The labor market and macro volatility: a nonstationary general-equilibrium analysis
"The evolution of the aggregate labor market is far from smooth. I investigate the success of a macro model in replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth and in exogenous product demand (government purchases pl...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11684 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "The evolution of the aggregate labor market is far from smooth. I investigate the success of a macro model in replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth and in exogenous product demand (government purchases plus net exports) as the primary exogenous sources of fluctuations. The macro model embodies new ideas about the labor market, all based on equilibrium--the models I consider do not rest on inefficiency in the use of labor caused by an inappropriate wage. I find that non-standard features of the labor market are essential for understanding the volatility of unemployment. These models include simple equilibrium wage stickiness, where the sticky wage is an equilibrium selection rule. A second model based on modern bargaining theory delivers a different kind of stickiness and has a unique equilibrium. A third model posits fluctuations in matching efficiency that may arise from variations over time in the information about prospective jobs among job-seekers. Reasonable calibrations of each of the three models match the observed volatility of unemployment"--National Bureau of Economic Research web site. |
| Beschreibung: | 37 S. graph. Darst. |
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| 650 | 4 | |a Unemployment |x Econometric models | |
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Datensatz im Suchindex
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| illustrated | Illustrated |
| index_date | 2024-07-02T14:04:18Z |
| indexdate | 2024-07-09T20:36:05Z |
| institution | BVB |
| language | English |
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| physical | 37 S. graph. Darst. |
| publishDate | 2005 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Hall, Robert E. 1943- Verfasser (DE-588)120536064 aut The labor market and macro volatility a nonstationary general-equilibrium analysis Robert E. Hall Cambridge, Mass. National Bureau of Economic Research 2005 37 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11684 "The evolution of the aggregate labor market is far from smooth. I investigate the success of a macro model in replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth and in exogenous product demand (government purchases plus net exports) as the primary exogenous sources of fluctuations. The macro model embodies new ideas about the labor market, all based on equilibrium--the models I consider do not rest on inefficiency in the use of labor caused by an inappropriate wage. I find that non-standard features of the labor market are essential for understanding the volatility of unemployment. These models include simple equilibrium wage stickiness, where the sticky wage is an equilibrium selection rule. A second model based on modern bargaining theory delivers a different kind of stickiness and has a unique equilibrium. A third model posits fluctuations in matching efficiency that may arise from variations over time in the information about prospective jobs among job-seekers. Reasonable calibrations of each of the three models match the observed volatility of unemployment"--National Bureau of Economic Research web site. Ökonometrisches Modell Labor market Econometric models Unemployment Econometric models Erscheint auch als Internetausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11684 (DE-604)BV002801238 11684 http://papers.nber.org/papers/w11684.pdf kostenfrei Volltext |
| spellingShingle | Hall, Robert E. 1943- The labor market and macro volatility a nonstationary general-equilibrium analysis National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Labor market Econometric models Unemployment Econometric models |
| title | The labor market and macro volatility a nonstationary general-equilibrium analysis |
| title_auth | The labor market and macro volatility a nonstationary general-equilibrium analysis |
| title_exact_search | The labor market and macro volatility a nonstationary general-equilibrium analysis |
| title_exact_search_txtP | The labor market and macro volatility a nonstationary general-equilibrium analysis |
| title_full | The labor market and macro volatility a nonstationary general-equilibrium analysis Robert E. Hall |
| title_fullStr | The labor market and macro volatility a nonstationary general-equilibrium analysis Robert E. Hall |
| title_full_unstemmed | The labor market and macro volatility a nonstationary general-equilibrium analysis Robert E. Hall |
| title_short | The labor market and macro volatility |
| title_sort | the labor market and macro volatility a nonstationary general equilibrium analysis |
| title_sub | a nonstationary general-equilibrium analysis |
| topic | Ökonometrisches Modell Labor market Econometric models Unemployment Econometric models |
| topic_facet | Ökonometrisches Modell Labor market Econometric models Unemployment Econometric models |
| url | http://papers.nber.org/papers/w11684.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT hallroberte thelabormarketandmacrovolatilityanonstationarygeneralequilibriumanalysis |