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Labor Market Dynamics under Long Term Wage Contracting

Rudanko, Leena - Society for Economic Dynamics - SED - 2006

This paper introduces risk averse workers into a search and matching model and considers the quantitative performance … search and matching models. … in unemployment and vacancies but also wages, is the drop in consumption for the unemployed. In addition, explaining the …

Persistent link: https://www.econbiz.de/10005090796

Deconstructing Structural Unemployment

Schmitt, John; Warner, Kris - Center for Economic and Policy Research (CEPR) - 2011

Some economic observers argue “structural unemployment” has increased in the wake of the Great Recession, but in this paper we find little support for either of two arguments that suggest that structural unemployment has been on the rise. The first argument focuses on the large increase in...

Persistent link: https://www.econbiz.de/10008867484

Business Cycles, Wage Setting, and Asymmetric Information

Shimer, Robert - Society for Economic Dynamics - SED - 2004

This paper explores wage-setting in the presence of asymmetric information. Firms know their own productivity, while workers only know the distribution of productivity in the economy. Although there is unemployment in equilibrium, the labor market is competitive in the sense of Moen (1997):...

Persistent link: https://www.econbiz.de/10005069473

A dynamic matching model with downward wage rigidity

Jansen, Marcel; Costain, James - Society for Economic Dynamics - SED - 2004

labor market models have a hard time generating the degree of cyclical volatility in unemployment and vacancies that is … studies a dynamic matching model with downward wage rigidity. Like Mortensen and Pissarides (2001) and Jansen (2001), we … surplus of jobs exhibits substantially more cyclical volatility than in standard matching models with transferable utility …

Persistent link: https://www.econbiz.de/10005069525

The Urgent Need for Job Creation

Schmitt, John; Conroy, Tessa - Center for Economic and Policy Research (CEPR) - 2010

Many lawmakers, policymakers, and economic commentators do not appear to recognize the depth of the current labor-market recession. Between December 2007 – the official first month of the recession – and December 2009, the U.S. economy lost more than eight million jobs. Even if the economy...

Persistent link: https://www.econbiz.de/10008461099

U.S. Unemployment Now as High as Europe

Schmitt, John; Fremstad, Shawn; Rho, Hye Jin - Center for Economic and Policy Research (CEPR) - 2009

From the early 1990s through the peak of the last business cycle, relatively low U.S. unemployment rates seemed to make the United States a model for the rest of the world’s economies. The Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), and...

Persistent link: https://www.econbiz.de/10005256263

More Budget Belt-Tightening Means More Job Losses for States

Sherman, Matt - Center for Economic and Policy Research (CEPR) - 2009

This paper looks at the problem of state budget shortfalls during the recession and calculates the number of jobs that would be lost (nationally and by state) if states utilize pro-cyclical spending cuts in an attempt to balance their budgets. This is an update to an earlier paper from December...

Persistent link: https://www.econbiz.de/10008545832

Cut Loose: State and Local Layoffs of Public Employees in the Current Recession

Sherman, Matt; Lane, Nathan - Center for Economic and Policy Research (CEPR) - 2009

In the current recession, millions of Americans have lost their jobs. Unemployment has increased nationwide to levels not witnessed since the 1980s. This issue brief tallies more than 110,000 jobs that have been shed from state and local governments in the last two years and breaks them down by...

Persistent link: https://www.econbiz.de/10008545834

Is the U.S. Unemployment Rate Today Already as High as It Was in 1982?

Schmitt, John; Baker, Dean - Center for Economic and Policy Research (CEPR) - 2009

In 1982, the United States experienced the highest annual unemployment rate since the Great Depression – 9.7 percent. In principle, that rate is directly comparable to the 8.1 percent seasonally adjusted unemployment rate for February 2009, and suggests that current unemployment is still not...

Persistent link: https://www.econbiz.de/10004999572

The State and Local Drag on the Stimulus

Baker, Dean; Deutsch, Rivka - Center for Economic and Policy Research (CEPR) - 2009

This report shows that the $787 billion included in the 2009 ARRA will not have as much of an immediate effect on the economy as initially anticipated. After subtracting the annual AMT patch and acounting for state level spending and tax cuts, the full effect of federal stimulus will equal a...

Persistent link: https://www.econbiz.de/10004999573