| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4981 |
| DP4981 Monetary Policy in Real Time | |
| Lucrezia Reichlin; Luca Sala; Domenico Giannone | |
| 发表日期 | 2005-03-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper examines hierarchies? role in the organization of human-capital-intensive production. We develop an equilibrium model of hierarchical organization, then provide empirical evidence using confidential data on thousands of law offices from the 1992 Census of Services. We show how the equilibrium assignment of individuals to hierarchical positions varies with the degree to which their human capital is field-specialized; then show how this equilibrium changes with the extent of the market. When the extent of the market increases, individuals? knowledge becomes narrower, but deeper. Managerial leverage, the number of workers per manager, optimally increases to exploit this depth. We find empirical evidence consistent with a central proposition of the model: the share of lawyers that work in hierarchies and the ratio of associates to partners increases as market size increases and lawyers field-specialize. Other results provide evidence against alternative interpretations that emphasize unobserved differences in the distribution of demand or ?firm size effects?, and lend additional support to the view that a role hierarchies play in legal services is to help exploit increasing returns associated with the utilization of human capital. |
| 主题 | Industrial Organization |
| 关键词 | Organization Specialization Hierarchy Industry structure Division of labour |
| URL | https://cepr.org/publications/dp4981 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533879 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Luca Sala,Domenico Giannone. DP4981 Monetary Policy in Real Time. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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