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model framework to resolve that puzzle. Our efficiency wage model emphasizes the importance of the local unemployment rate … that nonzero steady involuntary unemployment at equilibrium may coexist with an efficiency wage that stays below the market …
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Surveys of Youth, we find that negative labor market outcomes during high unemployment periods are mitigated by exposure to a … negative impact of high unemployment periods on labor market outcomes of disadvantaged groups, making extension of high …
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Surveys of Youth, we find that negative labor market outcomes during high unemployment periods are mitigated by exposure to a …
Persistent link: https://www.econbiz.de/10012924924
In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal...
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