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EBOOK
Author Shimer, Robert,
Title Labor markets and business cycles / Robert Shimer.
Imprint Princeton, N.J. : Princeton University Press, 2010.

Author Shimer, Robert,
Series CREI lectures in macroeconomics
CREI lectures in macroeconomics.
Subject Labor market.
Business cycles.
Author Shimer, Robert,
Series CREI lectures in macroeconomics
CREI lectures in macroeconomics.
Subject Labor market.
Business cycles.
Description 1 online resource (xiv, 172 pages) : illustrations
Bibliography Note Includes bibliographical references and index.
Contents The labor wedge -- Benchmark search model : neutrality -- Real effects of productivity shocks -- Rigid wages -- Looking ahead.
Summary 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.
Note Print version record.
English.
ISBN 9781400835232 (electronic bk.)
1400835232 (electronic bk.)
9780691140223 (hardcover ; alk. paper)
0691140227
1282607510
9781282607514
9786612607516
6612607513
ISBN/ISSN 3164076
OCLC # 659549724
Additional Format Print version: Shimer, Robert. Labor markets and business cycles. Princeton, N.J. : Princeton University Press, 2010 9780691140223 (DLC) 2009047840 (OCoLC)465681687


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