Employment efficiency and sticky wages: evidence from flows in the labor market
I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky...
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
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| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11183 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment. |
| Physical Description: | 29 S. graph. Darst. |
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| indexdate | 2024-07-09T20:08:39Z |
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| spelling | Hall, Robert E. 1943- Verfasser (DE-588)120536064 aut Employment efficiency and sticky wages evidence from flows in the labor market Robert E. Hall Cambridge, Mass. National Bureau of Economic Research 2005 29 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11183 I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment. 1947-2001 Theorie der Arbeitslosigkeit / Arbeitslosigkeit / Konjunktur / Lohnrigidität / Theorie / USA Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11183 (DE-604)BV002801238 11183 http://papers.nber.org/papers/w11183.pdf kostenfrei Volltext |
| spellingShingle | Hall, Robert E. 1943- Employment efficiency and sticky wages evidence from flows in the labor market National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Theorie der Arbeitslosigkeit / Arbeitslosigkeit / Konjunktur / Lohnrigidität / Theorie / USA |
| title | Employment efficiency and sticky wages evidence from flows in the labor market |
| title_auth | Employment efficiency and sticky wages evidence from flows in the labor market |
| title_exact_search | Employment efficiency and sticky wages evidence from flows in the labor market |
| title_full | Employment efficiency and sticky wages evidence from flows in the labor market Robert E. Hall |
| title_fullStr | Employment efficiency and sticky wages evidence from flows in the labor market Robert E. Hall |
| title_full_unstemmed | Employment efficiency and sticky wages evidence from flows in the labor market Robert E. Hall |
| title_short | Employment efficiency and sticky wages |
| title_sort | employment efficiency and sticky wages evidence from flows in the labor market |
| title_sub | evidence from flows in the labor market |
| topic | Theorie der Arbeitslosigkeit / Arbeitslosigkeit / Konjunktur / Lohnrigidität / Theorie / USA |
| topic_facet | Theorie der Arbeitslosigkeit / Arbeitslosigkeit / Konjunktur / Lohnrigidität / Theorie / USA |
| url | http://papers.nber.org/papers/w11183.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT hallroberte employmentefficiencyandstickywagesevidencefromflowsinthelabormarket |