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My Favourite Job Market Paper So Far This Year (Marginal Revolution) Professor Tyler Cowen of George Mason University flags a recent MIT Paper about wage rigidity, finding that the real wages for the same position at the same establishment decrease over time. So stable jobs lead to lower wages. The solution would be reallocating similar jobs across firms.
Intergenerational Mobility of Immigrants in the US over Two Centuries (Abramitzky, Boustan, Jacome, Perez) Finds that the ‘American Dream’ rings true: children of immigrants from nearly every country have higher rates of upward mobility than US-born children.
What is the Problem with Rising Dependency Ratios in Japan – Part 1? (Economic Outlook) Japan’s rising dependency ratios result from its ageing and shrinking population. MMT advocate argues that these dynamics lead to real reductions in productivity and social resources, but do not cause fiscal issues. [Bearish rates]