- UNEMPLOYMENT IN EUROPE AND REGIONAL LABOR FLUCTUATIONS

This paper studies the relationship between region-specific shocks in the European labor market and unemployment rates in Europe. The existing empirical literature in this topic employs measures hardly useful to analyze the issue at hand. We use a model for non-stationary evolving distributions to identify disaggregate and aggregate disturbances and analyze their joint dynamics. Our main findings are that unemployment is lower the more alike shocks are across regions and the lower mobility of those regional shocks is. Further, the dynamics of regional shocks have substantial predictive power for aggregate unemployment fluctuations.regional fluctuations, geographical region, unemployment, mismatch index, large crosssection.

Formal education, mismatch and wages after transition: Assessing the impact of unobserved heterogeneity using matching estimators

This paper studies the incidence and consequences of the mismatch between formal education and the educational requirements of jobs in Estonia during the years 1997-2003. We find large wage penalties associated with the phenomenon of educational mismatch. Moreover, the incidence and wage penalty of mismatches increase with age. This suggests that structural educational mismatches can occur after fast transition periods. Our results are robust for various methodologies, and more importantly regarding departures from the exogeneity assumptions inherent in the matching estimators used in our analysis. JEL Classification: J0Education mismatch, Matching Estimators, wage determination

Are specific skills an obstacle to labor market adjustment? Theory and an application to the EU enlargement

We argue that the existence of large amounts of specific human capital makes costly and slows down the adjustment in the labor market after large reallocation shocks. To illustrate this point we build a theoretical framework in which young agents’ career is heavily determined by initial education, and analyze the transition to a new steady-state after a sectoral demand shift. An interesting case study is the EU enlargement, which led to modernization of many sectors in eastern countries and to a fast decline of traditional industries. Using labor force data from a large economy with rigid labor markets, Poland, and a small open economy with increased flexibility, Estonia, we document and find support for our claim. Quantitative exercises suggest that the overspecializaton of the labor force in Poland explain to a large extent the much higher and persistent unemployment compared to Estonia during the period of EU enlargement. JEL Classification: J30Enlargement, Labor Reallocation, Matching, Specific Skills, Vocational Education

Public and private sector wages: co-movement and causality

This paper looks at public and private sector wages interactions since the 1960s in the euro area, euro area countries and a number of other OECD countries. The paper reports, first, a strong positive annual contemporaneous correlation of public and private sector wages over the business cycle; this finding is robust across methods and measures of wages and quite general across countries. Second, we show evidence of long-run relationships between public and private sector wages in all countries. Finally, causality analysis suggests that feedback effects between private and public wages occur in a direct manner and, importantly also via prices. While influences from the private sector appear on the whole to be stronger, there are direct and indirect feedback effects from public wage setting in a number of countries as well. We show how country-specific institutional features of labour and product markets contain helpful information to explain the heterogeneity across countries of our results on public/private wage leadership. JEL Classification: C32, J30, J51, J52, E62, E63, H50(partly) government wages, causality, co-movement, private sector wages

Are Specific Skills an Obstacle to Labor Market Adjustment? Theory and an Application to the EU Enlargement

Countries react differently to large labor reallocation shocks. Some minimize the costs by adapting rapidly, while others suffer long periods of costly adjustment, typically high and persistent unemployment and temporary output losses. We argue that the existence of large amounts of specific human capital slows down the transitions and makes them costly. We illustrate this point by building a theoretical framework in which young agents' careers are heavily determined by the type of initial education, and analyze the transition to a new steady-state after a sectoral demand shift. In the absence of mobility, it can take as much as a generation for the economy to absorb the shock. An interesting case study is the European Union enlargement, which led to a modernization of many sectors in Eastern countries and to a fast decline of traditional industries and agriculture. Using labor force data from a large economy with rigid labor markets, Poland, and a small open economy with increased flexibility, Estonia, we document our main claim, namely that specialized education reduces workers' mobility and hence their ability to cope with economic changes. We find that holding a vocational degree is associated with much longer unemployment duration spells, relatively large wage penalties when changing jobs and higher likelihood of leaving activity for elder workers. Quantitative exercises suggest that the over-specialization of the labor force in Poland led to much higher and persistent unemployment compared to Estonia during the period of EU enlargement. Traditional labor market institutions (wage rigidity and employment protection) increased, but to a much lesser extent, the unemployment gap.enlargement, labor reallocation, matching, specific skills, unemployment and vocational education

The cyclicality of consumption, wages and employment of the public sector in the euro area

This study examines the business cycle behaviour of public consumption and its main components; the public wage bill (including compensation per employee and public employment) and intermediate consumption in the euro area aggregate, euro area countries and a group of selected non-euro area OECD countries (Denmark, Sweden, the UK, Japan and the US). It looks across a large number of variables and methods, using annual data from 1960 to 2005. It finds robust evidence supporting that public consumption, wages and employment co-move with the business cycle in a pro-cyclical manner with 1-2 year lags, notably for the euro area aggregate and euro area countries. The findings reflect mainly the correlation between cyclical developments (automatic stabilizers), but also point to the important role of pro-cyclical discretionary fiscal policies. JEL Classification: E62, E63, H50filtering, Public consumption, public employment, public wages, stylized facts, thick modelling

European women: Why do(n't) they work?

This paper provides an empirical study of the determinants of female participation decisions in the European Union. The analysis is performed by estimating participation equations for different age groups (i.e. young, prime-age and older females), using annual data for a panel of 12 EU-15 countries over the period 1980-2000. Our findings show that the strictness of labour market institutions negatively affects the participation rate. Decisions linked to individual preferences with regards to education or fertility are also found relevant to participation of the youngest and prime-age females respectively. The inclusion of a proxy to capture cohort effects is crucial in order to explain the oldest females’ participation. JEL Classification: J21labour force participation, Labour market institutions

Caracterització fenòlica i aromàtica de la garnatxa negra a la denominació d'origen Montsant. Estratègies enològiques per a la millora del color

L'evolució dels gustos dels consumidors i les exigències dels mercats internacionals porten a produir vins negres estructurats i amb colors vius i intensos. Per millorar el color dels vins de garnatxa negra cal implementar estratègies que permetin potenciar la presència de compostos fenòlics en el raïm i alhora desenvolupar els itineraris enològics més adequats per aprofitar al màxim el potencial fenòlic de la varietat. La garnatxa negra és una varietat amb alta tanicitat, de manera que es pot aprofitar el seu potencial fenòlic per posar a disposició dels antocians la màxima concentració de tanins possible i facilitar així la seva unió i en conseqüència l'estabilització del vi. De tota manera, resulta difícil fer coincidir al most la presència d'altes concentracions dels dos compostos. Els antocians i els tanins s'extreuen en la maceració de manera diferent: mentre que els antocians són extraïbles en medi aquós, el tanins difícilment s'extreuen sense la presència d'alcohol i elevades temperatures. L'objectiu de l'estudi és testar l'eficàcia, tant analíticament com sensorialment, de diferents tècniques enològiques per a la millora del color dels vins de garnatxa negra de la DO Montsant. Per a la realització de l'estudi s'han dut a terme vinificacions durant tres veremes consecutives (2011, 2012 i 2013). Es va estudiar l'evolució de la concentració dels tanins i l'índex de polifenols totals i antocians lliures i totals durant la vinificació. En el vi resultant es va dur a terme la caracterització química bàsica, fenòlica i aromàtica i l'anàlisi sensorial pel panel de tast.The evolution of consumer tastes and the demands of international markets lead winemakers to produce structured wines with intense colours. To improve the colour of Grenache Noir wines, oenological strategies must be implemented to maximize the presence of phenolic compounds in grapes and to develop the most appropriate ways of harnessing the phenolic potential of the variety. Grenache Noir is a variety with large amount of tannins, so advantage may be taken of its phenolic potential to make available to the anthocyanins the highest possible concentration of tannins, thus facilitating their union and stabilizing the wine. However, it is difficult to achieve simultaneously high concentrations of the two compounds in the must. Anthocyanins and tannins are extracted in different maceration times: while anthocyanins are removable in water, it is difficult to extract tannins without the presence of alcohol and high temperatures. The aim of this study was to test the efficiency, in both an analytical and sensory way, of different winemaking techniques for improving the colour of Grenache Noir wines from Montsant. To conduct the study, vinifications were carried out in three consecutive vintages (2011, 2012 and 2013). The evolution of tannin concentration, of the total polyphenols index and of the free and total anthocyanins index during vinification was studied. The basic chemical, phenolic and aromatic characterization and a sensory analysis by a tasting panel were carried out on the resulting wine.La evolución de los gustos de los consumidores y las exigencias de los mercados internacionales llevan a producir vinos tintos estructurados y con colores vivos e intensos. Para mejorar el color de los vinos de garnacha tinta es necesario implementar estrategias que permitan potenciar la presencia de compuestos fenólicos en la uva y a la vez desarrollar itinerarios enológicos adecuados para aprovechar al máximo el potencial fenólico de la variedad. La garnacha tinta es una variedad con alta tanicidad, por lo que se puede aprovechar su potencial fenólico para poner a disposición de los antocianos la máxima concentración de taninos posible y facilitar así las uniones y en consecuencia la estabilización del vino. De todos modos, resulta difícil hacer coincidir en el mosto la presencia de altas concentraciones de los dos compuestos. Antocianos y taninos se extraen en la maceración de manera diferente: mientras que los antocianos son extraíbles en medio acuoso, los taninos difícilmente se extraen sin la presencia de alcohol y elevadas temperaturas. El objetivo del estudio es testar la eficiencia, tanto analítica como sensorialmente, de diferentes técnicas enológicas para la mejora del color de los vinos de garnacha tinta de la D. O. Montsant. Para la realización del estudio se han llevado a cabo vinificaciones durante tres vendimias consecutivas (2011, 2012 y 2013). Se estudió la evolución de la concentración de los taninos y el índice de polifenoles totales y antocianos libres y totales durante la vinificación. En el vino resultante se ha llevado a cabo la caracterización química básica, fenólica y aromática y el análisis sensorial por el panel de cata

Public and private sector wages:comovement and casuality

This paper looks at public and private sector wages interactions since the 1960s in the euro area, euro area countries and a number of other OECD countries. It focuses on co-movements and causal relationships. To obtain the most robust results possible, we apply a number of alternative empirical methodologies, and perform the analysis for two data samples and different price deflators. The paper reports, first, a strong positive annual contemporaneous correlation of public and private sector wages over the business cycle; this finding is robust across methods and measures of wages and quite general across countries. Second, we show evidence of long-run relationships between public and private sector wages in all countries. Finally, causality analysis suggests that feedback effects between private and public wages occur in a direct manner and, importantly also via prices. While influences from the private sector appear on the whole to be stronger, there are direct and indirect feedback effects from public wage setting in a number of countries as well. We show how country-specific institutional features of labour and product markets contain helpful information to explain the heterogeneity across countries of our results on public/private wage leadership.government wages; private sector wages; causality; co-movement.

The Center of Success: A Case Study on Hilton\u27s Company Culture

Company culture is an essential element to the success of any organization. This is especially true in the hospitality industry where positive employee experiences are vital to customer satisfaction. The purpose of this study was to examine the company culture of Hilton. Data were sourced primarily from Hilton websites, third-party websites, and academic articles. This study found that Hilton’s culture is shaped by compelling mission, vision, and value statements that drive every organizational aspect. Additionally, award-winning reward, recognition, and training programs sustain and reinforce a culture that grants Hilton a unique competitive advantage. To maintain market leadership, Hilton must continually improve internal programs and update metrics that align employee performance with business goals. It is recommended that Hilton’s cultural practices be used as a benchmark for other hospitality companies. Lastly, future research should analyze how consistently Hilton’s culture practices are implemented across its myriad luxury, resort, and select service brands