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The cyclical behavior of unemployment and wages under information frictions

Morales-Jimenez, Camilo - 2017

I propose a new mechanism for sluggish wages based on workers' noisy information about the state of the economy. Wages do not respond immediately to a positive aggregate shock because workers do not (yet) have enough information to demand higher wages. This increases firms' incentives to post...

Persistent link: https://www.econbiz.de/10011709249

Unemployment rate benchmarks

Crump, Richard K.; Nekarda, Christopher J.; … - 2020

This paper discusses various concepts of unemployment rate benchmarks that are frequently used by policymakers for assessing the current state of the economy as it relates to the pursuit of both price stability and maximum employment. In particular, we propose two broad categories of...

Persistent link: https://www.econbiz.de/10012389411

The nature of household labor income risk

Pruitt, Seth; Turner, Nicholas - 2018

What is the nature of labor income risk facing households? We answer this question using detailed administrative data on household earnings from the U.S. Internal Revenue Service. By analyzing total household labor earnings as well as each member's earnings, we offer several new findings. One,...

Persistent link: https://www.econbiz.de/10011932201

Sectoral dynamics and business cycles

Tase, Manjola - 2016

I construct an index of sectoral dynamics to characterize changes in the sectoral composition of economic activity. There is evidence of asymmetry in different phases of business cycles with recessions being associated with larger changes in sectoral composition than expansions. I find that the...

Persistent link: https://www.econbiz.de/10011578300

The ways the cookie crumbles : education and the margins of cyclical adjustment in the labor market

Doniger, Cynthia L. - 2021

Persistent link: https://www.econbiz.de/10012608587

Do greasy wheels curb inequality?

Doniger, Cynthia L. - 2019

I document a disparity in the cyclicality of the allocative wage-the labor costs considered when deciding to form or … more exhibit an allocative wage that is highly pro-cyclical while high school dropouts exhibit no statistically discernible … wage margin. An important takeaway is that conventional monetary policy easing reduces employment inequality but increases …

Persistent link: https://www.econbiz.de/10012018447

Efficient mismatch

Arseneau, David M.; Epstein, Brendan - 2018

This paper presents a model in which mismatch employment arises in a constrained efficient equilibrium. In the decentralized economy, however, mismatch gives rise to a congestion externality whereby heterogeneous job seekers fail to internalize how their individual actions affect the labor...

Persistent link: https://www.econbiz.de/10011932219

Hysteresis via endogenous rigidity in wages and participation

Doniger, Cynthia L.; López-Salido, José David - 2017

Persistent link: https://www.econbiz.de/10011709246

Firm entry and macroeconomic dynamics : a state-level analysis

Gourio, François; Messer, Todd; Siemer, Michael - 2016

Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This...

Persistent link: https://www.econbiz.de/10011500393

Unemployment risk

Kiley, Michael T. - 2018 - Version 3

Fluctuations in upside risks to unemployment over the medium term are examined using quantile regressions. U.S. experience reveals an elevated risk of large increases in unemployment when inflation or credit growth is high and when the unemployment rate is low. Inflation was a significant...

Persistent link: https://www.econbiz.de/10012016326

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