| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21094 |
| 来源ID | Working Paper 21094 |
| Labor Market Slack and Monetary Policy | |
| David G. Blanchflower; Andrew T. Levin | |
| 发表日期 | 2015-04-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In the wake of a severe recession and a sluggish recovery, labor market slack cannot be gauged solely in terms of the conventional measure of the unemployment rate (that is, the number of individuals who are not working at all and actively searching for a job). Rather, assessments of the employment gap should reflect the incidence of underemployment (that is, people working part time who want a full-time job) and the extent of hidden unemployment (that is, people who are not actively searching but who would rejoin the workforce if the job market were stronger). In this paper, we examine the evolution of U.S. labor market slack and show that underemployment and hidden unemployment currently account for the bulk of the U.S. employment gap. Next, using state-level data, we find strong statistical evidence that each of these forms of labor market slack exerts significant downward pressure on nominal wages. Finally, we consider the monetary policy implications of the employment gap in light of prescriptions from Taylor-style benchmark rules. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w21094 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578769 |
| 推荐引用方式 GB/T 7714 | David G. Blanchflower,Andrew T. Levin. Labor Market Slack and Monetary Policy. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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