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You searched for +publisher:"University of Illinois – Urbana-Champaign" +contributor:("Forsythe, Eliza"). Showing records 1 – 2 of 2 total matches.

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University of Illinois – Urbana-Champaign

1. Wu, Jhih-Chian. Essays in macroeconomics and unemployment.

Degree: PhD, Economics, 2018, University of Illinois – Urbana-Champaign

Conventional DSGE models that include labor search-and-matching frictions assume that only unemployed workers are job seekers. Without taking the behavior of employed job seekers into account, these standard models overestimate the true magnitude of fluctuations in the entire population of job seekers. Hence, our first chapter proposes augmenting the standard DSGE model with on-the-job search by employed workers. Using Bayesian estimation methods, I show that this augmented model not only well explains the 25 percent decline in hiring that was seen during the Great Recession, but also successfully predicts the subsequent actual five-year-long recovery period of hiring. In contrast, the standard models, which do not incorporate employed workers' on-the-job searches, fail to explain the sharp declines in hiring seen during the Great Recession and the slow job recovery afterward. Furthermore, I find that if on-the-job-search is incorporated in the model, the decline in matching efficiency of the unemployed workers would explain 54 percent of the increase in U.S. unemployment during the Great Recession, as opposed to 27 percent suggested by the standard DSGE models without on-the-job search. The second chapter uses Bayesian methods to estimate a search and matching model that permits job rationing featuring demand and matching efficiency shocks. In such a model, unemployment can exist even in the absence of search frictions. These models have been used to show that jobs rationing, rather than search frictions, causes unemployment to rise during recessions. Previous studies relied on calibration methods to show the extent of job rationing, but it remains unknown how sensitive this result is to the choice of parameters. Based on the parameters in literature, I set the prior probability that job rationing to occur as 1/2, and estimate these models with jobs rationing to update parameters according to observed data. Using these updated parameters (posterior means), I found no instances of unemployment due to jobs rationing in the United States between 1964:Q1 – 2015:Q3. Although the estimation results do not support the existence of job rationing, I found that the features such as wage rigidity and diminishing marginal productivity of labor that could lead to job rationing make the model do a better job of fitting the data than the fully flexible wages model. In the United States, there is substantial heterogeneity in labor market outcomes across demographic groups. Not only do young workers, non-white workers, and those without college degrees have persistently higher unemployment rates than other demographic groups, but these groups also experience substantially larger increases in unemployment rates during recessions. To understand the source of these differences, in the third chapter we decompose the unemployment rate for each demographic group into flows between unemployment, employment, and out-of-the-labor-force. We find that the gap in unemployment rates between these disadvantaged groups and other… Advisors/Committee Members: Shin, Minchul (advisor), Forsythe, Eliza (advisor), Shin, Minchul (Committee Chair), Forsythe, Eliza (Committee Chair), Deltas, George (committee member), Krasa, Stefan (committee member), Feng, Zhigang (committee member).

Subjects/Keywords: DSGE; Unemployment; Business cycles; Search and matching

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APA (6th Edition):

Wu, J. (2018). Essays in macroeconomics and unemployment. (Doctoral Dissertation). University of Illinois – Urbana-Champaign. Retrieved from http://hdl.handle.net/2142/100923

Chicago Manual of Style (16th Edition):

Wu, Jhih-Chian. “Essays in macroeconomics and unemployment.” 2018. Doctoral Dissertation, University of Illinois – Urbana-Champaign. Accessed December 09, 2019. http://hdl.handle.net/2142/100923.

MLA Handbook (7th Edition):

Wu, Jhih-Chian. “Essays in macroeconomics and unemployment.” 2018. Web. 09 Dec 2019.

Vancouver:

Wu J. Essays in macroeconomics and unemployment. [Internet] [Doctoral dissertation]. University of Illinois – Urbana-Champaign; 2018. [cited 2019 Dec 09]. Available from: http://hdl.handle.net/2142/100923.

Council of Science Editors:

Wu J. Essays in macroeconomics and unemployment. [Doctoral Dissertation]. University of Illinois – Urbana-Champaign; 2018. Available from: http://hdl.handle.net/2142/100923


University of Illinois – Urbana-Champaign

2. Zhang, Cong. The roles of international trade and immigration on U.S. local labor and housing market differentiation.

Degree: PhD, Economics, 2016, University of Illinois – Urbana-Champaign

This thesis identifies the effects of international trade and immigration on local labor and housing markets. Housing not only relates to individual welfare, but also affects the performances of local industries, such as construction, real estate, and mortgage financial service industries. Therefore, understanding the effects of international trade and immigration on housing is essential for governments to guide local development, for housing related industries to serve local economy, and for individuals to plan housing mortgage. Chapter 1, "The Effects of Imports on Local Labor Market: A Decomposition", uses OECD STAN Bilateral Trade Database by Industry and End-use category to study the effects of import on U.S. local labor market outcomes. The results are comparable to Autor, Dorn, and Hanson (2013), and confirm that total import reduces local wages and employment rates more in more exposed areas. Since OECD also separates import volumes by their end-use categories, I could separately examine the effects of intermediate goods import and final goods import on local labor market. The decomposition exercise indicates intermediate import is the driving force of the negative effects of total import on non-manufacturing industries. Chapter 2, "The Dynamic Effect of Imports on U.S. Local Jobs and Housing", highlights the link between import shocks and local housing price differentiation. In this chapter, I perform theoretical and empirical analyses to examine the dynamic effects of intermediate goods import on labor and housing markets across U.S. locations. I separate local industries into tradable and non-tradable sectors and build a two-sector spatial equilibrium model, where local housing and labor markets interact. Consistent with the model, I find that intermediate import reduces rents, housing prices, the employments and wages of both tradable and non-tradable sectors. The mechanism identified is that intermediate import first reduces the local labor demands of the two industry sectors which lead to a local wage decline. The decrease in local wage is followed by a reduction in local rent and housing price. Declining housing price and rent further reduce the local non-tradable labor demand because the non-tradable sector is tightly related with housing. Chapter 3, "The Impacts of Immigration on Local Rent", separates immigrants according to their races and education levels, and explore their heterogeneous effects on metropolitan rental prices. Since the majority of new immigrants rent houses, the effect of immigration on rental prices is important for making immigration policies. The empirical results show that low-educated Hispanic immigrants lower rents, whereas other immigrants tend to live in places where local rents are already high. Further investigation suggests low educated Hispanic immigrants drive natives from renting a house to purchase a house, and thus have negative effect on local rents. Advisors/Committee Members: Albouy, David (advisor), Albouy, David (Committee Chair), McMillen, Daniel (committee member), Borgschulte, Mark (committee member), Forsythe, Eliza (committee member).

Subjects/Keywords: International Trade; Immigration; Housing Market; Labor Market

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Zhang, C. (2016). The roles of international trade and immigration on U.S. local labor and housing market differentiation. (Doctoral Dissertation). University of Illinois – Urbana-Champaign. Retrieved from http://hdl.handle.net/2142/92768

Chicago Manual of Style (16th Edition):

Zhang, Cong. “The roles of international trade and immigration on U.S. local labor and housing market differentiation.” 2016. Doctoral Dissertation, University of Illinois – Urbana-Champaign. Accessed December 09, 2019. http://hdl.handle.net/2142/92768.

MLA Handbook (7th Edition):

Zhang, Cong. “The roles of international trade and immigration on U.S. local labor and housing market differentiation.” 2016. Web. 09 Dec 2019.

Vancouver:

Zhang C. The roles of international trade and immigration on U.S. local labor and housing market differentiation. [Internet] [Doctoral dissertation]. University of Illinois – Urbana-Champaign; 2016. [cited 2019 Dec 09]. Available from: http://hdl.handle.net/2142/92768.

Council of Science Editors:

Zhang C. The roles of international trade and immigration on U.S. local labor and housing market differentiation. [Doctoral Dissertation]. University of Illinois – Urbana-Champaign; 2016. Available from: http://hdl.handle.net/2142/92768

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