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Unemployment and Endogenous Reallocation over the Business Cycle
Carrillo-Tudela, Carlos; Visschers, Ludo - CESifo - 2013
unemployment and its underlying duration distribution. We develop an analytically and computationally tractable stochastic … equilibrium model with heterogenous labor markets. In this model three different types of unemployment arise: search, rest and … reallocation unemployment. We document new evidence on unemployed workers’ gross occupational mobility and use it to calibrate the …
Persistent link: https://www.econbiz.de/10010877858
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Why do Europeans Work Less than Americans? Public Consumption and Welfare Benefits as a Cause of the North-Atlantic Divide
Hall, Axel; Zoega, Gylfi - CESifo - 2015
unemployment. Labor market regulations, unemployment benefits, and high levels of public consumption in many European countries …
Persistent link: https://www.econbiz.de/10011205377
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Fiscal Multipliers in a Two-Sector Search and Matching Model
Konstantinos, Jiang, Wei Angelopoulos; Malley, Jim - CESifo - 2015
This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...
Persistent link: https://www.econbiz.de/10011163069
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Wage Dispersion and Labor Turnover with Adverse Selection
Carrillo-Tudela, Carlos; Kaas, Leo - CESifo - 2011
We consider a model of on-the-job search where firms offer long-term wage contracts to workers of different ability. Firms do not observe worker ability upon hiring but learn it gradually over time. With sufficiently strong information frictions, low-wage firms offer separating contracts and...
Persistent link: https://www.econbiz.de/10009293483
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Search Capital
Carrillo-Tudela, Carlos; Smith, Eric - CESifo - 2012
We construct a simple equilibrium search model in which workers accumulate information about previously met employment contacts. We term the latter search capital. Here search capital (partially) insures workers against adverse shocks. The model provides a theory of job-to-job transitions that...
Persistent link: https://www.econbiz.de/10009649701
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Matching and Saving in Continuous Time: Theory
Bayer, Christian; Wälde, Klaus - CESifo - 2010
We analyse optimal saving of risk-averse households when labour income stochastically jumps between two states. The generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth dynamics within and between states. There is an...
Persistent link: https://www.econbiz.de/10008534003
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Real and Nominal Wage Adjustment in Open Economies
Forslund, Anders; Gottfries, Nils; Westermark, Andreas - CESifo - 2006
How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the evolution of real wages and competitiveness? To answer these questions, we...
Persistent link: https://www.econbiz.de/10005094255
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Coworker Networks in the Labour Market
Glitz, Albrecht - CESifo - 2013
This paper studies the effect of coworker-based networks on individual labour market outcomes. I analyse how the provision of labour market relevant information by former coworkers affects the employment probabilities and, if hired, the wages of male workers who have previously become unemployed...
Persistent link: https://www.econbiz.de/10010660137
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Job Search, Human Capital and Wage Inequality
Carrillo-Tudela, Carlos - CESifo - 2012
The objective of this paper is to construct and quantitatively assess an equilibrium search model with on-the-job search and general human capital accumulation. In the model workers enter the labour market with different abilities and firms differ in their productivities. Wages are dispersed...
Persistent link: https://www.econbiz.de/10010586074
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Sorting and the Output Loss due to Search Frictions
Gautier, Pieter A.; Teulings, Coen N. - CESifo - 2011
. This model yields a simple relationship between (i) the unemployment rate, (ii) the value of non-market time, and (iii) the … and allow for measurement error. The estimated wage dispersion and mismatch for the US is consistent with an unemployment …
Persistent link: https://www.econbiz.de/10008853848