| 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 Sedláček | |
| 发表日期 | 2022-03-13 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We propose a theory of unemployment fluctuations in which new hires and incumbent workers are imperfect substitutes. Hence, attempts to hire away the unemployed during recessions diminish the marginal product of new hires, discouraging job creation. This single feature achieves a ten-fold increase in the volatility of hiring in an otherwise standard search model, produces a realistic Beveridge curve despite countercyclical separations, and explains 30-40% of US unemployment fluctuations. Additionally, it explains the excess procyclicality of new hires' wages, the cyclical labor wedge, countercyclical earnings losses from job displacement, and the limited steady-state effects of unemployment insurance. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15500-1 |
| 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/546077 |
| 推荐引用方式 GB/T 7714 | Yusuf Mercan,Benjamin Schoefer,Petr Sedláček. DP15500 A Congestion Theory of Unemployment Fluctuations. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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