Showing 1 - 10 of 28
We consider the canonical directed search framework in which sellers play pure strategies and assume that buyers play strategies that are monotone in prices, can remain inactive and choose to do so whenever their payoff from participating is zero regardless of what the other buyers do. We show...
Persistent link: https://www.econbiz.de/10010903376
We examine the implications of worker heterogeneity on the equilibrium matching process, using a directed search model. Worker abilities are selected from a general distribution, subject to some weak regularity requirements, and the firms direct their job offers to workers. We identify...
Persistent link: https://www.econbiz.de/10008560029
We consider the contribution of sectoral shocks to post-war US unemployment movements in a dynamic factor framework. Whereas previously published estimates of the contribution of sectoral shocks to unemployment relate to a particular theory of unemployment, our approach is sufficiently general...
Persistent link: https://www.econbiz.de/10005423281
Inflation targeting needs to be supplemented by an economic growth target so that central banks will not adopt monetary policy which results in stagnation. There is no guarantee that the economy will move towards full employment by itself when the inflation rate is kept between two to three per...
Persistent link: https://www.econbiz.de/10005423294
In this paper we deal with five related questions. What are the 'stylised facts'about the behaviour of flows into and out of unemployment and the Unemployment Rate in Australia, especially in recessions? Why does the number of persons flowing out of Unemployment (including the number flowing...
Persistent link: https://www.econbiz.de/10005458644
In this paper we look at the way in which the ABS derives gross flows data from successive Labour Force Surveys. The procedure used by the ABS is described and a measure of the 'matching rate' obtained. We develop a simple theoretical model designed to explore the relationship between the Labour...
Persistent link: https://www.econbiz.de/10005574810
contracts signed with banks, which are subject to asymmetric information and limited commitment problems. Financing constraints …
Persistent link: https://www.econbiz.de/10005574907
In Australia, and in other countries, we observe at any one time a wide distribution of hours worked per week. We develop a cost-minimising model to explain employer choices over the number of employees and their hours of work. An important finding is that hours of work and the number of...
Persistent link: https://www.econbiz.de/10005578914
This article explains how movements in the unemployment rate reflect the relative rates of growth of employment and the labour force and are related to the participation rate, labour productivity growth and output growth. A framework is provided in which to analyse the determinants of movements...
Persistent link: https://www.econbiz.de/10005578956
In this paper, we use panel data from 1971 to 1985 to test the hypothesis that differences in monetary and wage institutions can explain a significant fraction of the variations in the macroeconomic performance of 10 OECD countries following the OPEC shocks of 1973-74 and 1979-80. After...
Persistent link: https://www.econbiz.de/10005587607