Labor Markets and Business Cycles
Labor Markets and Business Cycles

Author: Robert Shimer

Publisher: Princeton University Press

Published: 2010-04-12

Total Pages: 189

ISBN-13: 1400835232

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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.

What’s the Damage? Medium-term Output Dynamics After Banking Crises
What’s the Damage? Medium-term Output Dynamics After Banking Crises

Author: Mr.Abdul Abiad

Publisher: International Monetary Fund

Published: 2009-11-01

Total Pages: 39

ISBN-13: 1451873921

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This paper investigates the medium-term behavior of output following banking crises, and its association with pre- and post-crisis conditions and policies. We find that output tends to be depressed substantially following banking crises, with no rebound to the precrisis trend. However, growth does eventually tend to return to its precrisis rate, with substantial crosscountry variation in outcomes. The depressed path of output typically results from reductions of roughly equal proportions in the employment rate, the capital-to-labor ratio, and total factor productivity. Initial conditions that are strongly associated with medium-run output losses include the short-run change in output, the occurrence of a joint banking-and-currency crisis, and a high precrisis level of investment. Short-run fiscal and monetary stimulus is associated with smaller medium-run deviations of output and growth from the precrisis trend.

Brookings Papers on Economic Activity: Spring 2010
Brookings Papers on Economic Activity: Spring 2010

Author: David H. Romer

Publisher: Brookings Institution Press

Published: 2010-09

Total Pages: 378

ISBN-13: 0815705131

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Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues. Contents: Editors' Summary The Labor Market in the Great Recession By Michael W. L. Elsby (University of Michigan), Bart Hobijn (Federal Reserve Bank of San Francisco), and Aysegül Sahin (Federal Reserve Bank of New York) The Income- and Expenditure- Side Estimates of U.S. Output Growth By Jeremy J. Nalewaik (Board of Governors of the Federal Reserve System) The Rug Rat Race By Garey Ramey and Valerie A. Ramey (University of California, San Diego) The Crisis By Alan Greenspan (Greenspan Associates LLC) The Initial Impact of the Crisis on Emerging Market Countries By Olivier J. Blanchard (International Monetary Fund and MIT), Mitali Das (International Monetary Fund), and Hamid Faruqee (International Monetary Fund) Geographic Variation in Health Care: The Role of Private Markets By Tomas J. Philipson (University of Chicago), Seth A. Seabury (RAND Corporation), Lee M. Lockwood (University of Chicago), Dana P. Goldman (University of Southern California), and Darius Lakdawalla (Univeresity of Southern California)

Who Loses in the Downturn?
Who Loses in the Downturn?

Author: Herwig Immervoll

Publisher: Emerald Group Publishing

Published: 2011-04-15

Total Pages: 303

ISBN-13: 0857247492

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Contains fresh knowledge on the effects of the economic downturn on employment and income distribution. This title also contains research papers offering fresh insights into issues such as how wages, employment and incomes are affected by the crisis, which demographic groups are most vulnerable in the recession, and more.

Causes and Consequences of Income Inequality
Causes and Consequences of Income Inequality

Author: Ms.Era Dabla-Norris

Publisher: International Monetary Fund

Published: 2015-06-15

Total Pages: 39

ISBN-13: 1513547437

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This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

Handbook of Labor Economics
Handbook of Labor Economics

Author: Orley Ashenfelter

Publisher: Elsevier

Published: 1999-11-18

Total Pages: 800

ISBN-13: 9780444501899

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A guide to the continually evolving field of labour economics.

Economics [4 volumes]
Economics [4 volumes]

Author: David A. Dieterle

Publisher: Bloomsbury Publishing USA

Published: 2017-03-27

Total Pages: 1971

ISBN-13:

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A comprehensive four-volume resource that explains more than 800 topics within the foundations of economics, macroeconomics, microeconomics, and global economics, all presented in an easy-to-read format. As the global economy becomes increasingly complex, interconnected, and therefore relevant to each individual, in every country, it becomes more important to be economically literate—to gain an understanding of how things work beyond the microcosm of the economic needs of a single individual or family unit. This expansive reference set serves to establish basic economic literacy of students and researchers, providing more than 800 objective and factually driven entries on all the major themes and topics in economics. Written by leading scholars and practitioners, the set provides readers with a framework for understanding economics as mentioned and debated in the public forum and media. Each of the volumes includes coverage of important events throughout economic history, biographies of the major economists who have shaped the world of economics, and highlights of the legislative acts that have shaped the U.S. economy throughout history. The extensive explanations of major economic concepts combined with selected key historical primary source documents and a glossary will endow readers with a fuller comprehension of our economic world.