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The Labor Demand and Labor Supply Channels of Monetary Policy
Graves, Sebastian; Huckfeldt, Christopher K.; Swanson, … - National Bureau of Economic Research - 2023
Monetary policy is conventionally understood to influence labor demand, with little effect on labor supply. We estimate the response of labor market flows to high-frequency changes in interest rates around FOMC announcements and Fed Chair speeches and find that, in contrast to the consensus...
Persistent link: https://www.econbiz.de/10014421195
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Does Occupational Licensing Reduce Job Loss During Recessions?
Blair, Peter Q.; Chung, Bobby W. - National Bureau of Economic Research - 2024
Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric …-in-differences event study research design that exploits cross-state variation in licensing laws to compare the unemployment rate between …, we find that licensing shields workers from a recession-induced increase in the unemployment rate of 0.82 p.p. during …
Persistent link: https://www.econbiz.de/10014544764
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Adjusting Labor Along The Intensive Margins
Hamermesh, Daniel S.; Biddle, Jeff - National Bureau of Economic Research - 2024
We expand the analysis of cyclical changes in labor demand by decomposing changes along the intensive margin into those in days/week and in hours/day. Using large cross sections of U.S. data, 1985-2018, we observe around 1/4 of the adjustment in weekly hours occurring through changing days/week....
Persistent link: https://www.econbiz.de/10014635715
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Asset Prices and Unemployment Fluctuations : A Resolution of the Unemployment Volatility Puzzle
Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; … - National Bureau of Economic Research - 2022
Recent work has demonstrated that existing solutions of the unemployment volatility puzzle are at odds with the …. Our model reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long … therefore greatly declines, leading to a large decrease in job vacancies and an increase in unemployment of the same magnitude …
Persistent link: https://www.econbiz.de/10012938763
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Minimally Altruistic Wages and Unemployment in a Matching Model
Rotemberg, Julio J. - 2008
This paper presents a model in which firms recruit both unemployed and employed workers by posting vacancies. Firms act monopsonistically and set wages to retain their existing workers as well as to attract new ones. The model differs from Burdett and Mortensen (1998) in that its assumptions...
Persistent link: https://www.econbiz.de/10012464892
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Marginal Jobs, Heterogeneous Firms, & Unemployment Flows
Elsby, Michael W. L. - 2008
establishments; b) the amplitude and propagation of cyclical fluctuations in flows between employment and unemployment; c) the … negative comovement of unemployment and vacancies in the form of the Beveridge curve; and d) the dynamics of the distribution …
Persistent link: https://www.econbiz.de/10012464870
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Learning from Ricardo and Thompson : Machinery and Labor in the Early Industrial Revolution, and in the Age of AI
Acemoglu, Daron; Johnson, Simon - National Bureau of Economic Research - 2024
David Ricardo initially believed machinery would help workers but revised his opinion, likely based on the impact of automation in the textile industry. Despite cotton textiles becoming one of the largest sectors in the British economy, real wages for cotton weavers did not rise for decades. As...
Persistent link: https://www.econbiz.de/10014544695
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Automation and Polarization
Acemoglu, Daron; Loebbing, Jonas - National Bureau of Economic Research - 2022
We develop an assignment model of automation. Each of a continuum of tasks of variable complexity is assigned to either capital or one of a continuum of labor skills. We characterize conditions for interior automation, whereby tasks of intermediate complexity are assigned to capital. Interior...
Persistent link: https://www.econbiz.de/10013388884
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Minimum Wages and Labor Markets in the Twin Cities
Karabarbounis, Loukas; Lise, Jeremy; Nath, Anusha - National Bureau of Economic Research - 2022
Using merged administrative datasets from Minnesota, we bring new evidence on the labor market effects of large minimum wage increases by examining the policy changes implemented by Minneapolis and Saint Paul. We begin by using synthetic difference-in-differences methods to estimate...
Persistent link: https://www.econbiz.de/10013334456
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Monopsony, Job Tasks, and Labor Market Concentration
Dodini, Samuel; Lovenheim, Michael F.; Salvanes, Kjell G.; … - National Bureau of Economic Research - 2023
This paper extends the literature on monopsony and labor market concentration by taking a task-based approach and estimating the causal effect of concentration in the demand for skills on labor market outcomes. The prior literature has focused on industry and occupation concentration and likely...
Persistent link: https://www.econbiz.de/10013537717