| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28771 |
| 来源ID | Working Paper 28771 |
| A Congestion Theory of Unemployment Fluctuations | |
| Yusuf Mercan; Benjamin Schoefer; Petr Sedláček | |
| 发表日期 | 2021-05-10 |
| 出版年 | 2021 |
| 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 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Labor Economics ; Labor Supply and Demand ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w28771 |
| 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/586445 |
| 推荐引用方式 GB/T 7714 | Yusuf Mercan,Benjamin Schoefer,Petr Sedláček. A Congestion Theory of Unemployment Fluctuations. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28771.pdf（2901KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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