vol. 18(2), pages 333-344, June.
  3. A. Lans Bovenberg & Johan J. Graafland & Ruud A. de Mooij, 1998. "Tax Reform and the Dutch Labor Market: An Applied General Equilibrium Approach," NBER Working Papers 6693, National Bureau of Economic Research, Inc.
  4. Trejo, Stephen J, 1993. "Overtime Pay, Overtime Hours, and Labor Unions," Journal of Labor Economics, University of Chicago Press, vol. 11(2), pages 253-78, April.
  5. Per Krusell & Lee E. Ohanian & Jose-Victor Rios-Rull & Giovanni L. Violante, 1997. "Capital-skill complementarity and inequality: a macroeconomic analysis," Staff Report 239, Federal Reserve Bank of Minneapolis.
  6. Bauer, Thomas & Zimmermann, Klaus F, 1999. "Overtime Work and Overtime Compensation in Germany," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(4), pages 419-36, September.
  7. Felix R. FitzRoy & Michael Funke & Michael A. Nolan, 1999. "Working Time, Taxation and Unemployment," Discussion Paper Series, Department of Economics 199901, Department of Economics, University of St. Andrews.
  8. Bentolila, Samuel & Bertola, Giuseppe, 1990. "Firing Costs and Labour Demand: How Bad Is Eurosclerosis?," Review of Economic Studies, Wiley Blackwell, vol. 57(3), pages 381-402, July.
  9. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
  10. Calmfors, Lars & Hoel, Michael, 1988. " Work Sharing and Overtime," Scandinavian Journal of Economics, Wiley Blackwell, vol. 90(1), pages 45-62.
  11. Christopher A. Pissarides, 1997. "The Impact of Employment Tax Cuts on Unemployment and Wages: The Role of Unemployment Benefits and Tax Structure," CEP Discussion Papers dp0361, Centre for Economic Performance, LSE.
  12. Una-Louise Bell, 1996. "Adjustment Costs, Uncertainty and Employment Inertia," Banco de Espa�a Working Papers 9620, Banco de Espa�a.
  13. Caballero, Ricardo J, 1991. "On the Sign of the Investment-Uncertainty Relationship," American Economic Review, American Economic Association, vol. 81(1), pages 279-88, March.
  14. Alison Booth & Yu-Fu Chen & Gylfi Zoega, 1999. "Hiring And Firing: A Tale Of Two Thresholds," Dundee Discussion Papers in Economics 095, Economic Studies, University of Dundee.
  15. Bertola, Giuseppe, 1990. "Job security, employment and wages," European Economic Review, Elsevier, vol. 34(4), pages 851-879, June.
  16. Calmfors, Lars, 1985. "Work sharing, employment and wages," European Economic Review, Elsevier, vol. 27(3), pages 293-309.
  17. Chen, Yu-Fu & Zoega, Gylfi, 1999. "On the effectiveness of firing costs1," Labour Economics, Elsevier, vol. 6(3), pages 335-354, September.
  18. Mortensen, Dale T. & Pissarides, Christopher A., 1999. "New developments in models of search in the labor market," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 39, pages 2567-2627 Elsevier.
  19. Calmfors, Lars & Hoel, Michael, 1989. "Work Sharing, Employment and Shiftwork," Oxford Economic Papers, Oxford University Press, vol. 41(4), pages 758-73, October.
  20. Una-Louise Bell, 1996. "Adjustment Costs, Uncertainty and Employment Inertia," Banco de Espa�a Working Papers 9620, Banco de Espa�a.
  21. G Houpis, 1993. "The Effect of Lower Hours of Work on Wages and Employment," CEP Discussion Papers dp0131, Centre for Economic Performance, LSE.
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Citations

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Cited by:
  1. Yu-Fu Chen & Michael Funke, 2008. "Product Market Competition, Investment and Employment-Abundant versus Job-Poor Growth: A Real Options Perspective," Quantitative Macroeconomics Working Papers 20802, Hamburg University, Department of Economics.
  2. Chamorro Gómez, José Manuel & Abadie, Luis M., 2005. "Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant," IKERLANAK 2005-21, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
  3. Lukach, R. & Plasmans, J.E.J., 2002. "Measuring Knowledge Spillovers using Patent Citations: Evidence from the Belgian Firm's Data," Open Access publications from Tilburg University urn:nbn:nl:ui:12-92281, Tilburg University.
  4. Chen, Yu-Fu & Funke, Michael, 2008. "China's new labour contract law: No harm to employment?," BOFIT Discussion Papers 29/2008, Bank of Finland, Institute for Economies in Transition.
  5. Yu-Fu Chen & Michael Funke, 2007. "Threshold Effects of Dismissal Protection Regulation and the Emergence of Temporary Work Agencies," Dundee Discussion Papers in Economics 207, Economic Studies, University of Dundee.
  6. Yu-Fu Chen & Michael Funke, 2006. "Threshold Effects of Dismissal Protection Regulations and Employment Dynamics," Dundee Discussion Papers in Economics 195, Economic Studies, University of Dundee.
  7. Regt,Erik R.,de, 2005. "Overtime and Short-time with Fluctuating Absenteeism and Demand," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).

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