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 ...
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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.
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Add this copy of Labor Markets and Business Cycles to cart. $52.00, very good condition, Sold by JDH Lawton OK rated 5.0 out of 5 stars, ships from LAWTON, OK, UNITED STATES, published 2010 by Princeton University Press.
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Very good in very good dust jacket. Ex-library. xiv, 172 p. : ill.; 25 cm. LCCN 2009047840 Type of material Book Personal name Shimer, Robert. Main title Labor markets and business cycles / Robert Shimer. Published/Created Princeton, N.J. : Princeton University Press, c2010. Description xiv, 172 p. : ill.; 25 cm. ISBN 9780691140223 (alk. paper) LC classification HD5706. S445 2010 Contents The labor wedge--Benchmark search model: neutrality--Real effects of productivity shocks--Rigid wages--Looking ahead. LC Subjects Labor market. Business cycles. Notes Includes bibliographical references (p. [165]-169) and index. Series CREI lectures in macroeconomics Dewey class no. 331.12
Add this copy of Labor Markets and Business Cycles to cart. $82.02, new condition, Sold by Kennys.ie rated 4.0 out of 5 stars, ships from Galway, IRELAND, published 2010 by Princeton University Press.
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New. Shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. This 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. Series: Crei Lectures in Macroeconomics. Num Pages: 192 pages, 14 line illus. 16 tables. BIC Classification: KCF. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 240 x 166 x 23. Weight in Grams: 442. 2010. Hardcover.....We ship daily from our Bookshop.
Add this copy of Labor Markets and Business Cycles Format: Hardcover to cart. $100.73, new condition, Sold by indoo rated 4.0 out of 5 stars, ships from Avenel, NJ, UNITED STATES, published 2010 by Princeton University Press.
Add this copy of Labor Markets and Business Cycles to cart. $103.15, new condition, Sold by Booksplease rated 3.0 out of 5 stars, ships from Southport, MERSEYSIDE, UNITED KINGDOM, published 2010 by Princeton University Press.
Add this copy of Labor Markets and Business Cycles (Crei Lectures in to cart. $125.95, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2010 by Princeton University Press.
Add this copy of Labor Markets and Business Cycles (Crei Lectures in to cart. $169.85, new condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2010 by Princeton University Press.
