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.

Download or read book Studies on Cyclical Behavior in the Labor Market written by Jang Hwan Park and published by . This book was released on 1984 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

Download or read book The Cyclical Behavior of Industrial Labor Markets written by Ben Bernanke and published by . This book was released on 1984 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the cyclical behavior of a number of industrial labor markets of the pre-war (1923-1939) and post-war (1954-1982) eras. In the spirit of Burns and Mitchell we do not test a specific structural model of the labor market but instead concentrate on describing the qualitative features of the (monthly, industry-level) data.The two principal questions we ask are: First, how is labor input (as measured by the number of workers, the hours of work, and the intensity of utilization) varied over the cycle ? Second, what is the cyclical behaviorof labor compensation (as measured by real wages, product wages, and real weekly earnings) ? We study these questions in both the frequency domain and the time domain. Many of our findings simply reinforce, or perhaps refine, existing perceptions of cyclical labor market behavior. However, we do find some interesting differences between the pre-war and the post-war periods in ther elative use of layoffs and short hours in downturns, and in the cyclical behavior of the real wage.

Download or read book The cyclical behavior of equilibrium unemployment and vacancies in the US and Europe written by Alejandro Justiniano and published by . This book was released on 2011 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We set-up a real business cycle model with search and matching frictions driven by several shocks, which nests full Nash Bargaining and wage rigidity as special cases and includes other transmission mechanisms suggested by the literature for the propagation and amplification of disturbances. The model is estimated using full information methods for two Anglo-Saxon countries (the US and the UK), two Continental European countries (France and Germany) and two Scandinavian countries (Norway and Sweden). We conduct inference with mixed frequency data, combining quarterly series for unemployment, vacancies, GDP, consumption, and investment, with annual data on unemployment flows. Parameters and shocks are estimated separately for each country, which can then vary in terms of search and hiring costs, workers' bargaining power, unemployment benefits levels, wage rigidity and the stochastic properties of disturbances. Overall, the structural model accounts reasonably well for differences in labor market dynamics observed between the two sides of the Atlantic and within Europe. Our estimates indicate that there is considerable cross-country variation in the contribution of technology shocks to the cyclical fluctuations of the labor market. Technology shocks alone replicate remarkably well the volatility in vacancies, unemployment and finding probabilities observed in US, with mixed success in Europe. In contrast, matching shocks and job destruction shocks play a larger role in most European countries relative to the US.

Download or read book Empirical Studies of Cyclical Labor Market Fluctuations in the Postwar United States written by John S. Earle and published by . This book was released on 1988 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

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:

Download or read book Essays on the U S Labor Market written by Matthew D. French and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book On the Cyclical Behavior of Employment Unemployment and Labor Force Participation written by Marcelo Veracierto and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Sensitivity of Metropolitan Labor Markets to National Employment Fluctuations written by Harvey A. Goldstein and published by . This book was released on 1982 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

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.

Download or read book The Cyclical Behavior of Short term and Long term Job Flows written by Andrew Figura and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

Download or read book Cyclical Behavior of Labor Markets written by Kevin R. Kallock and published by . This book was released on 2006 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.