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Wage rigidity and job creation
Haefke, Christian; Sonntag, Marcus; van Rens, Thijs - 2009
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are rigid. We explore whether this explanation is consistent with the data. We show that the wage of newly hired workers, unlike the aggregate wage, is volatile and...
Persistent link: https://www.econbiz.de/10010270767
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Wage rigidity and job creation
Häfke, Christian; Sonntag, Marcus; Rens, Thijs van - 2009
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are rigid. We explore whether this explanation is consistent with the data. We show that the wage of newly hired workers, unlike the aggregate wage, is volatile and...
Persistent link: https://www.econbiz.de/10003827155
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Wage Rigidity and Job Creation
Haefke, Christian - 2007
Shimer (2005) and Hall (2005) have documented the failure of standard labor market search models to match business cycle fluctuations in employment and unemployment. They argue that it is likely that wages are not adjusted as regularly as suggested by the model, which would explain why...
Persistent link: https://www.econbiz.de/10012729156
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Wage Rigidity and Job Creation
Haefke, Christian; Sonntag, Marcus; van Rens, Thijs - 2021
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are rigid. We explore whether this explanation is consistent with the data. We show that the wage of newly hired workers, unlike the aggregate wage, is volatile and...
Persistent link: https://www.econbiz.de/10013324956
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High discounts and low fundamental surplus : an equivalence result for unemployment fluctuations
Mitra, Indrajit; Seo, Taeuk; Xu, Yu - 2021
Ljungqvist and Sargent (2017) (LS) show that unemployment fluctuations can be understood in terms of a quantity they call the "fundamental surplus." However, their analysis ignores risk premia, a force that Hall (2017) shows is important in understanding unemployment fluctuations. We show how...
Persistent link: https://www.econbiz.de/10012649569
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Modelling heterogeneity and dynamics in the volatility of individual wages
Hospido, Laura - 2010
. Using a bias-corrected likelihood approach makes it possible to reduce the estimation bias to a term of order 1/T². The … small sample performance of the bias corrected estimator is investigated in a Monte Carlo simulation study. The simulation … results show that the bias of the maximum likelihood estimator is substantially corrected for designs that are broadly …
Persistent link: https://www.econbiz.de/10010269628
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The relevance of post-match LTC : why has the Spanish labor market become as volatile as the US one?
Sala, Hector (contributor); Silva, José Ignacio (contributor) - 2005
We present a Search and Matching model with heterogeneous workers (entrants and incumbents) that replicates the stylized facts characterizing the US and the Spanish labor markets. Under this benchmark, we find the Post-Match Labor Turnover Costs (PMLTC) to be the centerpiece to explain why the...
Persistent link: https://www.econbiz.de/10003158646
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The Relevance of Post-Match Ltc : Why Has the Spanish Labor Market Become as Volatile as the Us One?
Sala, Hector; Silva, José I. - 2021
We present a Search and Matching model with heterogeneous workers (entrants and incumbents) that replicates the stylized facts characterizing the US and the Spanish labor markets. Under this benchmark, we find the Post-Match Labor Turnover Costs (PMLTC) to be the centerpiece to explain why the...
Persistent link: https://www.econbiz.de/10013318172
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On the cyclicality of real wages and wage differentials
Otrok, Christopher; Pourpourides, Panayiotis M. - 2008
We show that two models of the labor market, a Walrasian model and a labor contracting model, both have an approximate dynamic factor structure. We use this result to motivate our empirical approach to estimating the cyclical properties of real wages, which does not impose any structure between...
Persistent link: https://www.econbiz.de/10010288748
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On the cyclicality of real wages and wage differentials
Otrok, Christopher M. (contributor);  … - 2008
We show that two models of the labor market, a Walrasian model and a labor contracting model, both have an approximate dynamic factor structure. We use this result to motivate our empirical approach to estimating the cyclical properties of real wages, which does not impose any structure between...
Persistent link: https://www.econbiz.de/10003746900