(DOWNLOAD) "Labor Markets and Business Cycles (Research Summaries)" by NBER Reporter ~ Book PDF Kindle ePub Free
eBook details
- Title: Labor Markets and Business Cycles (Research Summaries)
- Author : NBER Reporter
- Release Date : January 22, 2008
- Genre: Business & Personal Finance,Books,
- Pages : * pages
- Size : 66 KB
Description
Why are workers unemployed sometimes? Why do unemployed workers coexist with job vacancies? How much does the incidence and the duration of unemployment rise during economic downturns, and why? Much of my research during the last five years has tried to answer these questions by developing quantitative models of labor market dynamics and comparing the models' predictions with data, especially from the United States. Lucas and Rapping's theory of intertemporal substitution in labor supply is the starting point for any modern analysis of employment fluctuations, (1) including the real business cycle model (2) and the New Keynesian model. (3) The key assumption is that workers decide how much to work at each point in time, taking the prevailing wage as given. To the extent that labor supply is elastic, hours of work fluctuate with movements in the wage.
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