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The aggregate effects of long run sectoral reallocation
Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014
The construction bust which accompanied the Great Recession, and the accompanying need to shift workers across sectors, have provoked a discussion about mismatch and the Beveridge Curve, alongside a discussion about firm-level dispersion. These discussions echo an ongoing discussion about the...
Persistent link: https://www.econbiz.de/10010887017
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An Incentive Theory of Matching
Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2010
This paper examines the labour market matching process by distinguishing its two component stages: the contact stage, in which job searchers make contact with employers and the selection stage, in which they decide whether to match. We construct a theoretical model explaining two-sided selection...
Persistent link: https://www.econbiz.de/10010955922
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A tale of two countries: A comparison of the aggregate effects of sectoral reallocation in the United States and Germany
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011
stochastic volatility model of sectoral employment growth. Reallocative shocks have no effect on the natural rate of unemployment … the rise in trend unemployment in Germany in the 1980s or for a possible rise in trend unemployment in the United States …
Persistent link: https://www.econbiz.de/10009216276
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The aggregate effects of long run sectoral reallocation
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011
measure construction and technology busts) have little effect on the natural rate of unemployment or on long run productivity … of unemployment and can count for a 0.5% rise in cyclical unemployment from 2007 through the end of 2009 and 0.3% through …
Persistent link: https://www.econbiz.de/10009216281
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What Can a New Keynesian Labor Matching Model Match?
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2009
A labor matching model with nominal rigidities can match short-run movements in labor’s share with some success. However, it cannot explain much of the behavior of employment, vacancies, and job flows in postwar US data without resorting to additional shocks beyond monetary policy and...
Persistent link: https://www.econbiz.de/10005700617
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The Inflation-Output Tradeoff: Which Type of Labor Market Rigidity Is to Be Blamed?
Merkl, Christian - Institut für Weltwirtschaft (IfW) - 2009
In the standard New Keynesian sticky price model the central bank faces no contradiction between the stabilization of inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the standard model is enhanced by real wage rigidities or...
Persistent link: https://www.econbiz.de/10005566197
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An Incentive Theory of Matching
Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2009
This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are heterogeneous variations in the characteristics of workers and jobs, and firms face adjustment costs in responding to these variations. Matches and separations are described...
Persistent link: https://www.econbiz.de/10004992848
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Skill-Biased Technological Change and the Business Cycle
Balleer, Almut; Rens, Thijs van - Institut für Weltwirtschaft (IfW) - 2012
Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....
Persistent link: https://www.econbiz.de/10010886889
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Wage Rigidity and Job Creation
Haefke, Christian; Sonntag, Marcus; Rens, Thijs van - Institut für Weltwirtschaft (IfW) - 2009
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume … jobs. This form of wage rigidity does not affect job creation and thus cannot explain the unemployment volatility puzzle …
Persistent link: https://www.econbiz.de/10005700599
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New Evidence, Old Puzzles: Technology Shocks and Labor Market Dynamics
Balleer, Almut - Institut für Weltwirtschaft (IfW) - 2009
rate and the unemployment rate? In the model, fluctuations are prominently driven by productivity shocks which are commonly … replicates the conditional volatility of job finding and unemployment, so that the Shimer critique does not apply. Instead the … shocks lead to a fall in job finding and an increase in unemployment thereby opposing the dynamics in the standard model …
Persistent link: https://www.econbiz.de/10005700638