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Working Paper
Labor market policies in an equilibrium search model
Alvarez, Fernando; Veracierto, Marcelo (1999)
We explore to what extent differences in employment and unemployment across economies can be generated by differences in labor market policies. We use a version of the Lucas-Prescott equilibrium search model with undirected search and endogenous labor-force participation. Minimum wages, degree of unionization, firing taxes, and unemployment benefits are introduced and their effects analyzed. When the model is calibrated to US observations it reproduces several of the elasticities of employment and unemployment with respect to changes in policies reported in the empirical literature. We find ...
Working Paper Series , Paper WP-99-10

Conference Paper
Demographics, Social Security reform, and labor supply
Devine, Theresa J. (1997)
Conference Series ; [Proceedings]

Journal Article
Eliminating child labor
Wasserman, Miriam (2000-04)
Regional Review , Volume 10 , Issue Q2 , Pages 8-17

Conference Paper
The labor supply of older American men
Munnell, Alicia H.; Sass, Steven A. (2007)
This chapter summarizes what is known about the labor supply of older American men, defined as those aged 55 years and over. The topic is of great interest because in the coming decades older individuals will comprise a much greater portion of the U.S. population, so the labor supply of older adults will have a significant impact on national output, tax revenues, and the cost of means-tested programs. Most importantly, a greater proportion of older individuals will need to remain in the workforce than is the present case, because the retirement income system is contracting and working longer ...
Conference Series ; [Proceedings] , Volume 52

Working Paper
Labor hoarding and inventories
Wen, Yi (2005)
Labor hoarding is a widely believed empirical behavior of firms and a prominent explanation for procyclical labor productivity. Conventional wisdom attributes labor hoarding to labor adjustment costs. This paper argues that the conventional wisdom is inadequate for understanding labor hoarding because it ignores the role of inventories. Since idle labor can be used to produce inventories, why do firms hoard labor when inventory is an option? Using a dynamic rational expectations model of profit-maximizing firms facing demand uncertainty, this paper studies the dynamic interactions between ...
Working Papers , Paper 2005-040

Working Paper
The cyclical price of labor when wages are smoothed
Kudlyak, Marianna (2010)
I conduct an empirical investigation of the cyclicality of the price of labor. Firms employ workers up to the point where workers' marginal revenue product equals the price of labor. If the labor market is a spot market, then the price of labor is the wage. But often workers are contracted for more than one period. The price of labor captures both the wage at the time of hiring and the impact of labor market conditions at the time of hiring on future wages. The price of labor and not wage is allocational for employment. Because it is not directly observed in the data, I construct the price of ...
Working Paper , Paper 10-13

Journal Article
Explaining unemployment: sectoral vs aggregate shocks
Loungani, Prakash; Trehan, Bharat (1997)
We include a stock market-based measure of sectoral shocks in a small VAR to examine the role played by these shocks in explaining the behavior of the unemployment rate. Sectoral shocks explain a significant proportion of the variation in the unemployment rate - especially the long-duration unemployment rate - even though other kinds of shocks (such as shocks to monetary policy, defense expenditures, and oil prices) are allowed to affect the unemployment rate. A historical decomposition reveals that recession, and they explain only a modest part of the rise in unemployment over the 1990 ...
Economic Review

Journal Article
Recent labor market trends
Zickler, Joyce (1977-07)
Federal Reserve Bulletin , Issue Jul

Working Paper
Participation in the underground economy: a theoretical analysis
Houston, Joel F. (1987)
Working Papers , Paper 87-10

Monograph
The effect of population aging on aggregate labor supply in the United States
Fallick, Bruce; Pingle, Jonathan F. (2007)
Output growth is determined by growth in labor productivity and growth in labor input. Over the past two decades, technological developments have changed how many economists think about growth in labor productivity. However, in the coming decades, the aging of the population will change how economists think about the growth in labor input in the United States. As the oldest baby boomers born in 1946 turned 50, then 55, and then 60, an important economic change has slowly surfaced: these people have become less likely to participate in the labor force. While this shift was obscured by a labor ...
Monograph , Paper 52

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