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Abstract

We study the relationship between wealth and labour market transitions. A lifecycle model, in which individuals are faced by uncertainty about the availability of jobs, serves as a basis for a reduced-form specification for the probabilities of labour market transitions, which depend on wealth according to the model. Theory implies a negative effect of wealth on the probability of becoming or staying employed. This implication is tested for in a reduced-from model of labour market transitions, in which we allow for random effects, initial conditions, and measurement error in wealth. Elasticities of transitions probabilities with respect to wealth are presented. Copyright © 2002 John Wiley & Sons, Ltd.

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Bibliographic Info

Paper provided by Tilburg - Center for Economic Research in its series Papers with number 9599.

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Length: 58 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:tilbur:9599

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Postal: TILBURG UNIVERSITY, CENTER FOR ECONOMIC RESEARCH, 5000 LE TILBURG THE NETHERLANDS.
Phone: 31 13 4663050
Fax: 31 13 4663066
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Web page: http://center.uvt.nl/
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Keywords: WEALTH; LABOUR MARKET;

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References

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1. Vassilis A. Hajivassiliou & Axel Borsch-Supan, 1990. "Smooth Unbiased Multivariate Probability Simulators for Maximum Likelihood Estimation of Limited Dependent Variable Models," Cowles Foundation Discussion Papers 960, Cowles Foundation for Research in Economics, Yale University.
   
   • Borsch-Supan, Axel & Hajivassiliou, Vassilis A., 1993. "Smooth unbiased multivariate probability simulators for maximum likelihood estimation of limited dependent variable models," Journal of Econometrics, Elsevier, vol. 58(3), pages 347-368, August.
2. Blundell, Richard & Magnac, Thierry & Meghir, Costas, 1997. "Savings and Labor-Market Transitions," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(2), pages 153-64, April.
   
   • Richard Blundell & Thierry Magnac & Costas Meghir, 1996. "Savings and labour market transitions," IFS Working Papers W96/05, Institute for Fiscal Studies.
3. Hotz, V Joseph & Kydland, Finn E & Sedlacek, Guilherme L, 1988. "Intertemporal Preferences and Labor Supply," Econometrica, Econometric Society, vol. 56(2), pages 335-60, March.
4. Bloemen, Hans G., 1997. "Job search theory, labour supply and unemployment duration," Journal of Econometrics, Elsevier, vol. 79(2), pages 305-325, August.
   
   • Bloemen, H.G., 1992. "Job search theory, labour supply and unemployment duration," Discussion Paper 1992-50, Tilburg University, Center for Economic Research.
   • Bloemen, H.G., 1992. "Job Search Theory, Labour Supply and Unemployment Duration," Papers 9250, Tilburg - Center for Economic Research.
5. Zeldes, Stephen P, 1989. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 275-98, May.
   
   • Stephen Zeldes, . "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," Rodney L. White Center for Financial Research Working Papers 20-86, Wharton School Rodney L. White Center for Financial Research.
6. G. S. Maddala, 1987. "Limited Dependent Variable Models Using Panel Data," Journal of Human Resources, University of Wisconsin Press, vol. 22(3), pages 307-338.
7. Chamberlain, Gary, 1984. "Panel data," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 22, pages 1247-1318 Elsevier.
8. John Bound & David A. Jaeger & Regina Baker, 1993. "The Cure Can Be Worse than the Disease: A Cautionary Tale Regarding Instrumental Variables," NBER Technical Working Papers 0137, National Bureau of Economic Research, Inc.
9. repec:att:wimass:9429 is not listed on IDEAS
10. Keane, Michael P & Wolpin, Kenneth I, 1994. "The Solution and Estimation of Discrete Choice Dynamic Programming Models by Simulation and Interpolation: Monte Carlo Evidence," The Review of Economics and Statistics, MIT Press, vol. 76(4), pages 648-72, November.
    
    • Michael P. Keane & Kenneth I. Wolpin, 1994. "The solution and estimation of discrete choice dynamic programming models by simulation and interpolation: Monte Carlo evidence," Staff Report 181, Federal Reserve Bank of Minneapolis.
11. John Rust, 1997. "Using Randomization to Break the Curse of Dimensionality," Econometrica, Econometric Society, vol. 65(3), pages 487-516, May.
    
    • John Rust & Department of Economics & University of Wisconsin, 1994. "Using Randomization to Break the Curse of Dimensionality," Computational Economics 9403001, EconWPA, revised 04 Jul 1994.
12. Charlier, E., 1997. "Limited Dependent Variable Models for Panel Data," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74022, Tilburg University.
13. Chamberlain, Gary, 1980. "Analysis of Covariance with Qualitative Data," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 225-38, January.
14. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
15. Alessie, Rob & Lusardi, Annamaria, 1997. "Saving and income smoothing: Evidence from panel data," European Economic Review, Elsevier, vol. 41(7), pages 1251-1279, July.
16. Stancanelli, E.G.F., 1994. "The unemployed's financial resources and the probality of re-employment," Serie Research Memoranda 0047, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
17. MaCurdy, Thomas E, 1983. "A Simple Scheme for Estimating an Intertemporal Model of Labor Supply and Consumption in the Presence of Taxes and Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 265-89, June.
18. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 50(5), pages 1269-86, September.

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Citations

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Cited by:

1. Tricia Gladden & Michelle Alexopoulos, 2004. "The Effects of Wealth, and Unemployment Benefits on Search Behavior and Labor Market Transitions," Econometric Society 2004 North American Summer Meetings 517, Econometric Society.
2. Stancanelli, Elena & Bloemen, Hans, 2001. "Individual Wealth, Reservation Wages, and Transitions into Employment," Open Access publications from Sciences Po info:hdl:2441/9704, Sciences Po.
   
   • Bloemen, Hans G & Stancanelli, Elena G F, 2001. "Individual Wealth, Reservation Wages, and Transitions into Employment," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 400-439, April.
   • Bloemen, H.G. & Stancanelli, E.G.F., 1997. "Individual Wealth, Reservation Wages and Transitions into Employment," Discussion Paper 1997-02, Tilburg University, Center for Economic Research.
   • Stancanelli, E.G.F. & Bloemen, H.G., 1997. "Individual wealth, reservation wages and transitions into employment," Discussion Paper 9702, Tilburg University, Center for Economic Research.
3. Corsini, Lorenzo, 2012. "Unemployment Insurance Schemes, Liquidity Constraints and Re-employment: a three Country Comparison," MPRA Paper 36572, University Library of Munich, Germany.
   
   • Lorenzo Corsini, 2012. "Unemployment Insurance Schemes, Liquidity Constraints and Re-employment: A Three Country Comparison," Comparative Economic Studies, Palgrave Macmillan, vol. 54(2), pages 321-340, June.
4. Bloemen, Hans, 2008. "Private Wealth and Job Exit at Older Age: A Random Effects Model," IZA Discussion Papers 3386, Institute for the Study of Labor (IZA).
5. Hans G. Bloemen & Elena G. F. Stancanelli, 2003. "Financial Wealth, Consumption Smoothing, and Income Shocks due to Job Loss," Documents de Travail de l'OFCE 2003-09, Observatoire Francais des Conjonctures Economiques (OFCE).
   
   • Bloemen, Hans G. & Stancanelli, Elena G.F., 2001. "Financial wealth, consumption smoothing, and income shocks due to job loss," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
6. Martin Browning & Thomas F. Crossley & Eric Smith, 2002. "Asset Accumulation and Short Term Employment," Department of Economics Working Papers 2002-14, McMaster University.
   
   • Martin Browning & Thomas F. Crossley & Eric F. Smith, 2007. "Asset Accumulation and Short Term Employment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 10(3), pages 400-423, July.
   • Martin Browning & Thomas F. Crossley & Eric Smith, 2003. "Asset Accumulation and Short Term Employment," CAM Working Papers 2003-02, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
7. Bloemen, Hans, 2006. "The Impact of Wealth on Job Exit Rates of Elderly Workers," IZA Discussion Papers 2247, Institute for the Study of Labor (IZA).
8. Lorenzo Corsini, 2011. "On Wealth, Unemployment Benefits and Unemployment Duration: some Evidence from Italy," Discussion Papers 2011/119, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
9. Hans Bloemen, 2008. "Private Wealth and Job Exit at Older Age: a Random Effects Model," Tinbergen Institute Discussion Papers 08-025/3, Tinbergen Institute.

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