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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

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

To be or not to be : the entrepreneur in neo-Schumpeterian growth theory

Henrekson, Magnus; Johansson, Dan; Karlsson, Johan - 2022

machine learning, we analyze how neo-Schumpeterian growth theorists relate to the entrepreneur-centered view of Schumpeter … (1934) and the entrepreneurless framework of Schumpeter (1942). The literature leans heavily towards Schumpeter (1942 …); innovation returns are modeled as following an ex ante known probability distribution. By assuming that innovation outcomes are …

Persistent link: https://www.econbiz.de/10013412825

Cyclical skill-biased technological change

Balleer, Almut; Rens, Thijs van - 2009

Over the past two decades, technological progress has been biased towards making skilled labor more productive. What does skill-biased technological change imply for business cycles? To answer this question, we construct a quarterly series for the skill premium from the CPS and use it to...

Persistent link: https://www.econbiz.de/10003863655

Different skill levels and firing costs in a matching model with uncertainty : an extension of Mortensen and Pissarides (1994)

Kohns, Stephan - 2000

A matching model in the line of Mortensen and Pissarides (1994) is augmented with a lowskill labor market and firing costs. It is shown that even with flexible wages unemployment is higher among the low-skilled and increases with skill-biased technological change. The two main reasons are that...

Persistent link: https://www.econbiz.de/10011318592

Skill upgrading and rigid relative wages : the case of Danish manufactruing

Skaksen, Jan Rose; Sørensen, Anders - 2002

Relative wages have been remarkably rigid for the last two decades in Danish manufacturing despite large shifts in relative employment from unskilled labor towards skilled and educated labor. Assuming capital-skill complementarity and fixed relative wages as a consequence of labor market...

Persistent link: https://www.econbiz.de/10001732880

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