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International Finance Discussion Papers : Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics by Brendan Epstein (2013, Trade Paperback)

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Product Information

In the United States, the aggregate vacancy-unemployment (V/U) ratio is strongly procyclical, and a large fraction of its adjustment associated with changes in productivity is sluggish. The latter is entirely unexplained by the benchmark homogeneous-agent model of equilibrium unemployment theory. I show that endogenous search and worker-side horizontal heterogeneity in production capacity can be important in accounting for this propagation puzzle. Driven by differences in unemployed and on-the-job seekers search incentives, the probability that any given firm with a job opening matches with a worker endowed with a comparative advantage in that job exhibits a stage of procyclical slow-moving adjustment. Consequently, so do the expected gains from posting vacancies and, hence, the V/U ratio. The model has channels through which the majority of both the V/U ratios sluggish-adjustment properties and its elasticity with respect to output per worker can be accounted for.

Product Identifiers

Publisher
Creative Media Partners, LLC
ISBN-10
1288723571
ISBN-13
9781288723577
eBay Product ID (ePID)
159970403

Product Key Features

Book Title
International Finance Discussion Papers : Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics
Author
Brendan Epstein
Format
Trade Paperback
Language
English
Topic
General
Publication Year
2013
Genre
Political Science
Number of Pages
46 Pages

Dimensions

Item Length
9.7in
Item Height
0.1in
Item Width
7.4in
Item Weight
3.7 Oz

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