| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15500 |
| DP15500 A Congestion Theory of Unemployment Fluctuations | |
| Yusuf Mercan; Benjamin Schoefer; Petr Sedlacek | |
| 发表日期 | 2020-11-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In recessions, unemployment increases despite the—perhaps counterintuitive—fact that the number of unemployed workers finding jobs expands. On net, unemployment rises only because even more workers lose their jobs. We propose a theory ofunemployment fluctuations resting on this countercyclicality of gross flows from unemployment into employment. In recessions, the abundance of new hires “congests” the jobs the unemployed fill, diminishes their marginal product and discourages further job creation. Countercyclical congestion alone explains about 30–40 percent of U.S. unemployment fluctuations. Besides generating realistic labor market volatility, it also provides a unified explanation for the cyclical labor wedge, the excess earningslosses from job displacement and from graduating during recessions, and the insensitivity of unemployment to labor market policies, such as unemployment insurance. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15500 |
| 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/544501 |
| 推荐引用方式 GB/T 7714 | Yusuf Mercan,Benjamin Schoefer,Petr Sedlacek. DP15500 A Congestion Theory of Unemployment Fluctuations. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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