DUAL LABOR MARKET AND ENDOGENOUS FLUCTUATIONS
نویسندگان
چکیده
منابع مشابه
Endogenous Labor Market Cycles
In a perfectly stationary physical environment of the labor market, moral hazard and optimal termination in long-term contracts can generate two-period and much longer cycles in employment and output, and in other aggregate activities, including the creation and destruction of jobs, and the flows of workers entering and exiting employment. This theory sheds light on the unemployment volatility ...
متن کاملReference Dependence and Labor-Market Fluctuations∗
We incorporate reference-dependent worker behavior into a search-matching model of the labor market, in which firms have all the bargaining power and productivity follows a log-linear AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers’ output falls stochastically from its normal level when their wage falls below a "reference point", which (following Kő...
متن کاملFinancial Shocks and Labor Market Fluctuations
This paper investigates the e¤ect of nancial shocks using an estimated general equilibrium model that links the rms ows of nancing with labor market variables. The results show that nancial shocks have sizeable e¤ects on nancial variables, vacancy posting, unemployment and wages. Shocks to the job destruction rate are important in describing uctuations in output and unemployment. The an...
متن کاملHeterogeneous Information and Labor Market Fluctuations∗
Idiosyncratic productivity shocks induce larger adjustments to hiring than aggregate shocks, because general equilibrium effects on search frictions and wages partially offset the latter. When firms cannot disentangle the two shocks, they attribute aggregate disturbances partly to idiosyncratic factors and to that extent, respond more aggressively. This translates into increased aggregate volat...
متن کاملFinancial Factors and Labor Market Fluctuations (Preliminary)
What are the effects of financial market imperfections on the fluctuations in unemployment and vacancies in the labor market? Standard DSGE models are silent about this since they have not modeled unemployment directly. In this paper I augment a standard monetary DSGE model with explicit financial and labor market frictions. The financial frictions are modeled as Bernanke, Gertler and Gilchrist...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2005
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100505040265