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u* = √uv
Michaillat, Pascal; Saez, Emmanuel - National Bureau of Economic Research - 2022
Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...
Persistent link: https://www.econbiz.de/10013334429
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The impact of international trade on wages
Feenstra, Robert C. (ed.) - 2000
an increasing share of available income, while low-skilled workers have seen an absolute decline in real wages. How and … escalation of high-skill wages. This collection brings together innovative new ideas and data sources in order to provide more … on U.S. wages. This timely volume offers a thorough appraisal of the wage distribution predicament, examining the …
Persistent link: https://www.econbiz.de/10001433753
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The Labor Demand and Labor Supply Channels of Monetary Policy
Graves, Sebastian; Huckfeldt, Christopher K.; Swanson, … - National Bureau of Economic Research - 2023
Monetary policy is conventionally understood to influence labor demand, with little effect on labor supply. We estimate the response of labor market flows to high-frequency changes in interest rates around FOMC announcements and Fed Chair speeches and find that, in contrast to the consensus...
Persistent link: https://www.econbiz.de/10014421195
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Remote Work across Jobs, Companies, and Space
Hansen, Stephen; Lambert, Peter; Bloom, Nicholas; … - National Bureau of Economic Research - 2023
The pandemic catalyzed an enduring shift to remote work. To measure and characterize this shift, we examine more than 250 million job vacancy postings across five English-speaking countries. Our measurements rely on a state-of-the-art language-processing framework that we fit, test, and refine...
Persistent link: https://www.econbiz.de/10014247927
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Adjusting Labor Along The Intensive Margins
Hamermesh, Daniel S.; Biddle, Jeff - National Bureau of Economic Research - 2024
We expand the analysis of cyclical changes in labor demand by decomposing changes along the intensive margin into those in days/week and in hours/day. Using large cross sections of U.S. data, 1985-2018, we observe around 1/4 of the adjustment in weekly hours occurring through changing days/week....
Persistent link: https://www.econbiz.de/10014635715
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Does Occupational Licensing Reduce Job Loss During Recessions?
Blair, Peter Q.; Chung, Bobby W. - National Bureau of Economic Research - 2024
Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric--making unlicensed workers an illegal substitute for licensed workers but not the reverse. We test our hypothesis using a difference-in-differences event study research design...
Persistent link: https://www.econbiz.de/10014544764
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Changes in the Relative Structure of Wages and Employment : A Comparison of the United States, Canada, and France
Card, David - 1996
like minimum wages and trade unions prevent downward wage adjustments. Some economists have argued that this insight … explains the contrast between the United States, where real wages fell over the 1980s and aggregate employment expanded … vigorously, and Europe, where real wages were (roughly) constant and employment was stagnant. We test this hypothesis by …
Persistent link: https://www.econbiz.de/10012473372
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The Big Shift in Working Arrangements : Eight Ways Unusual
Davis, Steven J. - National Bureau of Economic Research - 2024
and employers, and alters the structure of wages. The big shift also reduces wage-growth pressures during the transition … and real product wages for firms …
Persistent link: https://www.econbiz.de/10014528401
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Skill Heterogeneity and Aggregate Labor Market Dynamics
Grigsby, John R. - National Bureau of Economic Research - 2022
to non-uniform labor demand shocks. When workers have different skills, movements in aggregate wages partly reflect a … of task-specific demand shocks that induce aggregate employment and wages to negatively comove even in a frictionless … wages in recent periods suggesting an increasing role for composition effects through time, which the model rationalizes …
Persistent link: https://www.econbiz.de/10013210080
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Where Have All the Workers Gone? Recalls, Retirements, and Reallocation in the COVID Recovery
Forsythe, Eliza; Kahn, Lisa B.; Lange, Fabian; Wiczer, … - National Bureau of Economic Research - 2022
At the onset of the COVID pandemic, the U.S. economy suddenly and swiftly lost 20 million jobs. Over the next two years, the economy has been on the recovery path. We assess the labor market two years into the COVID crisis. We show that early employment dynamics were almost entirely driven by...
Persistent link: https://www.econbiz.de/10013362041