Labor, credit, and goods markets: the macroeconomics of search and unemployment
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Massachusetts
The MIT Press
[2017]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | xxiv, 246 Seiten Diagramme |
| ISBN: | 9780262036450 |
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| 245 | 1 | 0 | |a Labor, credit, and goods markets |b the macroeconomics of search and unemployment |c Nicolas Petrosky-Nadeau and Etienne Wasmer |
| 264 | 1 | |a Cambridge, Massachusetts |b The MIT Press |c [2017] | |
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| 650 | 4 | |a Macroeconomics | |
| 650 | 4 | |a Frictional unemployment | |
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Record in the Search Index
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| adam_text | Contents
Preface xi
Guide to the book xv
I FRICTIONS IN ONE MARKET: LABOR 1
1 The benchmark model: a single worker firm 3
1.1 Matching and separation in the labor market 3
1.1.1 Matching 3
1.1.2 Separation 5
1.2 The job creation condition 6
1.2.1 Continuous time 6
1.2.2 Discrete time 9
1.3 Wages 10
1.3.1 Surplus and reservation wages 10
1.3.2 Surplus sharing and Nash bargaining over wages 11
1.4 Equilibrium 13
1.5 Further discussion of wages 16
1.5.1 Acceptance set of wages 16
1.5.2 Credible bargaining 18
1.5.3 Further wage alternatives 21
1.6 Endogenous job destruction 23
1.7 Discussion of literature and remaining issues 26
1.8 Chapter appendix 29
1.8.1 Wage bargaining: continuous time 29
1.8.2 Wage bargaining: discrete time 29
1.8.3 Credible wage bargaining in steady state 31
vi
Contents
1.8.4 Endogenous job destruction: continuous time 32
1.8.5 Endogenous job destruction: discrete time 33
2 Business cycle properties 37
2.1 Dynamics of the benchmark model 38
2.1.1 Loglinearization of the job creation condition 38
2.1.2 Asymmetries in the cycle 39
2.2 A calibration 41
2.2.1 Calibrated parameters 41
2.2.2 The business cycle in the calibrated model 43
2.3 Volatility in alternative structures 46
2.3.1 Small labor surplus 47
2.3.2 Credible bargaining 47
2.3.3 Entry costs and amplification 48
2.4 Nonlinear dynamics in the labor market 50
2.4.1 Solving models with search frictions 51
2.4.2 Impulse response functions 52
2.4.3 Other nonlinearities: the small surplus assumption
and the zero bound for vacancies 54
2.5 Discussion of the literature and remaining issues 56
2.6 Chapter appendix 58
2.6.1 Log-linearization 58
2.6.2 Labor market data 60
3 Efficiency in the labor market 61
3.1 Efficiency in continuous time 62
3.1.1 The Hosios condition with exogenous separations 62
3.1.2 Hosios inefficient separations versus
surplus-inefficient separations 65
3.2 Competitive search equilibrium 67
3.3 A discussion of policy instruments 71
3.4 Efficiency in a discrete time dynamic setting 75
3.4.1 Hosios in a discrete setting 75
3.4.2 Constrained efficient fluctuations 78
3.5 Discussion of the literature and remaining issues 79
3.6 Chapter appendix 82
3.6.1 Continuous time constrained efficiency: baseline 82
3.6.2 Continuous time constrained efficiency: endogenous
job destruction 83
Moen’s efficiency result 85
3.6.3
Contents
3.6.4 Coincidence of the wage in the decentralized
equilibrium with entry costs and Moen’s
efficient wage
3.6.5 Hosios in discrete time
3.6.6 Efficient layoff taxes with endogenous separations
4 Firm size and strategic bargaining
4.1 Strategic bargaining with discrete labor
4.2 The large firm matching model with one type of worker
4.2.1 Firm’s program and wage bargaining
4.2.2 Large-firm/small-firm equivalence result under
constant returns to scale
4.2.3 An overemployment result under decreasing returns
to scale
4.2.4 Second-best efficiency
4.3 The large firm with several worker types
4.3.1 Environment
4.3.2 Wage solutions and equilibrium
4.3.3 Generalization: different bargaining weights and the
“underemployment” result
4.4 Predetermined capital and labor with intrafirm bargaining
4.5 Dynamic implications of intrafirm bargaining
4.6 Discussion of the literature and remaining issues
4.7 Chapter appendix
4.7.1 Value function of the firms
4.7.2 Value function of workers and Nash bargaining
4.7.3 Sketch of solution with identical bargaining power
4.7.4 Extension to capital
II FRICTIONS IN FINANCIAL AND GOODS MARKETS
5 Credit and labor market frictions: the CL model
5.1 Random matching in financial markets
5.2 Integrating labor and financial market frictions
5.2.1 Projects, creditors, and “the firm”
5.2.2 Entry in credit and labor markets
5.2.3 Bargaining over credit
5.2.4 Block bargaining over wages
5.2.5 Equilibrium
vii
86
87
87
89
90
91
91
93
93
95
96
96
97
99
100
101
103
105
105
106
106
108
111
113
114
115
117
117
121
122
124
viii
Contents
5.3 Efficiency and Hosios in the financial market 127
5.3.1 Social planner’s problem with frictional labor and
credit market 127
5.3.2 Socially optimal credit and labor market tightness 128
5.3.3 Hosios in credit and labor markets 129
5.3.4 Properties of the constrained efficient allocation 130
5.4 Discussion of the literature and remaining issues 134
5.5 Chapter appendix 135
5.5.1 Detail of the calculations of repayment fr 135
5.5.2 Wage setting: block bargaining 136
5.5.3 Social planner’s problem 137
5.5.4 Alternative bargaining arrangements: varying the
specificity in labor relationships 138
6 Financial multipliers and business cycles 143
6.1 The equilibrium dynamics of the CL model 144
6.1.1 Projects and creditors: asset values 144
6.1.2 Bargaining and equilibrium in the financial market 145
6.1.3 Job creation 147
6.1.4 Wage bargaining 148
6.2 A financial multiplier and the amplification of business cycles 148
6.2.1 Understanding amplification 149
6.2.2 Volatility and efficiency in financial markets 150
6.3 Quantitative properties 151
6.3.1 Calibration strategy 151
6.3.2 Quantitative moments and dynamics 154
6.4 Introducing shocks in financial markets 155
6.4.1 Parameterization and calibration 156
6.4.2 Stationary and business cycle moments 156
6.5 Discussion of the literature and remaining issues 157
6.6 Chapter appendix 160
6.6.1 Deriving a job creation condition 160
6.6.2 Financial repayment 161
6.6.3 Workers and wages 162
6.6.4 An extended setup 163
6.6.5 Elasticity of labor market tightness to productivity
shocks 164
7 Goods market frictions: LG and CLG models 167
7.1 Search in goods markets 168
Contents
7.1.1 Timing and notations 168
7.1.2 Random matching in the goods market and goods
market tightness 170
7.1.3 The new concepts in a search in the goods market
economy 171
7.2 The steady-state equilibrium in the LG model 172
7.2.1 Employment, consumption, and goods market
tightness 172
7.2.2 The job creation equation 174
7.2.3 Price determination 176
7.2.4 Wage determination 178
7.3 Efficiency and Hosios in the LG model 180
7 A The CLG model 182
7.4.1 Job creation condition and equilibrium 183
7.4.2 Price, wage, and payments to creditors 185
7.4.3 Efficiency in the CLG model 185
7.5 Extending the CLG model to endogenous effort 186
7.6 Discussion of the literature and remaining issues 188
7.7 Chapter appendix 190
7.7.1 Documenting consumption flows in CLG 190
7.7.2 Stock-flow equations in the CLG model 192
7.7.3 Bellman equations in the LG model and free entry 194
7.7.4 The viability of the decentralized LG economy 194
7.7.5 Bellman equations of the CLG model and free entry 197
7.7.6 Price determination in CLG 199
7.7.7 Efficiency in CLG 200
The propagation of business cycles in CLG models 203
8.1 The discrete time CLG model 204
8.1.1 Search and matching in the goods markets 204
8.1.2 Timing of an investment project 204
8.1.3 Disposable income and price determination 206
8.1.4 Other markets 208
8.2 Equilibrium dynamics of the CLG model 209
8.2.1 Equilibrium 209
8.2.2 Job creation condition 209
8.2.3 A log-linear relation 210
8.3 Extension to endogenous search intensity in the goods
market 211
X
Contents
8.4 Quantitative implications I: the propagation of productivity
shocks 213
8.4.1 Calibrati on strategy 213
8.4.2 Business cycle moments and impulse responses 215
8.5 Quantitative implications II: the propagation of demand
shocks 216
8.5.1 The relation between utility, income, and
consumption 216
8.5.2 Fiscal innovations 217
8.5.3 Fiscal multipliers 218
8.5.4 Calibration parameters 219
8.6 Discussion of the literature and remaining issues 220
8.7 Concluding words 223
8.8 Chapter appendix 223
8.8.1 Appendix for dynamics of CLG 223
8.8.2 Price and wage determination 225
Bibliography 231
Index 241
|
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| id | DE-604.BV044656777 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:58:26Z |
| institution | BVB |
| isbn | 9780262036450 |
| language | English |
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| spelling | Petrosky-Nadeau, Nicolas Verfasser aut Labor, credit, and goods markets the macroeconomics of search and unemployment Nicolas Petrosky-Nadeau and Etienne Wasmer Cambridge, Massachusetts The MIT Press [2017] xxiv, 246 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Markets Macroeconomics Frictional unemployment Capital market Credit Arbeitslosigkeit (DE-588)4002730-2 gnd rswk-swf Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s Arbeitslosigkeit (DE-588)4002730-2 s DE-604 Wasmer, Etienne 1970- Verfasser (DE-588)122513673 aut Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030054379&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Petrosky-Nadeau, Nicolas Wasmer, Etienne 1970- Labor, credit, and goods markets the macroeconomics of search and unemployment Markets Macroeconomics Frictional unemployment Capital market Credit Arbeitslosigkeit (DE-588)4002730-2 gnd Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4002730-2 (DE-588)4037174-8 |
| title | Labor, credit, and goods markets the macroeconomics of search and unemployment |
| title_auth | Labor, credit, and goods markets the macroeconomics of search and unemployment |
| title_exact_search | Labor, credit, and goods markets the macroeconomics of search and unemployment |
| title_full | Labor, credit, and goods markets the macroeconomics of search and unemployment Nicolas Petrosky-Nadeau and Etienne Wasmer |
| title_fullStr | Labor, credit, and goods markets the macroeconomics of search and unemployment Nicolas Petrosky-Nadeau and Etienne Wasmer |
| title_full_unstemmed | Labor, credit, and goods markets the macroeconomics of search and unemployment Nicolas Petrosky-Nadeau and Etienne Wasmer |
| title_short | Labor, credit, and goods markets |
| title_sort | labor credit and goods markets the macroeconomics of search and unemployment |
| title_sub | the macroeconomics of search and unemployment |
| topic | Markets Macroeconomics Frictional unemployment Capital market Credit Arbeitslosigkeit (DE-588)4002730-2 gnd Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Markets Macroeconomics Frictional unemployment Capital market Credit Arbeitslosigkeit Makroökonomie |
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