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Author : Michael U. Krause
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (66 download)
Download or read book On-the-job Search and the Cyclical Dynamics of the Labor Market written by Michael U. Krause and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brendan Epstein
Publisher : International Monetary Fund
ISBN 13 : 1484303954
Total Pages : 45 pages
Book Rating : 4.4/5 (843 download)
Download or read book Financial Disruptions and the Cyclical Upgrading of Labor written by Brendan Epstein and published by International Monetary Fund. This book was released on 2017-06-15 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid total factor productivity (TFP) shocks job-to-job flows amplify the volatility of unemployment, but the aggregate implications of job-to-job flows amid financial shocks are less understood. To develop such understanding we model a general equilibrium labor-search framework that incorporates on-the-job (OTJ) search and distinctly accounts for the differential impact of TFP and financial shocks. Surprisingly, we find that the interaction of OTJ search with financial shocks is sufficiently different from its interaction with TFP shocks so that, under standard calibrations, our model generates aggregate dynamics exceedingly in line with the behavior of key U.S. macro data across several decades and in the wake of the Global Financial Crisis as well. Importantly, as in the data, the model yields relatively high volatilities of consumption, labor income, and unemployment. As such, our work contributes to resolving two limitations of current general equilibrium labor-search theory: under standard calibrations models without OTJ search generate implausibly low unemployment volatility, while models with OTJ search generate unemployment volatility closer to the data but at the expense of implausibly low consumption and labor-income volatility.
Author : Dale T. Mortensen
Publisher : Oxford University Press, USA
ISBN 13 : 0199233780
Total Pages : 219 pages
Book Rating : 4.1/5 (992 download)
Download or read book Job Matching, Wage Dispersion, and Unemployment written by Dale T. Mortensen and published by Oxford University Press, USA. This book was released on 2011-04-28 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of key papers from the winners of the Nobel Memorial Prize 2010. It features their most important work on unemployment, labour market dynamics, and the equilibrium search model.
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 : Mai Dao
Publisher : International Monetary Fund
ISBN 13 : 1498302718
Total Pages : 51 pages
Book Rating : 4.4/5 (983 download)
Download or read book Regional Labor Market Adjustments in the United States written by Mai Dao and published by International Monetary Fund. This book was released on 2014-11-25 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine patterns of regional adjustments to shocks in the US during the past four decades. We find that the response of interstate migration to relative labor market conditions has decreased, while the role of the unemployment rate as absorber of regional shocks has increased. However, the response of net migration to regional shocks is stronger during aggregate downturns and increased particularly during the Great Recession. We offer a potential explanation for the cyclical pattern of migration response based on the variation in consumption risk sharing.
Author : Michael C. Keeley
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.:/5 (113 download)
Download or read book Cyclical Unemployment and Employment written by Michael C. Keeley and published by . This book was released on 1984 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephen A. Woodbury
Publisher : Springer Science & Business Media
ISBN 13 : 9401002355
Total Pages : 244 pages
Book Rating : 4.4/5 (1 download)
Download or read book Search Theory and Unemployment written by Stephen A. Woodbury and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search Theory and Unemployment contains nine chapters that survey and extend the theory of job search and its application to the problem of unemployment. The volume ranges from surveys of job search theory that take microeconomic and macroeconomic perspectives to original theoretical contributions which focus on the externalities arising from non-sequential search and search under imperfect information. It includes a clear and authoritative survey of econometric methods that have been developed to estimate models of job search, as well as two lucid contributions to the empirical search literature. Finally, it includes a study that reviews and extends the literature on optimal unemployment insurance and concludes with an appraisal of the influence of search theory on the thinking of macroeconomic policymakers.
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 : Kenneth S. Rogoff
Publisher : MIT Press
ISBN 13 : 0262572346
Total Pages : 479 pages
Book Rating : 4.2/5 (625 download)
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author : Paul Gaggl
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (891 download)
Download or read book The Cyclical Component of Labor Market Polarization and Jobless Recoveries in the US written by Paul Gaggl and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles C. Holt
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.E/5 ( download)
Download or read book Concept of Job Vacancies in a Dynamic Theory of the Labor Market written by Charles C. Holt and published by . This book was released on 1966 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lewis C. Solmon
Publisher : Routledge
ISBN 13 : 0429723601
Total Pages : 394 pages
Book Rating : 4.4/5 (297 download)
Download or read book Labor Markets, Employment Policy, And Job Creation written by Lewis C. Solmon and published by Routledge. This book was released on 2019-03-07 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: This clear, accessible volume provides a comprehensive overview of the ongoing debate over the determining factors of and key influences on employment growth and labor market training, education, and related policies in the United States. Drawing on the work of distinguished labor economists, the chapters tackle questions posed by job and skill demands in the "new high-tech economy" and explore sources of employment growth; productivity growth and its implications for future employment; government mandates, labor costs, and employment; and labor force demographics, income inequality, and returns to human capital. These topics are central concerns for government, which must judge every prospective policy proposal by its effects on employment growth. Washington keeps at least one eye firmly on the jobs picture, and public officials at every level are constantly aware of the issues surrounding American job security. The jobs issue reaches beyond this focus on the unemployment rate and on total employment, including the rate at which employment is seen as growing, the growth of real wages, the security of employment, returns to human capital, uncertainty about the education and training best suited for a world of rapidly changing economic conditions, and the distribution of the gains from growth across economic classes and population groups.
Author : Jeremy Greenwood
Publisher : London, Ont. : Department of Economics, University of Western Ontario
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Cyclical Behavior of Job Creation and Job Destruction written by Jeremy Greenwood and published by London, Ont. : Department of Economics, University of Western Ontario. This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alan Finkelstein Shapiro
Publisher : International Monetary Fund
ISBN 13 : 1484320662
Total Pages : 48 pages
Book Rating : 4.4/5 (843 download)
Download or read book Macroprudential Policy and Labor Market Dynamics in Emerging Economies written by Alan Finkelstein Shapiro and published by International Monetary Fund. This book was released on 2015-04-03 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging economies have high shares of self-employed individuals running owner-only firms who, in contrast to many salaried firms, have little access to formal financing and therefore rely on informal financing (input credit) from other firms. We build a small open economy real business cycle model with labor and financial market frictions where formal credit markets, informal credit, and the structure of the labor market interact. The model successfully replicates the cyclical behavior of sectoral employment, formal credit, and the main macroeconomic aggregates in emerging economies. We show that a countercyclical macroprudential policy that reduces formal credit fluctuations has positive though quantitatively limited effects on consumption and output volatility, but generates larger unemployment fluctuations in response to productivity shocks; the same policy increases labor market and aggregate volatility in response to net worth shocks. The link between input credit and the labor market structure---key for capturing the cyclical dynamics of labor and credit markets in the data---plays a crucial role for these results.
Author : Benedikt Mihm
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book The Cyclicality of On-the-Job Search written by Benedikt Mihm and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: On-the-job search is increasingly recognized as an important potential driver of labor market dynamics over the business cycle. Using the UK Labor Force Survey, we find robust empirical evidence that on-the-job search is countercyclical, and that the cyclical fluctuations have important repercussions for labor market dynamics. We also find that the cyclical pattern is not explained by precautionary search motives, but rather appears to be driven by job-ladder motivated searches. This finding is surprising because, as we confirm, the expected returns to on-the-job search are procyclical. We find evidence that three features of search behavior may contribute to this finding: income effects that induce greater search effort in response to lower job-to-job transition probabilities, a prevalence of non-pecuniary motivated searches that are less affected by lower expected wage-gains, and procyclicality in average match quality that has a significant impact on the search behavior of new hires over the business cycle.
Author : Robert Ernest Hall
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (18 download)
Download or read book Job-Finding and Job-Losing written by Robert Ernest Hall and published by . This book was released on 2019 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We track the path that a worker follows after losing a job. Initially, the typical job-loser spends some time out of the labor force and in job search. Only a month or two later, in normal times, the worker lands a job. But the job is frequently brief. Over the next few months, the worker finds a good match that becomes a long-term job. Short-term jobs tend to precede long-term ones. Short-term employment shares some of the characteristics of unemployment and some of the characteristics of employment. We show that this pattern of moving among working, searching for a job, and being out of the labor force is concentrated in a segment of the working-age population. In other segments, individuals are insulated from disturbances to their activities in the labor market. Some work continuously while others are always out of the labor market. We develop a model that incorporates heterogeneity across and within these segments.
Author : Adrien Bilal
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Labor Market Dynamics When Ideas are Harder to Find written by Adrien Bilal and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the impact of slowing economic growth on labor market dynamism and misallocation. It provides a model of endogenous growth via imitation in a frictional labor market. The framework accounts for rich data on worker job-to-job transitions as well as stochastic and lifecycle properties of firm growth and job reallocation. High productivity entrants gradually replace obsolescing incumbents by poaching their workers, a process that is intermediated via a frictional labor market. When the likelihood of entrants imitating technologies in the tail of the distribution falls (ideas are harder to find), so does growth. Consistent with US data over the past 30 years, firm entry, incumbents' employment response to productivity shocks, and job-to-job transitions decline, while the share of old firms increases. With lower imitation, however, there is less misallocation, because the slower aggregate rate of obsolescence induces productive firms to invest more in costly hiring and grow faster to their optimal size.
