جستجوی مقالات مرتبط با کلیدواژه « Adjustment Costs » در نشریات گروه « اقتصاد »

In this study, we seek to answer the question of what effect investment has on stock returns, given the volatile market and the impact of a variety of crises, given the adjustment costs. For this purpose, using the rotary model and changing the Markov switching diet, the present topic for the period of 1370 to 1397 in the Iranian economy is examined. The results of Marcov's estimation of the period of recession and prosperity show; Positive oil shocks during the boom (second regime) have a positive effect on stock returns. Also, financial crises, sanctions and investment, despite the cost of adjusting, have a negative effect on stock returns in both periods of recession and prosperity. According to the model estimates, the economic downturn in the recession for the period under review in the present study is 18 periods of recession versus 9 periods of boom, which in turn increases the investment risk with the current situation. Therefore, it is suggested that in the event of oil shocks, financial crises and increased investment adjustment costs, the government and the central bank should preferably implement their policy in times of recession, because in these periods the economy has potential.

Despite the low participation rate of women in the labor market, the unemployment rate of women has increased significantly and has exceeded the unemployment rate of men in the last three decades. This paper focuses on the factors which affect labor demand considering gender using the data for the period 1986-2017. Based on the Multiple-Equation Generalized Method of Moments estimator, the results demonstrate that non-oil GDP has a positive and significant, and relative wages, capital-labor ratio, and labor costs–capital costs ratio have a negative and significant impact on labor demand by gender. The results of model estimation show that the speed of labor adjustment toward the desired level for female labor is slower compared to male labor. Furthermore, it is denoted that non-oil GDP affects labor demand positively with more impact on the female labor force. Other findings indicate that in the Iran’s labor market, male and female labors are substitutes hence, policies like wage subsidies for employing female labor force can stimulate female labor demand in a positive and significant way. On the other hand, as it is found that labor and capital are substitutes, policies that make labor more costly than capital may result in employment reduction. Finally, the technological progress that arises from increases in capital per capita has a negative and significant effect on both the female and male labor force.

The highly-educated labor force unemployment rate rapidly overtook the unemployment rate of the less-educated workers for the last two decades. This paper focuses on the factors which affect labor demand  considering the level of education using the data from 1986 to 2017.  Results based on the Multiple-Equation Generalized Method of Moments estimator demonstrate that non-oil GDP, relative wages, capital-labor ratio, and labor costs–capital costs ratio have a significant impact on labor demand in terms of education level. Also, it is demonstrated that the highly-educated labor force can adjust to its desired level at a slower pace than the less educated workforce. Furthermore, it is denoted that non-oil GDP affects labor demand in a positive and significant way with more impact on the workers with higher education. Other findings indicate that in Iran’s labor market, highly-educated labor force and workers without college/university degree are substitutes, hence policies like wage subsidies and employer insurance exemption for employing higher education graduates can stimulate labor demand for a highly-educated workforce in a positive and significant manner. On the other hand, as it is found that labor and capital are substitutes, policies that make labor costlier than capital may result in employment reduction. Finally, the technological progress that arises from increases in capital per capita has a positive and significant effect on the labor force with higher education, but it influences less-educated labor employment negatively and significantly.

The aim of this study is to investigate the role of total factor productivity (TFP) in adjustment costs of labor in the Kurdistan province’s manufacturing  industries.  For this purpose, TFP is measured and analysed using Divisia index in the province’s industry in 4-digit ISIC codes. Different indicators are used for calculating the adjustment cost. In this study, for estimating adjustment costs, two indicators including the effect of total reallocation and the absolute of employment changes have been used. The results of model estimation by using  pooled data method over the period 2004-2013, show that the Divisia index of TFP reduced the adjustment costs in  manufacturing  industries. Also, the results show that the  human capital has a negative and significant impact on the adjustment costs. Therefore, it is recommended that in using the production increasing policies, in order to prevent of the unintended adjustment costs,  TFP promotion is emphasized.

Recent literature of intra-industry trade has paid attention to the relationship between intra-industry trade and adjustment costs. Adjustment costs include the losses due to temporary unemployment in the labor market, which arise from wage rigidity, the research costs, re-location and re-training of labor. Based on smooth adjustment hypothesis, intra-industry trade has a lower adjustment cost than inter-industry one. The present study has examined the smooth adjustment hypothesis for Iranian manufacturing industries at the 4-digit level of ISIC classification by using panel data during time period 2002-2006. For this, intra industry trade has been divided into its types (vertical and horizontal intra-industry trade) and then the hypothesis which is horizontal intra industry trade has lower adjustment cost than vertical one has been tested. Based on the results, the smooth adjustment hypothesis is not verified for Iran while employing total intra industry trade. But by distinguishing intra-industry trade to its types, the hypothesis is confirmed for horizontal intra industry trade. Also, the hypothesis which asserts that horizontal intra industry trade has low adjustment costs compared to the vertical one is verified. Based on the findings, it is suggested to pay more attention to intra-industry trade especially the horizontal one in promoting the foreign trade.