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Author : Ronald Schettkat
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.E/5 ( download)
Download or read book Asymmetric Labor Market Flows Over the Business Cycle written by Ronald Schettkat and published by . This book was released on 1995 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Domenico Ferraro
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Asymmetric Cyclical Behavior of the U.S. Labor Market written by Domenico Ferraro and published by . This book was released on 2016 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. employment rate fluctuates asymmetrically over the business cycle: it contracts deeply and sharply during recessions, but it recovers slowly and gradually during expansions. By contrast, output features nearly symmetric fluctuations. I explain these facts using a search-and-matching model with worker heterogeneity in skills. The model identifies endogenous job separation and cyclical fluctuations in the composition of the unemployment pool as key driving forces of the asymmetric cyclical behavior of the U.S. labor market and output.
Author : Domenico Ferraro
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Search Frictions, Labor Supply, and the Asymmetric Business Cycle written by Domenico Ferraro and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Domenico Ferraro
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Scarring Effect of Asymmetric Business Cycles written by Domenico Ferraro and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business cycle fluctuations in the U.S. employment-to-population ratio are asymmetric: deviations below trend (troughs) are larger than deviations above trend (peaks). This asymmetry has a "scarring effect," which reduces the average level of the employment-to-population ratio around which the economy fluctuates. To quantify such a scar, we formulate an equilibrium business cycle model featuring frictional unemployment and a labor force participation choice that produces the observed labor market asymmetry in the face of symmetric business cycle shocks. We quantify that the employment-to-population ratio would be 0.3 percentage points higher in the absence of cyclical fluctuations. Further, by dampening business cycles, counter-cyclical stabilization policy reduces the job loss by 70%.
Author : Britta Kohlbrecher
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (131 download)
Download or read book Business Cycle Asymmetries and the Labor Market written by Britta Kohlbrecher and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that a search and matching model with idiosyncratic training cost shocks can explain the asymmetric movement of the job-finding rate over the business cycle and the decline of matching efficiency in recessions. Large negative aggregate shocks move the hiring cutoff into a part of the training cost distribution with higher density. The position of the hiring cutoff in the distribution is disciplined by the empirical elasticity of the job-finding rate with respect to market tightness. Our model explains a large fraction of the matching efficiency decline during the Great Recession and generates state-dependent effects of policy interventions.
Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : Bruce Fallick
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.E/5 ( download)
Download or read book Employer-to-employer Flows in the U.S. Labor Market written by Bruce Fallick and published by . This book was released on 2004 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Piero Ferri
Publisher : Springer Science & Business Media
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.:/5 (41 download)
Download or read book The Labor Market and Business Cycle Theories written by Piero Ferri and published by Springer Science & Business Media. This book was released on 1989 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is primarily a critical survey of small-case, theoretical macro models that attempts to analyze the cyclical behavior of modern economies. The authors emphasize the role of the labor market, which is treated very differently in such models. They show how the development of business cycle models owes almost as much to the development of analytic methods as to the economic events that make analysis necessary; this leads to the examination of the changing nature of the mathematical tools that have been used by business cycle theorists. They give examples of how these newer tools can deal with nonlinear models that are capable of generating a richer variety of dynamic outcomes than was possible with linear models. The treatment of these topics does not require a strong background in mathematics and the authors' goal is to call attention to the new methods and provide examples of the results that are possible with them rather than to teach those methods in detail. In addition to the survey material, they describe a regime switching model of their own that is capable of generating cyclical behavior. This model is greatly influenced by its labor market component, in which a nonlinearity is introduced through the device of switching between linear behavioral equations. The model is analyzed analytically and with simulation experiments.
Author : Kenneth Shang-Kai Lin
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.F/5 ( download)
Download or read book Estimating Asymmetric Information Equilibrium Labor Market Models from Aggregate Time Series Data written by Kenneth Shang-Kai Lin and published by . This book was released on 1987 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael C. Burda
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (2 download)
Download or read book Gross Labor Market Flows in Europe written by Michael C. Burda and published by . This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 9780691140223
Total Pages : 192 pages
Book Rating : 4.1/5 (42 download)
Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-05-02 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.
Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 : 1475585748
Total Pages : 40 pages
Book Rating : 4.4/5 (755 download)
Download or read book Okun's Law written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2013-01-14 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper asks how well Okun’s Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun’s Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great Recession. Accounts of breakdowns in the Law, such as the emergence of“jobless recoveries,” are flawed. We also find that the coefficient in the relationship—the effect of a one percent change in output on the unemployment rate—varies substantially across countries. This variation is partly explained by idiosyncratic features of national labormarkets, but it is not related to differences in employment protection legislation.
Author : Andreas Pollak
Publisher : Mohr Siebeck
ISBN 13 : 9783161493041
Total Pages : 204 pages
Book Rating : 4.4/5 (93 download)
Download or read book Optimal Unemployment Insurance written by Andreas Pollak and published by Mohr Siebeck. This book was released on 2007 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing a good unemployment insurance scheme is a delicate matter. In a system with no or little insurance, households may be subject to a high income risk, whereas excessively generous unemployment insurance systems are known to lead to high unemployment rates and are costly both from a fiscal perspective and for society as a whole. Andreas Pollak investigates what an optimal unemployment insurance system would look like, i.e. a system that constitutes the best possible compromise between income security and incentives to work. Using theoretical economic models and complex numerical simulations, he studies the effects of benefit levels and payment durations on unemployment and welfare. As the models allow for considerable heterogeneity of households, including a history-dependent labor productivity, it is possible to analyze how certain policies affect individuals in a specific age, wealth or skill group. The most important aspect of an unemployment insurance system turns out to be the benefits paid to the long-term unemployed. If this parameter is chosen too high, a large number of households may get caught in a long spell of unemployment with little chance of finding work again. Based on the predictions in these models, the so-called "Hartz IV" labor market reform recently adopted in Germany should have highly favorable effects on the unemployment rates and welfare in the long run.
Author : Zidong An
Publisher : International Monetary Fund
ISBN 13 : 1616356049
Total Pages : 22 pages
Book Rating : 4.6/5 (163 download)
Download or read book Okun's Law, Development, and Demographics: Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups written by Zidong An and published by International Monetary Fund. This book was released on 2021-11-12 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The negative and stable relationship between an economy’s aggregate demand conditions and overall unemployment is well-documented. We show that there is a large degree of heterogeneity in the cyclical sensitivities of unemployment across worker and economy groups. First, unemployment is more than twice as sensitive to aggregate demand in advanced as in emerging market and developing economies. Second, youth’s unemployment is twice as sensitive as that of adults’. Third, women’s unemployment is significantly less sensitive to demand than men’s in advanced economies. These findings point to the highly unequal impacts of the business cycle across worker and economy groups.
Author : Nuria Rodriguez-Planas
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (18 download)
Download or read book Asymmetric Information in the Labor Market written by Nuria Rodriguez-Planas and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonathan Heathcote
Publisher : DIANE Publishing
ISBN 13 : 1437934919
Total Pages : 61 pages
Book Rating : 4.4/5 (379 download)
Download or read book Unequal We Stand written by Jonathan Heathcote and published by DIANE Publishing. This book was released on 2010-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conducted a systematic empirical study of cross-sectional inequality in the U.S., integrating data from various surveys. The authors follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. They document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Charts and tables. This is a print-on-demand publication; it is not an original.
Author : Federal Reserve Federal Reserve Board
Publisher : CreateSpace
ISBN 13 : 9781503287136
Total Pages : 68 pages
Book Rating : 4.2/5 (871 download)
Download or read book Unemployment Insurance Experience Rating and Labor Market Dynamics written by Federal Reserve Federal Reserve Board and published by CreateSpace. This book was released on 2014-11-19 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unemployment insurance experience rating imposes higher payroll tax rates on firms that have laid off more workers in the past. To analyze the effects of UI tax policy on labor market dynamics, this paper develops a search model of unemployment with heterogeneous firms and realistic UI financing. The model predicts that higher experience rating reduces both job creation and job destruction. Using firm- level data from the Quarterly Census of Employment and Wages, the model is tested by comparing job creation and job destruction across states and industries with different UI tax schedules. The empirical analysis shows a strong negative relationship between job flows and experience rating. Consistent with the empirical results, comparative steady state tax experiments show that a 5% increase in experience rating reduces job flows by an average of 1.4%. While the unemployment rate falls on average by .21 percentage points, the effect on tax revenues is ambiguous. The model has implications for UI financing reform currently being considered at the state and national level. Two alternative reforms that close half of the UI financing gap are considered: the reform that increases experience rating is shown to improve labor market outcomes. In a version of the model with aggregate shocks, higher experience rating dampens the response of layoffs and unemployment over the business cycle. Experience rating also induces nonlinear responses of unemployment to proportionally larger shocks as well as asymmetry in response to booms and busts.
