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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/10010440544
In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a firm. The price of labor that impacts firm's hiring decisions, instead, reflects the hiring wage as well as the impact of economic conditions at the time of hiring on future...
Persistent link: https://www.econbiz.de/10014507553
% for a 1 pp decline in the unemployment rate. For large recessions, like the Great Recession, that implies a decline in the …
Persistent link: https://www.econbiz.de/10014248987
Unemployment recoveries in the US have been inexorable. Between 1948 and 2019, the annual reduction in the unemployment …, unemployment continues to glide down. Occasionally, unemployment rises rapidly during an economic crisis, while most of the time …, unemployment declines slowly and smoothly at a near-constant proportional rate. We show that similar properties hold for other …
Persistent link: https://www.econbiz.de/10013168884
understanding that their jobs still exist and that they will be recalled. We show that the resulting temporary-layoff unemployment … mostly dissipated by the end of 2020. Potential workers without jobs constitute what we call jobless unemployment. Shocks … that elevate jobless unemployment have much more persistent effects. Historical major adverse shocks, such as the financial …
Persistent link: https://www.econbiz.de/10013168892
We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …
Persistent link: https://www.econbiz.de/10014423725