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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/10003832116
After a decade in which wages and employment fell precipitously in low-skill occupations and expanded in high … accounted for by a single proximate cause - rising employment and wages in low-education, in-person service occupations. We … automation. We find that in labor markets that were initially specialized in routine-intensive occupations, employment and wages …
Persistent link: https://www.econbiz.de/10003884083
Persistent link: https://www.econbiz.de/10001838257
labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching … of large flows between employment, unemployment and inactivity. Secondly, it shows that unemployment and aggregate wages … labor force and rises the share of attached workers. Finally, our theory suggests that contrary to two-state models …
Persistent link: https://www.econbiz.de/10011405565
We analyze a general search model with on-the-job search and sorting of heterogeneous workers into heterogeneous jobs. This model yields a simple relationship between (i) the unemployment rate, (ii) the value of non-market time, and (iii) the max-mean wage differential. The latter measure of...
Persistent link: https://www.econbiz.de/10009130497
The decisions of firms on investment and hiring play a crucial role in business cycle fluctuations. This paper explores their dynamic behavior in the presence of frictions. It does so within a unified framework, stressing their mutual dependence and placing the emphasis on their joint,...
Persistent link: https://www.econbiz.de/10009548650
We show that equilibrium matching models imply that standard estimates of the matching function elasticities are … basic version of the matching function using aggregate U.S. data from the Job Openings and Labor Turnover Survey (JOLTS …) suggests that the bias is quantitatively important. -- matching function estimation ; unemployment ; vacancies ; job finding …
Persistent link: https://www.econbiz.de/10009309463
Does the search and matching model fit aggregate U.S. labor market data? While the model has become an important tool … market dynamics. -- search ; matching ; U.S. labor market ; vacancies ; labor market flows ; business cycles …
Persistent link: https://www.econbiz.de/10003322254
We offer an integrated explanation and empirical analysis of the polarization of U.S. employment and wages between 1980 …
Persistent link: https://www.econbiz.de/10009679627
Capital deepening may affect the evolution of the wage differential between skilled and unskilled workers differently in countries with different labor market institutions. If labor market institutions raise the relative wage of unskilled workers in Germany, firms have incentives to invest...
Persistent link: https://www.econbiz.de/10003304679