Labor markets and business cycles /:
Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in b...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton, N.J. :
Princeton University Press,
©2010.
|
| Schriftenreihe: | CREI lectures in macroeconomics.
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. --From publisher's description. |
| Beschreibung: | 1 online resource (xiv, 172 pages) : illustrations |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9781400835232 1400835232 9786612607516 6612607513 |
Internformat
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| 505 | 0 | |a The labor wedge -- Benchmark search model : neutrality -- Real effects of productivity shocks -- Rigid wages -- Looking ahead. | |
| 520 | |a Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. --From publisher's description. | ||
| 588 | 0 | |a Print version record. | |
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| author | Shimer, Robert |
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| contents | The labor wedge -- Benchmark search model : neutrality -- Real effects of productivity shocks -- Rigid wages -- Looking ahead. |
| ctrlnum | (OCoLC)659549724 |
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Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. 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| id | ZDB-4-EBA-ocn659549724 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:17:28Z |
| institution | BVB |
| isbn | 9781400835232 1400835232 9786612607516 6612607513 |
| language | English |
| lccn | 2009047840 |
| oclc_num | 659549724 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (xiv, 172 pages) : illustrations |
| psigel | ZDB-4-EBA |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | Princeton University Press, |
| record_format | marc |
| series | CREI lectures in macroeconomics. |
| series2 | CREI lectures in macroeconomics |
| spelling | Shimer, Robert, author. http://id.loc.gov/authorities/names/n81131643 Labor markets and business cycles / Robert Shimer. Princeton, N.J. : Princeton University Press, ©2010. 1 online resource (xiv, 172 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier CREI lectures in macroeconomics Includes bibliographical references and index. The labor wedge -- Benchmark search model : neutrality -- Real effects of productivity shocks -- Rigid wages -- Looking ahead. Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. --From publisher's description. Print version record. English. Labor market. http://id.loc.gov/authorities/subjects/sh89000875 Business cycles. Employment (Economic theory) http://id.loc.gov/authorities/subjects/sh85042916 Marché du travail. Cycles économiques. Emploi. employing. aat BUSINESS & ECONOMICS Labor. bisacsh Business cycles fast Labor market fast Arbeitsmarkt gnd Konjunkturschwankung gnd http://d-nb.info/gnd/4114270-6 Konjunkturtheorie gnd has work: Labor markets and business cycles (Text) https://id.oclc.org/worldcat/entity/E39PCFWhyHVrtbxJR7dKDGrHFq https://id.oclc.org/worldcat/ontology/hasWork Print version: Shimer, Robert. Labor markets and business cycles. Princeton, N.J. : Princeton University Press, ©2010 9780691140223 (DLC) 2009047840 (OCoLC)465681687 CREI lectures in macroeconomics. http://id.loc.gov/authorities/names/no2010084620 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=329780 Volltext |
| spellingShingle | Shimer, Robert Labor markets and business cycles / CREI lectures in macroeconomics. The labor wedge -- Benchmark search model : neutrality -- Real effects of productivity shocks -- Rigid wages -- Looking ahead. Labor market. http://id.loc.gov/authorities/subjects/sh89000875 Business cycles. Employment (Economic theory) http://id.loc.gov/authorities/subjects/sh85042916 Marché du travail. Cycles économiques. Emploi. employing. aat BUSINESS & ECONOMICS Labor. bisacsh Business cycles fast Labor market fast Arbeitsmarkt gnd Konjunkturschwankung gnd http://d-nb.info/gnd/4114270-6 Konjunkturtheorie gnd |
| subject_GND | http://id.loc.gov/authorities/subjects/sh89000875 http://id.loc.gov/authorities/subjects/sh85042916 http://d-nb.info/gnd/4114270-6 |
| title | Labor markets and business cycles / |
| title_auth | Labor markets and business cycles / |
| title_exact_search | Labor markets and business cycles / |
| title_full | Labor markets and business cycles / Robert Shimer. |
| title_fullStr | Labor markets and business cycles / Robert Shimer. |
| title_full_unstemmed | Labor markets and business cycles / Robert Shimer. |
| title_short | Labor markets and business cycles / |
| title_sort | labor markets and business cycles |
| topic | Labor market. http://id.loc.gov/authorities/subjects/sh89000875 Business cycles. Employment (Economic theory) http://id.loc.gov/authorities/subjects/sh85042916 Marché du travail. Cycles économiques. Emploi. employing. aat BUSINESS & ECONOMICS Labor. bisacsh Business cycles fast Labor market fast Arbeitsmarkt gnd Konjunkturschwankung gnd http://d-nb.info/gnd/4114270-6 Konjunkturtheorie gnd |
| topic_facet | Labor market. Business cycles. Employment (Economic theory) Marché du travail. Cycles économiques. Emploi. employing. BUSINESS & ECONOMICS Labor. Business cycles Labor market Arbeitsmarkt Konjunkturschwankung Konjunkturtheorie |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=329780 |
| work_keys_str_mv | AT shimerrobert labormarketsandbusinesscycles |