| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13628 |
| DP13628 Bad Jobs and Low Inflation | |
| Leonardo Melosi; Renato Faccini | |
| 发表日期 | 2019-03-27 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The low rate of inflation observed in the U.S. over the entire past decade is hard to reconcile with traditional measures of labor market slack. We show that an alternative notion of slack that encompasses workers' propensity to search on the job explains this missing inflation. We derive this novel concept of slack from a model in which a drop in the on-the-job search rate lowers the intensity of interfirm wage competition to retain or hire workers. The on-the-job search rate can be measured directly from aggregate labor-market flows and is countercyclical. Its recent drop is corroborated by micro data. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Missing inflation On-the-job search Employment-to-employment rate Labor market slack Phillips curve Cyclical misallocation |
| URL | https://cepr.org/publications/dp13628-2 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542486 |
| 推荐引用方式 GB/T 7714 | Leonardo Melosi,Renato Faccini. DP13628 Bad Jobs and Low Inflation. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
