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In a reasonably calibrated Mortensen and Pissarides matching model, shocks to average labor productivity can account for only a small portion of the fluctuations in unemployment and vacancies (Shimer (2005a)). In this paper, the author argues that if vintage specific shocks rather than aggregate...
Persistent link: https://www.econbiz.de/10012706057
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What...
Persistent link: https://www.econbiz.de/10013317120
Typical measures of wages, such as average hourly earnings, fail to capture cyclicality in the effective cost of labor in the presence of (i) cyclical fluctuations in the quality of worker-firm matches, or (ii) wages being smoothed within employment matches. To address both concerns, we estimate...
Persistent link: https://www.econbiz.de/10014248987
Using a unique data set and a novel identification strategy, we estimate the effect of minimum wage increases on job vacancy postings. Utilizing occupation-specific county- level vacancy data from the Conference Board's Help Wanted Online for 2005-2018, we find that state-level minimum wage...
Persistent link: https://www.econbiz.de/10013187552
Using a unique data set and a novel identification strategy, we estimate the effect of minimum wage increases on job vacancy postings. Utilizing occupation-specific countylevel vacancy data from the Conference Board's Help Wanted Online for 2005-2018, we find that state-level minimum wage...
Persistent link: https://www.econbiz.de/10013192234
Workers separate from jobs, search for jobs, accept jobs, and fund consumption with their wages. Firms recruit workers to fill vacancies, but search frictions prevent firms from instantly hiring available workers. Unemployment persists. These features are described by the...
Persistent link: https://www.econbiz.de/10014348607
Typical measures of wages, such as average hourly earnings, fail to capture cyclicality in the effective cost of labor in the presence of (i) cyclical fluctuations in the quality of worker-firm matches, or (ii) wages being smoothed within employment matches. To address both concerns, we estimate...
Persistent link: https://www.econbiz.de/10014351463
We consider positive and normative aspects of subsidizing work arrangements where subsidies are paid in time of low demand and reduced working hours so as to stabilize workers’ income. In a matching framework such an arrangement increases labor demand. Tightening eligibility to short-time work...
Persistent link: https://www.econbiz.de/10012892292
We consider positive and normative aspects of subsidizing work arrangements where subsidies are paid in time of low demand and reduced working hours so as to stabilize workers' income. In a matching framework such an arrangement increases labor demand. Tightening eligibility to short-time work...
Persistent link: https://www.econbiz.de/10011924471
Recent declines in job tenure have coincided with a shift away from traditional defined benefit (DB) pensions, which reward long tenure. New evidence also points to an increase in job-to-job movements by workers, and we document gains in relative wages of job-to-job movers over a similar period....
Persistent link: https://www.econbiz.de/10012727115