Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Intertemporal Substitution And Labor Market Fluctuations full books in PDF, epub, and Kindle. Read online Intertemporal Substitution And Labor Market Fluctuations ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Joseph Gerard Altonji
Publisher :
ISBN 13 :
Total Pages : 438 pages
Book Rating : 4.:/5 (175 download)
Download or read book Intertemporal Substitution and Labor Market Fluctuations written by Joseph Gerard Altonji and published by . This book was released on 1981 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ahmad Sohrabian
Publisher :
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.:/5 (213 download)
Download or read book Intertemporal Substitution Hypothesis and Labor Market Fluctuations written by Ahmad Sohrabian and published by . This book was released on 1983 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (589 download)
Download or read book The Intertemporal Substitution Model of Labor Market Fluctuations written by Joseph G. Altonji and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert E. Hall
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 (243 download)
Download or read book Labor-market Frictions and Employment Fluctuations written by Robert E. Hall and published by . This book was released on 1998 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The labor market occupies center stage in modern theories of fluctuations. The most important phenomenon to explain and understand in a recession is the sharp decline in employment and jump in unemployment. This chapter for the Handbook of Macroeconomics considers explanations based on frictions in the labor market. Earlier research within the real business cycle paradigm considered frictionless labor markets where fluctuations in the volume of work effort represented substitution by households between work in the market and activities at home. A preliminary section of the chapter discusses why frictionless models are incomplete they fail to account for either the magnitude or persistence of fluctuations in employment. And the frictionless models fail completely to describe unemployment. The evidence suggests strongly that consideration of unemployment as a third use of time is critical for a realistic model. The two elements of a theory of unemployment are a mechanism for workers to lose or leave their jobs and an explanation for the time required for them to find new jobs. Theories of mechanism design or of continuous re-bargaining of employment terms provide the first. The theory of job search together with efficiency wages and related issues provides the second. Modern macro models incorporating these features come much closer than their predecessors to realistic and rigorous explanations of the magnitude and persistence of fluctuations.
Author : Dongweon Lee
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)
Download or read book Elasticity of Intertemporal Substitution and Unemployment Volatility written by Dongweon Lee and published by . This book was released on 2014 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the elasticity of intertemporal substitution (EIS) influences labor market fluctuations in the labor search and matching model with both extensive and intensive margins of labor supply. With the curvature of utility, the countercyclical marginal utility of consumption induces the flow value of unemployment to be procyclical, and the stock returns to be countercyclical. The former effect reduces unemployment volatility by weakening wage rigidity. In contrast, the latter effect magnifies unemployment volatility by discounting higher future payoffs from hiring at a lower discount rate, if wages do not absorb all of productivity shocks. The higher EIS reduces the procyclicality of the flow value of unemployment, and reinforces the countercyclicality of the stock returns. We quantitatively show that a high level of the EIS is required to resolve the unemployment volatility puzzle.
Author : David Edward Card
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Intertemporal Labor Supply written by David Edward Card and published by . This book was released on 1991 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lifecycle labor supply model has been proposed as an explanation for various dimensions of labor supply, including movements over the business cycle, changes with age, and within-person variation over time. According to the model, all of these elements are tied together by a combination of intertemporal substitution effects and wealth effects. This paper offers an assessment of the model's ability to explain the main components of labor supply, focusing on microeconomic evidence for men.
Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 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 2010-04-12 with total page 189 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 : Lawrence J. Christiano
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.0/5 ( download)
Download or read book Is Theory Really Ahead of Measurement? written by Lawrence J. Christiano and published by . This book was released on 1988 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the l93Os, Dunlop and Tarshis observed that the correlation between hours and wages is close to zero. This classic observation has become a litmus test by which macroeconomic models are judged. Existing real business cycle models fail this test dramatically. Based on this result, we argue that technology shocks cannot be the sole impulse driving post-war U.S. business cycles. We modify prototypical real business cycle models by allowing government spending shocks to influence labor market dynamics in a way suggested by Aschauer (1985), Barro (1981, 1987) and Kormendi (1983), This modification can, in principle, bring the models into closer conformity with the data. While the empirical performance of the models is significantly improved, they still fail to account for the Dunlop-Tarshis observation. Accounting for that observation will require further advances in model development. Consequently, we conclude that theory is behind, not ahead of, business cycle measurement.
Download or read book The intertemporal Substituion Model of labor market fluctuations: An empirical analysis written by and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Ernest Hall
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.E/5 ( download)
Download or read book Labor Supply and Aggregate Functions written by Robert Ernest Hall and published by . This book was released on 1979 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues of labor supply are at the heart of macroeconomic explanations of the large cyclical fluctuations of output observed in modern economies. This paper starts with a serious empirical examination of the view that the labor market is always in balance-that every observed combination of employment and compensation is a point of intersection of the relevant supply and demand curves. I will call this the "intertemporal substitution" model of fluctuations. According to this model, workers are willing to shift their hours of work from one year to another in response to modest shifts in relative wages. The paper goes on to point out a strong implication of the pure inter- temporal substitution model, namely, the irrelevance of changes in the money supply for the labor supply function. A model where markets clear instantly ought to obey full monetary neutrality. The data refute this implication absolutely unambiguously. The money stock unambiguously shifts the labor supply function. The pure substitution model seems untenable in the light of this evidence. The paper then turns to explanations of the nonneutrality of money in the short run. According to the most carefully worked out line of thought, monetary shocks cause workers to make inappropriate intertemporal shifts in labor supply, because they lack complete information about the source of aggregate shocks and are forced to respond in the same way to real and nominal disturbances. Finally, the paper turns to the view that, in the short run, labor supply is largely irrelevant to the determination of aggregate employment
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (589 download)
Download or read book Does the Labor Market Clear? written by Joseph G. Altonji and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kim B. Clark
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 (9 download)
Download or read book Labor Force Participation written by Kim B. Clark and published by . This book was released on 1982 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relative importance of timing and persistence elements in explaining cyclical fluctuations in labor supply. Data from the natural experiment provided by World War I1 and cross-sectional data on American local labor markets, as well as aggregate time-series data are used in the empirical work. We find little evidence that timing effects play an important role in labor market dynamics. The evidence suggests that views emphasizing persistence are more accurate, and that previous employment tends to raise the probability of subsequent employment.
Author : Orley Ashenfelter
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 534 pages
Book Rating : 4.F/5 ( download)
Download or read book Labor Economics written by Orley Ashenfelter and published by Edward Elgar Publishing. This book was released on 1995 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume set deals with labour economics. It is part of the Elgar series entitled The International Library of Critical Writings in Economics. It contains 80 articles, dating from 1958 to 1992.
Author : Joseph Altonji
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (133 download)
Download or read book Intertemporal Substitution in Labor Supply written by Joseph Altonji and published by . This book was released on 1986 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gilbert R. Ghez
Publisher : Columbia University Press
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
ISBN 13 : 1451854781
Total Pages : 98 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.
Author : Stefano Eusepi
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (2 download)
Download or read book Labor Supply Heterogeneity and Macroeconomic Co-movement written by Stefano Eusepi and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Standard real-business-cycle models must rely on total factor productivity (TFP) shocks to explain the observed co-movement between consumption, investment and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption, can generate co-movement in absence of TFP shocks. Intertemporal substitution of goods and leisure induces co-movement over the business cycle through heterogeneity in consumption behavior of employed and unemployed workers. The result is due to two model features that are introduced to capture important characteristics of US labor market data. First, individual consumption is affected by the number of hours worked with employed consuming more on average than unemployed. Second, changes in the employment rate, a central explanator of total hours variation, then affects aggregate consumption. Demand shocks --- such as shifts in the marginal efficiency of investment, government spending shocks and news shocks --- are shown to generate economic fluctuations consistent with observed business cycles"--National Bureau of Economic Research web site.
