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dynamics in the tradition of Mortensen and Pissarides (1994). Our estimates discern 5 distinct types. Most unemployment comes … from just two of those types. Low employment types frequently circle among unemployment, short-term jobs, and being out of … the labor market. Short-term jobs play a role in the job-finding process related to the role of unemployment. These are …
Persistent link: https://www.econbiz.de/10012479577
New data compel a new view of events in the labor market during a recession. Unemployment rises almost entirely because … finding from new data is that a large fraction of workers departing jobs move to new jobs without intervening unemployment. I …
Persistent link: https://www.econbiz.de/10012466998
Unemployment arises from frictions in the matching of job-seekers and employers. The level of resources that employers … devote to evaluating applicants for jobs is a key factor in the magnitude of the frictions. Unemployment will be low if …-selection by job-seekers, so that they apply mainly for jobs where they are qualified, friction and thus unemployment will be low …
Persistent link: https://www.econbiz.de/10012467499
Problems of defining and measuring unemployemnt in the contemporary American economy are examined here using data from the official employment survey. The paper finds that only a minority of the unemployed conform to the conventional picture of a worker who has lost one job and is looking f or...
Persistent link: https://www.econbiz.de/10012478893
In this paper, a theory of the natural or equilibrium rate of unemployment is built around a theory of the duration of … a minority are on temporary layoff or have just entered the labor force. Thus, high-unemployment labor markets are … efficient. The factors influencing the resulting natural unemployment rate are discussed. Under plausible assumptions, the …
Persistent link: https://www.econbiz.de/10012478894
Unemployment recoveries in the US have been inexorable. It is a remarkable fact that, prior to 2020, after unemployment … reached its peak in a recession, and a recovery began, the annual reduction in the unemployment rate was stable at around 0 … crisis intervenes, unemployment continues to glide down to its minimum level of approximately 3.5 percentage points. The …
Persistent link: https://www.econbiz.de/10012482330
Some workers bargain with prospective employers before accepting a job. Others could bargain, but find it undesirable, because their right to bargain has induced a sufficiently favorable offer, which they accept. Yet others perceive that they cannot bargain over pay; they regard the posted wage...
Persistent link: https://www.econbiz.de/10012464319
of key variables-potential GDP, the natural rate of unemployment, and the equilibrium real interest rate, need to solve a … them. Further, low-frequency movements of unemployment suggest a failure of the basic idea that departures from the …-frequency movements of unemployment. I conclude that monetary policymakers should not try to discern neutral values of real variables …
Persistent link: https://www.econbiz.de/10012467025
a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown … into unemployment …
Persistent link: https://www.econbiz.de/10012467502
claims on business income also rise. According to the leading view of unemployment-the Diamond-Mortensen-Pissarides model …-when the incentive for job creation falls, the labor market slackens and unemployment rises. Employers recover their … when the discount rate rises. Thus high discount rates imply high unemployment. This paper does not explain why the …
Persistent link: https://www.econbiz.de/10012458792