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( John B Donaldson ),( Hyung Seok Eric Kim ) 한국국제경제학회 2014 한국국제경제학회 동계학술대회 Vol.2014 No.1
Beginning with Shimer (2005) and Hall (2005), business cycle theory has explored the role of wage rigidity in accounting for the statistcal characteristics of key labor market cariables over the business cycle; in particular, high vacancy and unemployment volatility and a high negative corre-lation between the two. As a further exploration, we extend the Mortensen-Pissarides structure of period-byperiod Nash wage bargaining to an environment where there is labor force heterogeneity (permanently employed "insiders" and "outsiders" subject to separations) and limited participation in the financial asset markets. We show that a reasonable calibration of the resulting model sat-isfactorily accounts not only for aggregate fluctuations in unemployment and vacancies and their cross-correlations but also for the observed wedge between variations at the intensive margin (hoursper worker) and at the extensive margin (total hours). The model also achieves a satisfactory repli-cation of the major financial return phenomena; namely.a low risk-free rate, a high equity premium, and an upward sloping term structure. The key to these results is the variable income insurance effectively provided by shareholders and given to workers arising from the interaction of Nash wage bargaining superimposed on the incomplete financial market structure. We refer to the variable income insurance as (income) distribution risk.
Professional Development for Teachers of Mathematics
( Donaldson John D. ) 한국수학교육학회 2003 수학교육연구 Vol.7 No.3
At a time when mathematics is becoming more important in our everyday lives and more relevant in applications in industry and the emerging technologies, there are signs of a decrease in numbers of students and their interest in the subject. Teachers must be encouraged to take a new approach to generating enthusiasm amongst students by showing them that mathematics is an integral part of the future. To achieve this, opportunities for renewal of teachers` knowledge and updating of skills should be made available. In this paper, emphasis is placed on mathematics in the real world and how it can be used to develop the more general skills such as self-teaching and communication which are an essential part of preparation for entry into higher education or the workplace.