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The cyclical price of labor when wages are smoothed

Kudlyak, Marianna - Federal Reserve Bank of Richmond - 2010

the time of hiring and the impact of labor market conditions at the time of hiring on future wages. The price of labor and … based on the behavior of individual wages and turnover. I find that a one percentage point increase in unemployment … individual wages and also noticeably higher than the cyclicality of the wages of newly hired workers. I conclude that the price …

Persistent link: https://www.econbiz.de/10008764357

Accounting for unemployment in the Great Recession : nonparticipation matters

Kudlyak, Marianna; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the "Great Recession"). We show that,...

Persistent link: https://www.econbiz.de/10010723109

Accounting for unemployment: the long and short of it

Hornstein, Andreas - Federal Reserve Bank of Richmond - 2012

Shimer (2012) accounts for the volatility of unemployment based on a model of homogeneous unemployment. Using data on short-term unemployment he finds that most of unemployment volatility is accounted for by variations in the exit rate from unemployment. The assumption of homogeneous exit rates...

Persistent link: https://www.econbiz.de/10010593679