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Worker identity, employment fluctuations and stabilization policy
Snower, Dennis J.; Lechthaler, Wolfgang - 2013
This paper provides a model of "social hysteresis" whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment chances...
Persistent link: https://www.econbiz.de/10009752694
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Unemployment invariance
Karanassou, Marika; Snower, Dennis J. - 2002
This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the … labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and … equilibrating mechanisms to ensure unemployment invariance and that other markets may perform part of the equilibrating process as …
Persistent link: https://www.econbiz.de/10011412072
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Wage formation between newly hired workers and employers : survey evidence
Hall, Robert Ernest (contributor);  … - 2008
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/10003769583
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Uncertainty shocks and unemployment dynamics
Kandoussi, Malak; Langot, François - 2020
the impact of uncertainty shocks on unemployment dynamics. Using a vector autoregression approach, we show that … uncertainty shocks measured by stock market volatility have a significant impact on the U.S. unemployment rate. We then develop a …
Persistent link: https://www.econbiz.de/10012243477
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A tale of two countries : a story of the French and US polarization
Albertini, Julien; Hairault, Jean-Olivier; Langot, François - 2017
choice to disentangle the respective contributions of task-biased technological change (TBTC), labor market institutions (LMI …
Persistent link: https://www.econbiz.de/10011732027
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang (contributor);  … - 2008
It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...
Persistent link: https://www.econbiz.de/10003719627
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An incentive theory of matching
Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - 2009
empirical regularities that the conventional matching model cannot. -- Matching ; incentives ; adjustment costs ; unemployment …
Persistent link: https://www.econbiz.de/10003832116
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A theory of wage adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new theory of wage adjustment, based on worker loss aversion. In line with prospect theory, the workers' perceived utility losses from wage decreases are weighted more heavily than the perceived utility gains from wage increases of equal magnitude. Wage changes are evaluated...
Persistent link: https://www.econbiz.de/10010457894
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Can insider power affect employment?
Díaz-Vázquez, Pilar; Snower, Dennis J. - 2002
Do firms reduce employment when their insiders (established, incumbent employees) claim higher wages? The conventional answer in the theoretical literature is that insider power has no influence on employment, provided that the newly hired employees (entrants) receive their reservation wages....
Persistent link: https://www.econbiz.de/10011411604
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On-the-job training and the effects of insider power
Díaz-Vázquez, Pilar; Snower, Dennis J. - 2002
Suppose insiders use their market power to push up their wages, while entrants receive their reservation wages. How will employment be affected? In addressing this question, we focus on the role of on-the-job training. We show that an insider wage hike reduces recession-time employment but, in...
Persistent link: https://www.econbiz.de/10011413583