65 research outputs found
Essays on credit and labour market frictions
The financial crisis of 2008 was characterized by disruptions in credit markets and
sharp rises in unemployment. This dissertation contributes to our understanding of
the interaction of credit and labour markets. The first chapter studies the impact of
credit frictions on labour demand given that the labour market is frictionless. The
second chapter introduces search and matching to the labour market and studies the
interaction between the two types of frictions. The third chapter investigates wages
determined by surplus sharing between firms and workers in the environment with
search and credit frictions.
In Chapter 1 I develop a partial equilibrium model where homogenous firms face
credit frictions in the form of collateral constraints. As a result of these frictions firms'
demand for capital depends on their net worth. Firms hire workers in the frictionless
labour market with an upward-sloping labour supply curve. The model generates
a large, although short-lived, response of capital demand to a negative productivity
shock. Through complementarity of factors of production the decrease in capital
affects employment and wages. As a result of a one standard deviation negative
productivity shock employment falls by around 0.65% and wages fall by around
1.3% as opposed to 0.11% and 0.25%, respectively, in the first-best economy. I also
find that changing capital and labour supply elasticities have different implications
in the presence of credit frictions compared to the first-best economy.
Chapter 2 extends Chapter 1 by introducing search frictions to the labour side
of the economy. On one hand, when buying capital firms have to deal with the
credit frictions outlined above. On the other hand, when hiring workers they face
standard search and matching frictions. I then study the interaction of the two
frictions. Credit frictions affect labour demand through complementarity of capital
and labour. Search frictions influence capital demand through wages: When wages
are only partially flexible, the decline in firms' net worth is larger, and the resulting
fall in capital is larger as well. I also find that the response of wages to wage flexibility
is non-monotonic in the presence of credit frictions. This could potentially explain
why we see wages fall little in data.
In Chapter 3 I use a model of search and credit frictions developed in Chapter
2 to investigate wages determined by surplus sharing in such environment. I find
that credit frictions affect the surplus-sharing mechanism in such a way that they
increase the worker's effective bargaining power. That is, the firm and the worker
negotiate wages as if the worker had a higher bargaining power. This is due to the
fact that under search and credit frictions the firm values workers more that under
pure search frictions because output they produce increases the firm's net worth.
However, the effective worker's bargaining power appears to be endogenous to the
firm's capital holdings and the number of employees. The more capital the firm has,
the less the firm is financially constrained, and the lower wages its workers are able
to extract. Due to endogeneity of the worker's effective bargaining power, the effect
of credit frictions on wages is ambiguous
Elemental speciation of the sediments from cold methane seeps on the Laptev Sea shelf
Relevance. The lack of elemental speciation data in the bottom sediments of the Laptev Sea, as well as the absence of its quantitative changes in occurrence forms in response to methane emissions. Aim. To assess changes in the elemental speciation in areas where methane-containing fluids are discharged. Objects. Nine samples of bottom sediments taken from three horizons of one “cold seep” and two background stations of the outer shelf-continental slope of the Laptev Sea during the AMK-82 expedition aboard R/V “Academician M.V. Keldysh” in autumn 2020. Methods. Sequential extraction BCR (the European Community Bureau of Reference) was performed to determine the elemental speciation in surface sediments; the residual fraction was determined by dissolving in nitric acid. The obtained fraction solutions were analyzed by ICP-MS (NexIon 300D, Perkin Elmer, Waltham, MA, USA), Pyrolysis (Rock-Eval 6 Turbo, Vinci Technologies). Results. The trend towards an increase in element mobility has been identified as a result of a shift in geochemical conditions that is presumably caused by the authigenic carbonate and sulfide formation. Moreover, the increase in the recoverable fraction (associated only with Fe oxides/hydroxides) is highlighted. We assume that the process of unloading methane-containing fluids plays a significant role in enrichment of authigenic carbonates U, Ni, Zn Co, oxides Fe – Sn and V, authigenic sulfides – Co, Mn and W. We also assume the potential formation of chalcopyrite as an authigenic sulfide in methane discharge areas
Recommended from our members
EPMA-World Congress 2015: Bonn, Germany. 3-5 September 2015
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The interaction between credit and labor market frictions
I study a novel two-way feedback between credit and labor market frictions. Running from credit to labor markets, amplitude in capital demand induced by collateral constraints spills over onto labor demand due to the complementarity of capital and labor; and, furthermore, credit frictions raise effective financial hiring costs, inducing firms to delay hiring in recessions. Running back from labor to credit markets, search frictions admit a degree of inflexibility in wages which induces greater volatility of net worth, via the wage bill, which then spills over onto capital demand. Together, these considerably amplify and propagate labor and capital market dynamics
The problem of the relationship between the structural components of professional competence and pedagogical activity in the process of training students
Method of calculation and potential changes in groundwater flow in Western Siberia in holocene
The relevance of the research. Knowledge of paleohydrogeological conditions is the important factor in solving the problems of groundwater resources assessment, mineral exploration, engineering domestic and industrial wastes landfill and prerequisite for development of longterm predicting methods of environmental changes. The aim of research is to develop and substantiate the methods of paleohydrogeological reconstructions of underground water flow and to identify longterm changes of groundwater flow in Western Siberia and the factors that determine them. Methods: geographical and hydrological and statistical methods, mathematical modeling of hydrological and hydrogeological processes. Results and conclusions. The authors have proposed the technique of groundwater runoff paleohydrogeological reconstructions and determined the relationship between the annual underground runoff from amount of precipitation for the warm period and the coefficient of the total flow. Based on this relationship they developed the method of the underground runoff reconstruction and tested it by the example of watersheds of the rivers Chuzik (South taiga subzone, the element of the Ob river synodic) and Turukhan (border of northern taiga and forest tundra, tributary of the Yenisei). It was shown that the increase in groundwater runoff is possible at growth of atmospheric precipitation and climatic cooling. Decrease groundwater runoff is determined by the reduction in atmospheric moistening and growth of waterlogging
The Impact of Methane Seepage on the Pore-Water Geochemistry across the East Siberian Arctic Shelf
East Siberian Arctic Shelf, the widest and the shallowest shelf of the World Ocean, covering greater than two million square kilometers, has recently been shown to be a significant modern source of atmospheric methane (CH4). The CH4 emitted to the water column could result from modern methanogenesis processes and/or could originate from seabed deposits (pre-formed CH4 preserved as free gas and/or gas hydrates). This paper focuses primarily on understanding the source and transformation of geofluid in the methane seepage areas using ions/trace elements and element ratios in the sediment pore-water. Six piston cores and totally 42 pore-water samples were collected in the East Siberian Sea and the Laptev Sea at water depths ranging from 22 to 68 m. In the active zones of methane release, concentrations of vanadium, thorium, phosphorus, aluminum are increased, while concentrations of cobalt, iron, manganese, uranium, molybdenum, copper are generally low. The behavior of these elements is determined by biogeochemical processes occurring in the pore-waters at the methane seeps sites (sulfate reduction, anaerobic oxidation of methane, secondary precipitation of carbonates and sulfides). These processes affect the geochemical environment and, consequently, the species of these elements within the pore-waters and the processes of their redistribution in the corresponding water–rock system.publishedVersio
Methods of reconstruction of a zonal runoff in Western Siberia in Holocene
The relevance of the research is determined by the necessity to study paleohydrological conditions, which play an important role in formation of geochemical anomalies. The methodology of such studies is currently not sufficiently developed, that affects the reasonableness and effectiveness of searches of minerals. The aim of the research is to develop and substantiate the methods of paleohydrological reconstructions for determining the total runoff caused by the zonal climate. Methods: geographical and hydrological and statistical methods, mathematical modeling of hydrological processes. Results and conclusions. The authors have developed the mathematical model of formation of total zonal runoff. On its basis the methodology of paleohydrological reconstructions was proposed and tested. By means of the model the authors determined the non-synchronous change in the zonal water runoff in northern and central parts of Western Siberia, caused by different trends of climatic changes and geo-ecological conditions. It was shown that more abrupt and differently directed of water runoff fluctuations during the Holocene are more typical for northern regions, currently corresponding to the northern taiga subzone, forest tundra and tundra zones. The changes in of water runoff are less pronounced and more closely associated with wetland processes in the subzone of the southern and middle taiga. The authors made the conclusions that the increase in the water runoff variability as a whole would lead to a certain growth in the variability of the contents of a number of dissolved substances and consequently the probability of formation of hydrogeochemical anomalies. In the medium term the increase in forested catchments should be expected with continued warming. At the same time the increase in total water runoff is probable in areas with less than 40 % swamping
Ischemic Stroke, Glucocorticoids, and Remote Hippocampal Damage: A Translational Outlook and Implications for Modeling
Progress in treating ischemic stroke (IS) and its delayed consequences has been frustratingly slow due to the insufficient knowledge on the mechanism. One important factor, the hypothalamic-pituitary-adrenocortical (HPA) axis is mostly neglected despite the fact that both clinical data and the results from rodent models of IS show that glucocorticoids, the hormones of this stress axis, are involved in IS-induced brain dysfunction. Though increased cortisol in IS is regarded as a biomarker of higher mortality and worse recovery prognosis, the detailed mechanisms of HPA axis dysfunction involvement in delayed post-stroke cognitive and emotional disorders remain obscure. In this review, we analyze IS-induced HPA axis alterations and supposed association of corticoid-dependent distant hippocampal damage to post-stroke brain disorders. A translationally important growing point in bridging the gap between IS pathogenesis and clinic is to investigate the involvement of the HPA axis disturbances and related hippocampal dysfunction at different stages of SI. Valid models that reproduce the state of the HPA axis in clinical cases of IS are needed, and this should be considered when planning pre-clinical research. In clinical studies of IS, it is useful to reinforce diagnostic and prognostic potential of cortisol and other HPA axis hormones. Finally, it is important to reveal IS patients with permanently disturbed HPA axis. Patients-at-risk with high cortisol prone to delayed remote hippocampal damage should be monitored since hippocampal dysfunction may be the basis for development of post-stroke cognitive and emotional disturbances, as well as epilepsy.</jats:p
The problem of forming the foundations of the professional activity of a preschool teacher at a university
The article is dedicated to the problem of the interdependence of the formation of competences between students and components of professional activity. The basic concepts of professional activity are analyzed in the psychological and pedagogical literature, its structure conformed by prognostic, design, constructive, organizational, communicative and reflective components is presented. The professional activity of a preschool teacher is analyzed in greater detail, which has specificities in terms of goal setting, motivation, from the point of view of implementation methods and technologies. An empirical study of the formation of the foundations of the professional activity of a preschool teacher was carried out according to the characteristics of a natural experiment. The content stages of the quasi-professional activity of the students are revealed (modeling of pedagogical situations, pedagogical tests of different levels of student independence). In the processing of analyzing the process of training pedagogical competencies, developing components of the structure of the professional activity of a teacher are simultaneously identified.</jats:p
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