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This study reviews empirical research on the demand for labor. The static analysis discusses the production parameters describing homogeneous labor and labor disaggregated along various criteria; the distinction between workers and hours; the importance of job dynamics; and the nature of a variety of policies that affect the long-run demand for labor. Issues in the dynamics of demand for workers and hours, including speeds of adjustment for homogeneous and heterogeneous labor, asymmetries, and the nature of adjustment costs are presented. The paper emphasizes how the paucity of appropriate data has limited our ability to obtain reliable estimates of the underlying concepts.

Employment (Economic theory)

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Labour market --- Employment (Economic theory) --- Labor market. --- Employment (Economic theory).

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Cette édition numérique a été réalisée à partir d'un support physique, parfois ancien, conservé au sein du dépôt légal de la Bibliothèque nationale de France, conformément à la loi n° 2012-287 du 1er mars 2012 relative à l'exploitation des Livres indisponibles du XXe siècle.

Employment (Economic theory) --- Labor market.

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Uncertainty. --- Rational expectatins (Economic theory) --- Monetary policy --- Economics

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Security baskets and index-lined securities are securities whose values are functions of the cash flows or values of other assets. Creation of these "composite" securities would seem to be redundant since investors can cost1ess1y replicate them. In this paper we study the existence and optimal design of composite securities. We first show that when some investors possess inside information, composite securities are not redundant. By holding composite securities, uninformed investors with unexpected needs to trade can reduce their expected losses to insiders. The existence of these securities will affect real investment decisions. We then show that when uniformed investors are heterogeneous with respect to nontradeable endowment risk, the size of such clienteles determines whether the portfolio for a liquidity trader consists of a clientele-specific composite or a single market composite combined with individual security holdings. In the latter case, markets for the composite security and its component securities coexist. No results depend on the existence of exogenous "noise" traders.

Rate of return --- Rational expectations (Economic theory) --- Mathematical models. --- Securities