Labor contracts and business cycles

This paper investigates tbe c1aim, often put forth by Real Business Cycle proponents (e.g Prescott (1986», that the poor performance of their models in matching real world aggregate labor market behavior are due to tbe fact that observed real wage payments do not correspond to the actual marginal productivity of labor but contain an insurance component which cannot be accounted for by the Walrasian pricing mecbanism. To test this idea we dispense with tbe Walrasian description of the labor market and introduce contractual arrangements between employees and employers. Assuming that the former are prevented from accessing capital markets and are more risk averse than the latter we use tbe theory optimal contracts to derive an equilibrium relation between aggregate states of the economy and wage-Labor outcomes. This contractual arrangement is then embedded into a standard one-sector, stochastic neoclassical growth model in order to look at the business cycle implications of the contractual hypotbesis. The resulting dynamic equilibrium relations are then parameterized and studied by means of standard numerical approximation techniques. The quantitative properties of our model appear to be somewhat encouraging. We have examined different contractual environments and in all circumstances the contracts-based equilibrium performs better than standard ones witb regard to the labor-market variables and at least as well witb regard to the otber aggregate macroeconomic variables. The present paper reports only the simulation results relative to what we consider tbe most empirically relevant cases. More results are available from the authors

Labor contracts and business cycles.

This paper investigates tbe c1aim, often put forth by Real Business Cycle proponents (e.g Prescott (1986», that the poor performance of their models in matching real world aggregate labor market behavior are due to tbe fact that observed real wage payments do not correspond to the actual marginal productivity of labor but contain an insurance component which cannot be accounted for by the Walrasian pricing mecbanism. To test this idea we dispense with tbe Walrasian description of the labor market and introduce contractual arrangements between employees and employers. Assuming that the former are prevented from accessing capital markets and are more risk averse than the latter we use tbe theory optimal contracts to derive an equilibrium relation between aggregate states of the economy and wage-Labor outcomes. This contractual arrangement is then embedded into a standard one-sector, stochastic neoclassical growth model in order to look at the business cycle implications of the contractual hypotbesis. The resulting dynamic equilibrium relations are then parameterized and studied by means of standard numerical approximation techniques. The quantitative properties of our model appear to be somewhat encouraging. We have examined different contractual environments and in all circumstances the contracts-based equilibrium performs better than standard ones witb regard to the labor-market variables and at least as well witb regard to the otber aggregate macroeconomic variables. The present paper reports only the simulation results relative to what we consider tbe most empirically relevant cases. More results are available from the authors.

Characteristics Indicative of the Likelihood of Leaving Open-Ended Comments on an Organizational Survey

It has been suggested that individuals who take surveys solely answer questions to obtain the incentive offered. However, people who answer surveys also tend to do so because they want to give their genuine feedback. Ultimately, the results of Chi-Square and Logistic Regression did not support the hypotheses.https://engagedscholarship.csuohio.edu/u_poster_2012/1017/thumbnail.jp

Characteristics Indicative of the Likelihood of Leaving Open-Ended Comments on an Organizational Survey

It has been suggested that individuals who take surveys solely answer questions to obtain the incentive offered. However, people who answer surveys also tend to do so because they want to give their genuine feedback. Ultimately, the results of Chi-Square and Logistic Regression did not support the hypotheses.https://engagedscholarship.csuohio.edu/u_poster_2012/1017/thumbnail.jp

Set-up of a Generalized Dataset for Crack-Closure-Mechanisms of Cast Steel

In components, crack propagation is subjected to crack-closure-mechanisms which affect the build-up of the relevant threshold stress intensity factor range during cyclic loading. As structural parts are exposed to service loads incorporating a variety of load ratios, a significant change of the long-crack threshold value occurs, leading to a severe stress ratio dependency of crack-closure-mechanisms. Thus, an extensive number of crack propagation experiments is required to gain statistically proven fracture mechanical parameters describing the build-up of closure effects as crack growth resistance curves.The article presents a generalized dataset to assess the formation of crack-closure-mechanisms of cast steel G21Mn5+N. Numerous crack propagation experiments utilizing single edge notched bending (SENB) sample geometries are conducted, incorporating alternate to tumescent stress ratios. The statistically derived, generalized crack growth resistance curve features the impact of closure effects on the crack propagation rate in a uniform manner. To extend the dataset to arbitrary load ratios, the long-crack threshold approach according to Newman is invoked. The generalized dataset for the cast steel G21Mn5+N is validated by analytical fracture mechanical calculations for the utilized SENB-sample geometries. Incorporating a modified NASGRO equation, a sound correlation of analytical and experimental crack propagation rates is observed. Moreover, the derived master crack propagation resistance curve is implemented as a user-defined script into a numerical crack growth calculation tool and supports a local, node--based numerical crack propagation study as demonstrated for a representative SENB-sample. Concluding, the derived dataset facilitates the calculation of fatigue life of crack-affected cast steel components subjected to arbitrary stress ratios

Extending Phenomenological Crystal-Field Methods to C1C_1 Point-Group Symmetry: Characterization of the Optically-Excited Hyperfine Structure of 167^{167}Er3+^{3+}:Y2_2SiO5_5

We show that crystal-field calculations for $C_1$ point-group symmetry are possible, and that such calculations can be performed with sufficient accuracy to have substantial utility for rare-earth based quantum information applications. In particular, we perform crystal-field fitting for a C$_1$-symmetry site in $^{167}$Er$^{3+}$:Y$_2$SiO$_5$. The calculation simultaneously includes site-selective spectroscopic data up to 20,000 cm$^{-1}$, rotational Zeeman data, and ground- and excited-state hyperfine structure determined from high-resolution Raman-heterodyne spectroscopy on the 1.5 $\mu$m telecom transition. We achieve an agreement of better than 50 MHz for assigned hyperfine transitions. The success of this analysis opens the possibility of systematically evaluating the coherence properties, as well as transition energies and intensities, of any rare-earth ion doped into Y$_2$SiO$_5$ .Comment: 6 pages, plus 5 pages in supplementary information, 4 figures tota