Winfried Pohlmeier - Academia.edu (original) (raw)
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National Research University “Higher School of Economics” (HSE), Moscow, Russia
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Papers by Winfried Pohlmeier
Journal of Economic Psychology, 2011
For our econometric duration analysis, we use the well-accepted taxonomy Big Five to classify p... more For our econometric duration analysis, we use the well-accepted taxonomy Big Five to classify personality traits. Based on individual unemployment data taken from the German Socio-Economic Panel (SOEP) our empirical findings reveal that the personality traits Conscientiousness ...
… Paper, University of Konstanz, 2009
This paper focuses on the role of noncognitive skills play in determining the suc-cess of unemplo... more This paper focuses on the role of noncognitive skills play in determining the suc-cess of unemployed workers finding and keeping a job. We argue that a worker's job search intensity not only relies on the conventional determinants discussed in the job search literature but is also ...
Ssrn Electronic Journal, Nov 1, 2000
Evidence for nominal wage rigidities have been found in a number of recent studies for countries ... more Evidence for nominal wage rigidities have been found in a number of recent studies for countries with decentralised wage determination. In this paper we examine wage rigidities in West Germany, where wages are determined in a mixed system of central wage bargaining between unions and employer associations or unions and firms and individual wage bargaining. Our estimates based on individual data from 1975 to 1995 confirm that the rigidity of nominal wages is a robust phenomenon also in Germany. Rigidities from central wage agreements, however, dominate. According to our estimates roughly 45 percent of employees who stay in the same plant for two consecutive years are protected against wage reductions below central wage agreements. Wage rigidities are more distinct for employees with more stable employment histories, longer tenure and for employees in larger firms. The strength of wage rigidities is measured with the amount of prohibited wage decreases in the absence of a wage rigidity, the wage sweep-up. The wage sweep-up varied between 4 and 8 percent. Without central wage bargaining and nominal wage rigidities wages the distribution of wage changes would have been less compressed. Wage rigidities have real consequences and the findings confirm the existence of bargaining power of employees in wage determination in Germany. On the individual level higher wage rigidities do not imply higher unemployment or future wage risks. On the aggregate level higher wage sweeps-ups are associated with lower sector employment growth rates. JEL-Classification: J30, J41, J51
It is well documented that the unanticipated news in the U.S. employment report trigger strong pr... more It is well documented that the unanticipated news in the U.S. employment report trigger strong price reactions in bond markets around the world. Bayesian updating suggests that the quality of information, i.e. its precision, acts as a catalyst in determining the strength of the price reaction to a given piece of unanticipated information. However, it is difficult to test for this catalyzing effect due to a lack of precision data. Employing additional detail information, we extract release-specific precision measures. Based of these precision proxies, we show that prices respond significantly stronger to more precise information, even after controlling for an asymmetric price response to 'good' and 'bad' news.
Studies in Contemporary Economics, 1989
Journal of Economic Psychology, 2011
For our econometric duration analysis, we use the well-accepted taxonomy Big Five to classify p... more For our econometric duration analysis, we use the well-accepted taxonomy Big Five to classify personality traits. Based on individual unemployment data taken from the German Socio-Economic Panel (SOEP) our empirical findings reveal that the personality traits Conscientiousness ...
… Paper, University of Konstanz, 2009
This paper focuses on the role of noncognitive skills play in determining the suc-cess of unemplo... more This paper focuses on the role of noncognitive skills play in determining the suc-cess of unemployed workers finding and keeping a job. We argue that a worker's job search intensity not only relies on the conventional determinants discussed in the job search literature but is also ...
Ssrn Electronic Journal, Nov 1, 2000
Evidence for nominal wage rigidities have been found in a number of recent studies for countries ... more Evidence for nominal wage rigidities have been found in a number of recent studies for countries with decentralised wage determination. In this paper we examine wage rigidities in West Germany, where wages are determined in a mixed system of central wage bargaining between unions and employer associations or unions and firms and individual wage bargaining. Our estimates based on individual data from 1975 to 1995 confirm that the rigidity of nominal wages is a robust phenomenon also in Germany. Rigidities from central wage agreements, however, dominate. According to our estimates roughly 45 percent of employees who stay in the same plant for two consecutive years are protected against wage reductions below central wage agreements. Wage rigidities are more distinct for employees with more stable employment histories, longer tenure and for employees in larger firms. The strength of wage rigidities is measured with the amount of prohibited wage decreases in the absence of a wage rigidity, the wage sweep-up. The wage sweep-up varied between 4 and 8 percent. Without central wage bargaining and nominal wage rigidities wages the distribution of wage changes would have been less compressed. Wage rigidities have real consequences and the findings confirm the existence of bargaining power of employees in wage determination in Germany. On the individual level higher wage rigidities do not imply higher unemployment or future wage risks. On the aggregate level higher wage sweeps-ups are associated with lower sector employment growth rates. JEL-Classification: J30, J41, J51
It is well documented that the unanticipated news in the U.S. employment report trigger strong pr... more It is well documented that the unanticipated news in the U.S. employment report trigger strong price reactions in bond markets around the world. Bayesian updating suggests that the quality of information, i.e. its precision, acts as a catalyst in determining the strength of the price reaction to a given piece of unanticipated information. However, it is difficult to test for this catalyzing effect due to a lack of precision data. Employing additional detail information, we extract release-specific precision measures. Based of these precision proxies, we show that prices respond significantly stronger to more precise information, even after controlling for an asymmetric price response to 'good' and 'bad' news.
Studies in Contemporary Economics, 1989