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Wage Rigidity and Job Creation
Haefke, Christian; Sonntag, Marcus; van Rens, Thijs - Institute for the Study of Labor (IZA) - 2008
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are rigid. We explore whether this explanation is consistent with the data. We show that the wage of newly hired workers, unlike the aggregate wage, is volatile and...
Persistent link: https://www.econbiz.de/10005233819
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Labor Search and Matching in Macroeconomics
Yashiv, Eran - Institute for the Study of Labor (IZA) - 2007
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical …
Persistent link: https://www.econbiz.de/10005822179
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A Test between Unemployment Theories Using Matching Data
Coles, Melvyn; Petrongolo, Barbara - Institute for the Study of Labor (IZA) - 2003
This paper tests whether aggregate matching is consistent with unemployment being mainly due to search frictions or due … to job queues. Using U.K. data and correcting for temporal aggregation bias, estimates of the random matching function … are consistent with previous work in this field, but random matching is formally rejected by the data. The data instead …
Persistent link: https://www.econbiz.de/10005703056
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An Incentive Theory of Matching
Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2009
This paper presents a theory explaining the labor market matching process through microeconomic incentives. There are … quit decisions. This approach obviates the need for a matching function. On this theoretical basis, we argue that the … matching function is vulnerable to the Lucas critique. Our calibrated model for the U.S. economy can account for important …
Persistent link: https://www.econbiz.de/10004961441
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More on Unemployment and Vacancy Fluctuations
Mortensen, Dale T.; Nagypál, Éva - Institute for the Study of Labor (IZA) - 2005
Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment explains only about 10% of the response in the job-finding rate to an aggregate productivity shock. Some of the recent papers inspired by his critique are reviewed and commented on here. Specifically, we...
Persistent link: https://www.econbiz.de/10005703663
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Measuring Heterogeneity in Job Finding Rates Among the Nonemployed Using Labor Force Status Histories
Kudlyak, Marianna; Lange, Fabian - Institute for the Study of Labor (IZA) - 2014
We use a novel approach to studying the heterogeneity in the job finding rates of the nonemployed by classifying the nonemployed by labor force status (LFS) histories, instead of using only one-month LFS. Job finding rates differ substantially across LFS histories: they are 25-30% among those...
Persistent link: https://www.econbiz.de/10011094076
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On Reputation: A Microfoundation of Contract Enforcement and Price Rigidity
Fehr, Ernst; Brown, Martin; Zehnder, Christian - Institute for the Study of Labor (IZA) - 2008
We study the impact of reputational incentives in markets characterized by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the...
Persistent link: https://www.econbiz.de/10005822329
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The Relevance of Post-Match LTC: Why Has the Spanish Labor Market Become as Volatile as the US One?
Sala, Hector; Silva, José I. - Institute for the Study of Labor (IZA) - 2005
We present a Search and Matching model with heterogeneous workers (entrants and incumbents) that replicates the …
Persistent link: https://www.econbiz.de/10005761648
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Equilibrium Directed Search with Multiple Applications
Albrecht, James; Gautier, Pieter; Vroman, Susan - Institute for the Study of Labor (IZA) - 2003
We analyze a model of directed search in which unemployed job seekers observe all posted wages. We allow for the possibility of multiple applications by workers and ex post competition among vacancies. For any number of applications, there is a unique symmetric equilibrium in which vacancies...
Persistent link: https://www.econbiz.de/10005761830
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Disaggregate Matching Functions
Fahr, René; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2001
This paper deals with empirical matching functions. The paper is innovative in several ways. First, unlike in most of … the existing literature, matching functions are estimated not only on aggregate, but also on disaggregate levels which is …
Persistent link: https://www.econbiz.de/10005762399