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Business cycle phenomena of the labor market: The transactions cost approach to unemployment in general equilibrium.

机译：劳动力市场的商业周期现象：在一般均衡下，交易成本接近失业率。

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摘要

This dissertation creates a synthesis between the transactions cost approach to unemployment and the stochastic neoclassical growth model. A competitive labor market is replaced by one in which trade frictions and bilateral wage-bargaining matter. Specifically, job-worker matches form at rates determined by the workers' search and employers' recruiting activities where the division of the match surplus that provides the returns to these investments is determined as the outcome of a bilateral bargain. This new analytical environment permits a quantitative test of the qualitative implications that search theory has for aggregate economic variables. It also allows one to assess the theory's contribution to the explanation of business cycle phenomena that the standard model either has resolved in an unsatisfactory manner or has not addressed.;The first phenomenon addressed is the discrepancy between the microeconomic and macroeconomic evidence of the magnitude of the wage-elasticity of labor supply in connection with the dynamic correlation between hours worked and labor productivity. Introducing search for a job-match as another margin from which households can substitute into work increases the volatility between hours spent working and productivity. When job-matches become productive one period after they are formed, the model predicts that productivity leads hours over the cycle, and that their contemporaneous correlation is low.;Second, empirical evidence from the Bureau of Labor Statistic's data on labor turnover is presented which critically examines and improves on previously stated stylized facts on the cyclical behavior of labor turnover. It suggests that flows into unemployment fluctuate more than flows out of unemployment, and that both flows are countercyclical with inflows leading outflows. The analytical framework is extended by endogenizing firing decisions and by allowing for the recall of previously laid off workers in order to capture unemployment incidence and short unemployment spells. When job-matches vary in their idiosyncratic productivity, firms can temporarily lay off or recall workers which, together with new hires and permanent layoffs, helps explain the cyclical behavior of labor market flows.
机译：本文建立了失业的交易成本方法与随机新古典增长模型之间的综合。竞争性劳动力市场被贸易摩擦和双边工资谈判问题所取代。具体来说，工薪阶层的匹配形式是由工人的搜寻和雇主的招聘活动决定的，其中为这些投资提供回报的匹配剩余的分配被确定为双边讨价还价的结果。这种新的分析环境允许对搜索理论对总体经济变量的定性含义进行定量检验。它还使人们能够评估该理论对解释商业周期现象的贡献，该现象是标准模型要么无法令人满意地解决，要么没有得到解决;所解决的第一个现象是微观经济和宏观经济证据之间的差异。与工作时间和劳动生产率之间的动态相关性相关的劳动力供给的工资弹性。引入寻找工作的机会是家庭可以替代工作的另一余地，这增加了工作时间和生产率之间的波动性。当工作匹配形成后的一个时期开始生产时，该模型预测生产率在整个周期中领先几个小时，并且它们的同期相关性很低。第二，提供了来自劳工统计局有关劳动力周转数据的经验证据，其中批判性地检查和改进先前提到的关于劳动力流动周期性行为的程式化事实。它表明，流入失业的波动要大于流出失业的波动，而且这两种流入与导致流出的流入是反周期的。通过内生解雇决定并允许召回先前下岗的工人来扩展分析框架，以捕获失业率和短暂的失业期。当工作匹配的特质生产率发生变化时，企业可以临时裁员或罢免工人，再加上新员工和永久性裁员，有助于解释劳动力市场流动的周期性行为。

著录项

  • 作者

    Merz, Monika.;

  • 作者单位

    Northwestern University.;

  • 授予单位 Northwestern University.;
  • 学科 Economics Labor.;Economics Theory.
  • 学位 Ph.D.
  • 年度 1994
  • 页码 129 p.
  • 总页数 129
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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