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Quit turnover and the business cycle : a survey

Carrillo-Tudela, Carlos; Coles, Melvyn Glyn - 2015

The focus of this chapter is to consider new developments in the search and matching literature where wages, quit turnover and unemployment are endogenously determined in economies with aggregate shocks. The aim of the discussion is not only to highlight possible market failures but also to...

Persistent link: https://www.econbiz.de/10011346596

Employment and hours over the business cycle in a model with search frictions

Kudoh, Noritaka; Miyamoto, Hiroaki; Sasaki, Masaru - 2015

This paper studies a labor market search-matching model with multi-worker firms to investigate how firms utilize the extensive and intensive margins over the business cycle. The earnings function derived from the Stole-Zwiebel bargaining acts as an adjustment cost function for employment and...

Persistent link: https://www.econbiz.de/10010502792

On the job search and business cycles

Moscarini, Giuseppe; Postel-Vinay, Fabien - 2018

We propose a highly tractable way of analyzing business cycles in an environment with random job search both off- and and on-the-job (OJS). Ex post heterogeneity in productivity across jobs generates a job ladder. Firms Bertrand-compete for employed workers, as in the Sequential Auctions...

Persistent link: https://www.econbiz.de/10011916425

Uncovering the mechanism(s): financial constraints and wages

Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020

How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment and explore their effect on wages. First, the financial...

Persistent link: https://www.econbiz.de/10012389827

A theory of price adjustment under loss aversion

Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014

We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...

Persistent link: https://www.econbiz.de/10010350414

Demand or supply? : price adjustment during the COVID-19 pandemic

Balleer, Almut; Link, Sebastian; Menkhoff, Manuel; … - 2020

We study price-setting behavior in German firm-level survey data to infer the relative importance of supply and demand during the Covid-19 pandemic. Supply and demand forces coexist, but demand shortages dominate in the short run. A reported negative impact of Covid-19 on current business is...

Persistent link: https://www.econbiz.de/10012259571

Do Walmart supercenters improve food security?

Courtemanche, Charles; Carden, Art; Zhou, Xilin; … - 2018

This paper examines the effect of Walmart Supercenters, which lower food prices and expand food availability, on …, we compute the distance between each household's census tract of residence and the nearest Walmart Supercenter. We … estimate instrumental variables models that leverage the predictable geographic expansion patterns of Walmart Supercenters …

Persistent link: https://www.econbiz.de/10011872391

The inexorable recoveries of unemployment

Hall, Robert Ernest; Kudlyak, Marianna - 2022

Unemployment recoveries in the US have been inexorable. Between 1948 and 2019, the annual reduction in the unemployment rate during cyclical recoveries was fairly tightly distributed around 0.1 log points per year. The economy seems to have an irresistible force toward restoring full employment....

Persistent link: https://www.econbiz.de/10013168884

Equilibrium job turnover and the business cycle

Carrillo-Tudela, Carlos; Clymo, Alex; Coles, Melvyn Glyn - 2021

This paper develops and estimates a fully microfounded equilibrium business cycle model of the US labor market with aggregate productivity shocks. Those microfoundations are consistent with evidence regarding the underlying distribution of firm growth rates across firms [by age and size] and,...

Persistent link: https://www.econbiz.de/10012703053

Countercyclical recruiting rates and the value of jobs

Yashiv, Eran - 2015

U.S. CPS gross flows data indicate that in recessions firms actually increase their hiring rates from the pools of the unemployed and out of the labor force. Why so? The paper provides an explanation by studying the optimal recruiting behavior of the representative firm. This behavior is a...

Persistent link: https://www.econbiz.de/10011346601

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