منابع مشابه
Business Cycles and Labor-Market Search
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متن کاملIs Labor Supply Important for Business Cycles?
We build a general equilibrium model that features uninsurable idiosyncratic shocks, search frictions and an operative labor supply choice along the extensive margin. The model is calibrated to match the average levels of gross flows across the three labor market states: employment, unemployment, and non-participation. We use it to study the implications of two kinds of aggregate shocks for the...
متن کاملBusiness Cycles , Wage Stickiness and Labor Market Disequilibrium
Real Business Cycles are often studied in the context of the general equlibrium framework with competitive markets, flexible wages and prices. This restricts the effective application of intertemporal models to the real world business cycles. Stickiness of wages and prices have been considered in recent monopolistic competition models. In this paper, we go a step further and separate labor supp...
متن کاملFirm age, business cycles and aggregate labor market dynamics
Job creation and destruction rates fall with a firm’s age, young businesses have higher exit rates, conditional on survival they grow faster and given their employment shares they create relatively more jobs than older firms. In fact, recent studies show that the well established negative relationship between a firm’s size and its growth rate vanishes once its age is taken into account. I exten...
متن کاملWage Stickiness and Nonclearing Labor Market in Business Cycles ∗
This paper presents a dynamic optimization model of RBC type augmented by wage stickiness, and nonclearing labor market. Agents are required to adaptively optimize when facing constraints on the markets. Calibration for the U. S. economy shows that the model will produce higher volatility in employment. Moreover, it provides more reasonable cross-correlation of employment and wages with other m...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1995
ISSN: 0022-3808,1537-534X
DOI: 10.1086/262010