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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

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

The German labor market during the Great Recession : shocks and institutions

Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2018

institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

Persistent link: https://www.econbiz.de/10011916540

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

Labor turnover costs, workers' heterogeneity, and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10003879356

Does short-time work save jobs? : a business cycle analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - 2013

counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important …

Persistent link: https://www.econbiz.de/10009763124

Optimal fiscal policy with labor selection

Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - 2018

This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...

Persistent link: https://www.econbiz.de/10011872840

A contribution to the empirics of reservation wages

Krueger, Alan B.; Müller, Andreas - 2014

This paper provides evidence on the behavior of reservation wages over the spell of unemployment using high … to 24 weeks, we find that self‐reported reservation wages decline at a modest rate over the spell of unemployment, with … point estimates ranging from 0.05 to 0.14 percent per week of unemployment. The decline in reservation wages is driven …

Persistent link: https://www.econbiz.de/10010246658

The lot of the unemployed : a time use perspective

Krueger, Alan B. (contributor); Müller, Andreas (contributor) - 2008

have higher wage dispersion. We also examine the relationship between unemployment benefits and job search. -- Unemployment … ; job search ; time use ; unemployment benefits ; inequality …

Persistent link: https://www.econbiz.de/10003716529

Job search and unemployment insurance : new evidence from time use data

Krueger, Alan B. (contributor); Müller, Andreas (contributor) - 2008

50 states and D.C., job search is inversely related to the generosity of unemployment benefits, with an elasticity … of 2.5; 5) job search intensity for those eligible for Unemployment Insurance (UI) increases prior to benefit exhaustion …; 6) time devoted to job search is fairly constant regardless of unemployment duration for those who are ineligible for UI …

Persistent link: https://www.econbiz.de/10003752850