Articles liés à Labor Markets and Business Cycles

Labor Markets and Business Cycles - Couverture rigide

Livre 1 sur 4: CREI Lectures in Macroeconomics

Shimer, Robert

 
9780691140223: Labor Markets and Business Cycles
Couverture rigide
ISBN 10 : 0691140227 ISBN 13 : 9780691140223
Editeur : Princeton University Press, 2010

Synopsis

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.

Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

À propos de l'auteur

Robert Shimer is the Alvin H. Baum Professor in Economics and the College at the University of Chicago.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
Princeton University Press
Date d'édition
2010
Langue
anglais
ISBN 10 
0691140227
ISBN 13 
9780691140223
Reliure
Relié
Nombre de pages
192
Coordonnées du fabricant
Princeton University Press
https://press.princeton.edu/books

7th Floor, New South Building
PRINCETON
NJ
8544
Etats-Unis
Personne responsable
Easy Access System Europe Oü
gpsr.requests@easproject.com

Mustamäe tee 50
Tallinn
10621
Estonie