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Labor Markets and Business Cycles
Robert Shimer
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Description for Labor Markets and Business Cycles
Hardback. Shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. This 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. Series: Crei Lectures in Macroeconomics. Num Pages: 192 pages, 14 line illus. 16 tables. BIC Classification: KCF. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 240 x 166 x 23. Weight in Grams: 442.
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 ... Read more
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 ... Read more
Product Details
Publisher
Princeton University Press
Number of pages
192
Format
Hardback
Publication date
2010
Series
CREI Lectures in Macroeconomics
Condition
New
Weight
441g
Number of Pages
192
Place of Publication
New Jersey, United States
ISBN
9780691140223
SKU
V9780691140223
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Robert Shimer
Robert Shimer is the Alvin H. Baum Professor in Economics and the College at the University of Chicago.
Reviews for Labor Markets and Business Cycles
"This essential book offers an insightful and often provocative analysis of labor market responses to business cycle shocks, and develops new ways of looking at this issue. The careful integration of theory and data, of earlier business cycle theory with search and matching, as well as the critique of wage setting, open up new areas that will inspire researchers for ... Read more