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We introduce dynamic incentive contracts into a model of unemployment dynamics and present three results. First, wage … cyclicality from incentives does not dampen unemployment dynamics: the response of unemployment to shocks is first … cyclicality from bargaining dampens unemployment dynamics through the standard mechanism. Third, our calibrated model suggests 46 …
Persistent link: https://www.econbiz.de/10014390530
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market sorting, and aggregate shocks. In response to a positive productivity shock, incentives to sort increase …. The distribution of unemployment worker types adjusts slowly, which amplifies job creation in the short run. In the long … run, falling unemployment curtails the firms' vacancy posting. The model closely matches time-series moments from U …
Persistent link: https://www.econbiz.de/10014366741
We use US longitudinal survey data to examine the role of performance pay (other than profit sharing) in worker quit decisions. We argue that performance pay should increasingly be viewed as an indicator of an internal labor market rather than of a simple contemporaneous incentive. Suggestive of...
Persistent link: https://www.econbiz.de/10015332817
to fill vacancies, but search frictions prevent firms from instantly hiring available workers. Unemployment persists … unemployment responds to productivity changes depends on resources that can be allocated to job creation. Yet, this …) characterize responses of unemployment to productivity changes for a general matching technology; and (3) show how a matching …
Persistent link: https://www.econbiz.de/10014348607
properties of employment and unemployment equilibrium. Second, it applies the model to the study of employment fluctuations and … to the explanation of differences in unemployment rates in industrialized countries. The search and matching model is … unemployment and of jobs out of the market (the ‘job destruction’ flow). Steady-state equilibrium is at the point where the two …
Persistent link: https://www.econbiz.de/10014024227
the responsiveness of the unemployment rate to changes in macroeconomic variables. Most importantly, private information … increases the responsiveness of the unemployment rate to changes in the general (type and effort independent) productivity level …. If the changes also affect the information structure, the responsiveness of the unemployment rate may be large even if …
Persistent link: https://www.econbiz.de/10014060646
quantitative effects of (i) aggregate productivity shocks on unemployment and (ii) unemployment benefits on unemployment. This … model, unemployment benefits affect households' behavior directly, without having to run via the bargained wage. A … effect of benefits on unemployment. Our analysis shows the importance of investigating the effects of policies on the …
Persistent link: https://www.econbiz.de/10011625891
quantitative effects of (i) aggregate productivity shocks on unemployment and (ii) unemployment benefits on unemployment. This … model, unemployment benefits affect households' behavior directly, without having to run via the bargained wage. A … effect of benefits on unemployment. Our analysis shows the importance of investigating the effects of policies on the …
Persistent link: https://www.econbiz.de/10012111816