Optimal Severance Pay in a Matching Model

This paper uses an equilibrium matching framework to study jointly the optimal private provision of severance pay and the allocational and welfare consequences of government intervention in excess of private arrangements. Firms insure risk-averse workers by means of simple explicit employment contracts. Contracts can be renegotiated ex post by mutual consent. It is shown that the privately optimal severance payment is bounded below by the fall in lifetime wealth associated with job loss. Simulations show that, despite contract incompleteness, legislated dismissal costs largely in excess of such private optimum are effectively undone by renegotiation and have only a small allocational effect. Welfare falls. Yet, for deviations from laissez faire in line with those observed for most OECD countries, the welfare loss is small.Severance pay, Contracts, Renegotiation

Investment in General Training with Consensual Layoffs

We study non-contractible firms' investment in general training in a model of frictional unemployment. Since training is vested in workers, firms' return to training is zero when a match ends. Consensual layoff provisions or large severance payments oblige firms to bargain efficiently over the joint payoff from separation. This increases employers' incentives to train as they share workers' outside return to general human capital. The result generalizes to all types of general investment that are vested in the non-investing party on separation. We also show that, independently from underinvestment in training, the laissez-faire equilibrium is always inefficient for any given level of investment.Consensual layoffs, General training, Matching

A Generalized Endogenous Grid Method for Non-concave Problems

This paper extends Carroll's (2006) endogenous grid method and its combination with value function iteration by Barillas and Fern�ndez-Villaverde (2007) to non-concave problems. The method is illustrated using a consumer problem in which consumers choose both durable and non-durable consumption. The durable choice is discrete and subject to non-convex adjustment costs. The algorithm yields substantial gains in accuracy and computational time relative to value function iteration, the standard solution choice for non-concave problems.Endogenous grid method, Non-concavity

Education and Crime over the Life Cycle

In this paper we ask whether policies targeting a reduction in crime rates through changes in education outcomes can be considered an effective and cost-viable alternative to interventions based on harsher punishment alone. In particular we study the effect of subsidizing high school completion. Most econometric studies of the impact of crime policies ignore equilibrium effects and are often reduced-form. This paper provides a framework within which to study the equilibrium impact of alternative policies. We develop an overlapping generation, life-cycle model with endogenous education and crime choices. Education and crime depend on different dimensions of heterogeneity, which takes the form of differences in innate ability and wealth at birth as well as employment shocks. PSID, NIPA and CPS data are used to estimate the parameters of a production function with different types of human capital and to approximate a distribution of permanent heterogeneity. These estimates are used to pin down some of the modelÕs parameters. The model is calibrated to match education enrolments, aggregate (property) crime rate and some features of the wealth distribution. In our numerical experiments we find that policies targeting crime reduction through increases in high school graduation rates are more cost-effective than simple incapacitation policies. Furthermore, the cost-effectiveness of high school subsidies increases significantly if they are targeted at the wealth poor. We also find that financial incentives to high school graduation have radically different implications in general and partial equilibrium (i.e. the scale of the programmes can substantially change its outcomes).

Education and Crime over the Life Cycle

In this paper we ask whether policies targeting a reduction in crime rates through changes in education outcomes can be considered an effective and cost-viable alternative to interventions based on harsher punishment alone. In particular we study the effect of subsidizing high school completion. Most econometric studies of the impact of crime policies ignore equilibrium effects and are often reduced-form. This paper provides a framework within which to study the equilibrium impact of alternative policies. We develop an overlapping generation, life-cycle model with endogenous education and crime choices. Education and crime depend on different dimensions of heterogeneity, which takes the form of differences in innate ability and wealth at birth as well as employment shocks. PSID, NIPA and CPS data are used to estimate the parameters of a production function with different types of human capital and to approximate a distribution of permanent heterogeneity. These estimates are used to pin down some of the model's parameters. The model is calibrated to match education enrolments, aggregate (property) crime rate and some features of the wealth distribution. In our numerical experiments we find that policies targeting crime reduction through increases in high school graduation rates are more cost-effective than simple incapacitation policies. Furthermore, the cost-effectiveness of high school subsidies increases significantly if they are targeted at the wealth poor. We also find that financial incentives to high school graduation have radically different implications in general and partial equilibrium (i.e. the scale of the programmes can substantially change its outcomes).Crime, Education, Subsidies

Education and Crime over the Life Cycle

This paper provides a framework within which to study the equilibrium impact of alternative policies. We develop an overlapping generation, life-cycle model with endogenous education and crime choices. Education and crime depend on different dimensions of heterogeneity, which takes the form of differences in innate ability and wealth at birth as well as employment shocks. The model is calibrated to match education enrolments, aggregate (property) crime rate and some features of the wealth distribution. In our numerical experiments we find that policies targeting crime reduction through increases in high school graduation rates are more cost-effective than simple incapacitation policies. The cost-effectiveness of high school subsidies increases significantly if they are targeted at the wealth poor. Financial incentives to high school graduation have radically different implications in general and partial equilibriumCrime, Education, Life Cycle

Understanding macroscale functionality of metal halide perovskites in terms of nanoscale heterogeneities

Hybrid metal halide perovskites have shown an unprecedented rise as semiconductor building blocks for solar energy conversion and light-emitting applications. Currently, the field moves empirically towards more and more complex chemical compositions, including mixed halide quadruple cation compounds that allow optical properties to be tuned and show promise for better stability. Despite tremendous progress in the field, there is a need for better understanding of mechanisms of efficiency loss and instabilities to facilitate rational optimization of composition. Starting from the device level and then diving into nanoscale properties, we highlight how structural and compositional heterogeneities affect macroscopic optoelectronic characteristics. Furthermore, we provide an overview of some of the advanced spectroscopy and imaging methods that are used to probe disorder and non-uniformities. A unique feature of hybrid halide perovskite compounds is the propensity for these heterogeneities to evolve in space and time under relatively mild illumination and applied electric fields, such as those found within active devices. This introduces an additional challenge for characterization and calls for application of complimentary probes that can aid in correlating the properties of local disorder with macroscopic function, with the ultimate goal of rationally tailoring synthesis towards optimal structures and compositions

Analisis Penerapan Laporan Keuangan Berdasarkan PSAK No.45 Tentang Pelaporan Keuangan Organisasi Nirlaba pada Gereja (Studi Kasus pada Gereja Isa Almasih Jemaat Dr.Cipto Sub Wilayah Panjangan)

Penyusunan laporan keuangan organisasi nirlaba telah diatur dalam pernyataan Standar Akuntansi Keuangan Nomor 45. Penelitian ini dilakukan di Gereja Isa Almasih Jemaat Dr.Cipto Sub Wilayah Panjangan yang merupakan organisasi nirlaba. Tujuan untuk menganalisis penerapan Laporan Keuangan Gereja Isa Almasih Jemaat Dr.Cipto Sub Wilayah Panjangan pada tahun 2015 Semarang apakah sesuai dengan PSAK No. 45. Jenis penelitian ini adalah penelitian dengan analisis deskriptif kualitatif tanpa bantuan alat pengolah data dengan tujuan untuk memberikan gambaran yang mendetal tentang latar belakang, sifat-sifat serta karakteristik yang khas dari subjek yang diteliti. Dari hasil analisis dan pengolahan data, diketahui bahwa penyusunan Laporan Keuangan Gereja Isa Almasih Jemaat Dr.Cipto Sub Wilayah Panjangan Semarang sudah menyajikan laporan posisi keuangan, laporan aktivitas, laporan arus kas akan tetapi belum ada catatan atas laporan keuangan, sehinnga dapat disimpulkan bahwa akun dalam laporan keuangan gereja belum sesuai dengan PSAK No.45