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Why Is Old Workers Labor Market More Volatile Unemployment Fluctuations Over The Life Cycle
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Book Synopsis Why is Old Workers' Labor Market More Volatile? Unemployment Fluctuations Over the Life-Cycle by : Jean-Olivier Hairault
Download or read book Why is Old Workers' Labor Market More Volatile? Unemployment Fluctuations Over the Life-Cycle written by Jean-Olivier Hairault and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the last recession, it is usually argued that older workers are less affected by the economic downturn because their unemployment rate rose less than the one of prime-age workers. This view is a myth: older workers are more sensitive to the business cycle. We document volatilities of worker flows and hourly wage across age groups on CPS data. We find that old worker's job flows are characterized by a higher responsiveness to business cycles than their younger counterparts. In contrast, their wage cyclicality is lower than prime-age workers'. Beyond this empirical contribution, we show that a life-cycle Mortensen & Pissarides (1994) model is well suited to explain these facts: older workers' shorter work-life expectancy endogenously reduces their outside options and leads their wages to be less sensitive to the business cycle. Thus, in a market where wage adjustments are small, quantities vary a lot: this is the case for older workers, whereas the youngest behave like infinitively-lived agents. Our theoretical results point out that Shimer (2005)'s view on the MP model is consistent with prime-age workers' labor market while aging endogenously introduces real wage rigidities, allowing to match what we observe for old workers, without specific assumptions as in Hagendorn & Manovskii (2008).
Book Synopsis Essays on Aging, Unemployment, and Retirement in a Life-cycle Model of Search and Matching in the Labor Market by : Aarti Singh
Download or read book Essays on Aging, Unemployment, and Retirement in a Life-cycle Model of Search and Matching in the Labor Market written by Aarti Singh and published by . This book was released on 2002 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent demographic changes, for example, aging of the population, declining labor force participation of older workers and high displacement rates among older workers suggest that the life-cycle of workers has important implications for the aggregate labor market. In addition, increasing number of workers are retiring from the labor market due to leisure considerations implying that leisure plays an important role in their decision making process. The model presented here captures these aspects of the labor market by embedding a model of the labor market characterized by search and matching frictions, into an overlapping generations model with finitely lived agents. Two cases, the Baseline case and the True Retirement case, study the impact of leisure and job durability on the aggregate labor market. Leisure affects the bargaining power of workers and job durability affects the profits of firms, which in turn affects firm entry. This study also addresses the lump-of-labor fallacy in a general equilibrium framework.
Book Synopsis Labor Markets and Business Cycles by : Robert Shimer
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.
Book Synopsis Aging Unemployment, and Welfare in a Life-cycle Model with Costly Labor Market Search by : Joydeep Bhattacharya
Download or read book Aging Unemployment, and Welfare in a Life-cycle Model with Costly Labor Market Search written by Joydeep Bhattacharya and published by . This book was released on 2003 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Turbulence and the Employment Experience of Older Workers by : Etienne Lalé
Download or read book Turbulence and the Employment Experience of Older Workers written by Etienne Lalé and published by . This book was released on 2016 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Roaring Nineties by : Alan B. Krueger
Download or read book The Roaring Nineties written by Alan B. Krueger and published by Russell Sage Foundation. This book was released on 2002-01-17 with total page 639 pages. Available in PDF, EPUB and Kindle. Book excerpt: The positive social benefits of low unemployment are many—it helps to reduce poverty and crime and fosters more stable families and communities. Yet conventional wisdom—born of the stagflation of the 1970s—holds that sustained low unemployment rates run the risk of triggering inflation. The last five years of the 1990s—in which unemployment plummeted and inflation remained low—called this conventional wisdom into question. The Roaring Nineties provides a thorough review of the exceptional economic performance of the late 1990s and asks whether it was due to a lucky combination of economic circumstances or whether the new economy has somehow wrought a lasting change in the inflation-safe rate of unemployment. Led by distinguished economists Alan Krueger and Robert Solow, a roster of twenty-six respected economic experts analyzes the micro- and macroeconomic factors that led to the unexpected coupling of low unemployment and low inflation. The more macroeconomically oriented chapters clearly point to a reduction in the inflation-safe rate of unemployment. Laurence Ball and Robert Moffitt see the slow adjustment of workers' wage aspirations in the wake of rising productivity as a key factor in keeping inflation at bay. And Alan Blinder and Janet Yellen credit sound monetary policy by the Federal Reserve Board with making the best of fortunate circumstances, such as lower energy costs, a strong dollar, and a booming stock market. Other chapters in The Roaring Nineties examine how the interaction between macroeconomic and labor market conditions helped sustain high employment growth and low inflation. Giuseppe Bertola, Francine Blau, and Lawrence M. Kahn demonstrate how greater flexibility in the U.S. labor market generated more jobs in this country than in Europe, but at the expense of greater earnings inequality. David Ellwood examines the burgeoning shortage of skilled workers, and suggests policies—such as tax credits for businesses that provide on-the-job-training—to address the problem. And James Hines, Hilary Hoynes, and Alan Krueger elaborate the benefits of sustained low unemployment, including budget surpluses that can finance public infrastructure and social welfare benefits—a perspective often lost in the concern over higher inflation rates. While none of these analyses promise that the good times of the 1990s will last forever, The Roaring Nineties provides a unique analysis of recent economic history, demonstrating how the nation capitalized on a lucky confluence of economic factors, helping to create the longest peacetime boom in American history. Copublished with The Century Foundation
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
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.
Book Synopsis Ageing and Employment Policies: United States 2018 Working Better with Age and Fighting Unequal Ageing by : OECD
Download or read book Ageing and Employment Policies: United States 2018 Working Better with Age and Fighting Unequal Ageing written by OECD and published by OECD Publishing. This book was released on 2018-01-24 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report looks at the various pathways out of the labour market for older workers in the United States and at how employers can be supported to retain and hire older workers.
Book Synopsis Optimal Unemployment Insurance by : Andreas Pollak
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.
Download or read book Older Workers written by Sara E. Rix and published by . This book was released on 1990 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides practical, useful information and advice for older adults who are either staying in or returning to the work force.
Book Synopsis Social Security Programs and Retirement around the World by : Jonathan Gruber
Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.
Book Synopsis Reconsidering Retirement by : Courtney C. Coile
Download or read book Reconsidering Retirement written by Courtney C. Coile and published by Rowman & Littlefield. This book was released on 2010-11-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic downturn that began in 2008, the most severe in decades, has hit older Americans hard. Many have seen huge losses to their 401(k)s. In numerous cases the value of homes—the largest investment most older Americans have ever made—has diminished considerably. In addition, large numbers of American workers, including those 50 and older, have lost their jobs and may have difficulty replacing them. Suddenly the future seems a whole lot less certain, throwing years of planning into doubt. In Reconsidering Retirement, economists Courtney Coile and Phillip Levine go beyond the headlines to explain how the economic crisis will affect the future plans and well-being of older Americans. Amid well-publicized reports that older workers needed to stay on the job because of the crisis, the number of U.S. workers claiming Social Security retirement benefits actually rose substantially from 2008 to 2009. The authors maintain that job loss has been the culprit, leading to premature retirement, and while this trend may have been less noticed, it is perhaps the more significant outcome of the crisis. Coile and Levine examine the three major characteristics of the recession thought to influence retirement behavior: decline in the stock market, reduced housing values, and a weak labor market. The authors find that lower home prices did not actually affect retirement behavior but that the decline in the stock market did lead some workers to delay retirement, while a weakened labor market actually forced more older workers with fewer skills into retirement. As a result, these early retirees, who rely on Social Security, face a lifetime of lower benefits. The legacy of recessions is that those most in need usually are last to reap the benefits of an economic recovery. While the lion's share of media coverage after the economic downturn of 2008–09 has gone to the plight of older workers who remain employed, Courtney Coile and Phillip Levine exami
Book Synopsis Producer Dynamics by : Timothy Dunne
Download or read book Producer Dynamics written by Timothy Dunne and published by University of Chicago Press. This book was released on 2009-05-15 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Census Bureau has recently begun releasing official statistics that measure the movements of firms in and out of business and workers in and out of jobs. The economic analyses in Producer Dynamics exploit this newly available data on establishments, firms, and workers, to address issues in industrial organization, labor, growth, macroeconomics, and international trade. This innovative volume brings together a group of renowned economists to probe topics such as firm dynamics across countries; patterns of employment dynamics; firm dynamics in nonmanufacturing industries such as retail, health services, and agriculture; employer-employee turnover from matched worker/firm data sets; and turnover in international markets. Producer Dynamics will serve as an invaluable reference to economists and policy makers seeking to understand the links between firms and workers, and the sources of economic dynamics, in the age of globalization.
Book Synopsis Labor Statistics Measurement Issues by : John Haltiwanger
Download or read book Labor Statistics Measurement Issues written by John Haltiwanger and published by University of Chicago Press. This book was released on 2007-12-01 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rapidly changing technology, the globalization of markets, and the declining role of unions are just some of the factors that have led to dramatic changes in working conditions in the United States. Little attention has been paid to the difficult measurement problems underlying analysis of the labor market. Labor Statistics Measurement Issues helps to fill this gap by exploring key theoretical and practical issues in the measurement of employment, wages, and workplace practices. Some of the chapters in this volume explore the conceptual issues of what is needed, what is known, or what can be learned from existing data, and what needs have not been met by available data sources. Others make innovative uses of existing data to analyze these topics. Also included are papers examining how answers to important questions are affected by alternative measures used and how these can be reconciled. This important and useful book will find a large audience among labor economists and consumers of labor statistics.
Book Synopsis Older Workers in Europe by : Anthony Chiva
Download or read book Older Workers in Europe written by Anthony Chiva and published by Open University Press. This book was released on 2009 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book brings together an extraordinarily diverse collection of insights, from a wide range of experts. A broad overview is created by the foreword, from Jumbo Klercq. This sets the scene for the subsequent chapters which examine more specific approaches and ways of tackling age diversity and ageing in the workplace." "Older Workers in Europe is ideal for students of gerontology, social policy, sociology and human resource management. It will also be of interest to policy makers and professionals working in the fields of employment and guidance, policy, economics, labour force development and research." --Book Jacket.
Book Synopsis Looking Into the Black Box by : Barbara Petrongolo
Download or read book Looking Into the Black Box written by Barbara Petrongolo and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Employment Trends by : Claire Harasty
Download or read book Global Employment Trends written by Claire Harasty and published by International Labour Organization. This book was released on 2003 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporating the most recent data available for 2002, this report analyses current labour market trends and examines the impact of the global economic downturn and post 11 September developments upon different world regions. Covering Latin America and the Caribbean, East Asia, South East Asia, the Middle East and North Africa and sub-Saharan Africa, the transition economies and industrial countries, it focuses on the distinct labour market characteristics and challenges faced by each region and economic group. It also traces factors contributing to the global employment decline, such as the increase in informal sector employment, the decrease in employment in information and communication technology, as well as extensive jobs losses in the travel and tourism industries and the export and labour-intensive manufacturing sectors.
