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The German Manufacturing Sector is a Granular Economy
power law idiosyncratic shocks granular residual Germany
2012/10/22
Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German m...
Returns to Human Capital under the Communist Wage Grid and During the Transition to a Market Economy
Communism Czech Republic human capital labor retrospective data
2013/10/18
Under communism, workers had their wages set according to a centrally-determined wage grid. In this paper we use new micro data on men to estimate returns to human capital under the communist wage gri...