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Labor Market Dynamics under Long Term Wage Contracting

Rudanko, Leena - Society for Economic Dynamics - SED - 2006

This paper introduces risk averse workers into a search and matching model and considers the quantitative performance … search and matching models. … in unemployment and vacancies but also wages, is the drop in consumption for the unemployed. In addition, explaining the …

Persistent link: https://www.econbiz.de/10005090796

Business Cycles, Wage Setting, and Asymmetric Information

Shimer, Robert - Society for Economic Dynamics - SED - 2004

This paper explores wage-setting in the presence of asymmetric information. Firms know their own productivity, while workers only know the distribution of productivity in the economy. Although there is unemployment in equilibrium, the labor market is competitive in the sense of Moen (1997):...

Persistent link: https://www.econbiz.de/10005069473

A dynamic matching model with downward wage rigidity

Jansen, Marcel; Costain, James - Society for Economic Dynamics - SED - 2004

labor market models have a hard time generating the degree of cyclical volatility in unemployment and vacancies that is … studies a dynamic matching model with downward wage rigidity. Like Mortensen and Pissarides (2001) and Jansen (2001), we … surplus of jobs exhibits substantially more cyclical volatility than in standard matching models with transferable utility …

Persistent link: https://www.econbiz.de/10005069525

The US-European Unemployment Divide Revisited: The Role of Growth and Convergence

Pissarides, Christopher A - Society for Economic Dynamics - SED - 2006

In this paper I argue that most comparisons of the unemployment dynamics in the United States and Europe since the war incorrectly neglect the role of technological catch-up in Europe up to the late 1960s and the contribution of the different growth experiences in the two continents. Growth has...

Persistent link: https://www.econbiz.de/10005090733

Indivisible Labor and Its Supply Elasticity: Do Taxes Explain European Employment?

Ljungqvist, Lars; Sargent, Thomas J. - Society for Economic Dynamics - SED - 2006

We first scrutinize and challenge Prescott's (2002, 2004) quantitative analysis of the role of differences in taxes in explaining cross-country differences in labor market outcomes, and then defend an alternative model that assigns an important role to cross-country differences in social...

Persistent link: https://www.econbiz.de/10005069229

Welfare Costs, Long Run Consumption Risk, and a Production Economy.

Croce, Mariano M. - Society for Economic Dynamics - SED - 2006

The main goal of this paper is to measure the welfare costs of business cycles in a production economy in which the representative agent has low risk aversion and - at the same time - the equity premium and the co-movements of aggregate quantities and market returns are comparable to what...

Persistent link: https://www.econbiz.de/10005069327

Business Cycles under Generalized Disappointment Aversion

Campanale, Claudio; Castro, Rui; Clementi, Gian Luca - Society for Economic Dynamics - SED - 2006

Standard business cycle models with state-additive preferences, while broadly consistent with the behavior of real macroeconomic aggregates, are unable to generate asymmetries between expansions and recessions, and are also inconsistent with the behavior of asset prices. In this paper we exploit...

Persistent link: https://www.econbiz.de/10005069351