skip to content
Search frictions and the labor wedge Preview this item
ClosePreview this item
Checking...

Search frictions and the labor wedge

Author: Andrea Pescatori; Murat Tasci; International Monetary Fund. Research Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2011.
Series: IMF working paper, WP/11/117.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor wedge obtained is less variable than the one of the competitive  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Tasci, Murat.
Search Frictions and the Labor Wedge.
Washington : International Monetary Fund, ©2011
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrea Pescatori; Murat Tasci; International Monetary Fund. Research Department,
ISBN: 1283551853 9781283551854 9781455262366 1455262366
OCLC Number: 747249397
Description: 1 online resource (30 pages) : illustrations.
Contents: Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Related Literature; III. The prototype real business cycle model; 1. Labor Wedge in the RBC Model; IV. Introducing Search Frictions and Employment Fluctuations; A. Households; B. Firms; C. Employment Contract and the Nash Bargaining; D. Equilibrium; E. The Wage Determination; F. The labor wedge; 2. Total Hours: Extensive vs. Intensive Margin; V. Results; A. Mapping the Models to the U.S. data; 3. The MRS and MPL in the Prototype Model; 4. Prototype vs. Search Model: Low Frequency. 1. Moments and Correlations: High Frisch Elasticity5. Prototype vs. Search Model: Business Cycle Frequency; 6. Prototype vs. Search Model: Low Frequancy and low Frisch Elasticity; 7. Prototype vs. Search Model: Business Cycle Frequency and Low Frisch Elasticity; 2. Moments and Correlations: Low Frisch Elasticity; 3. Simulation Exercise; B. Mapping with the simulated data; 8. Simulated Data: Labor Wedge and Output; VI. Conclusion; 1. Appendix 1; 1. Data; 2. Appendix 2; 1. Households' Decision Problem; 2. Firms' Decision Problem; 3. Details of Employment Contract; References; Footnotes.
Series Title: IMF working paper, WP/11/117.
Responsibility: Andrea Pescatori and Murat Tasci.

Abstract:

This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor wedge obtained is less variable than the one of the competitive model. Finally, we show that it is possible to measure a strongly procyclical labor wedge when the actual data generating process is a search model that allows for movements in both margins.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/747249397> # Search frictions and the labor wedge
    a schema:Book, schema:CreativeWork, schema:MediaObject ;
   library:oclcnum "747249397" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/916208577#Place/washington_d_c> ; # Washington, D.C.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/dcu> ;
   rdfs:comment "Unknown 'gen' value: igp" ;
   schema:about <http://id.worldcat.org/fast/842461> ; # Business cycles--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/916208577#Topic/labor_market_econometric_models> ; # Labor market--Econometric models
   schema:about <http://id.loc.gov/authorities/subjects/sh2009117950> ; # Business cycles--Econometric models
   schema:about <http://id.worldcat.org/fast/990041> ; # Labor market--Econometric models
   schema:author <http://viaf.org/viaf/14477413> ; # Andrea Pescatori
   schema:author <http://viaf.org/viaf/173034335> ; # Murat Tasci
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/151244864> ; # International Monetary Fund. Research Department,
   schema:copyrightYear "2011" ;
   schema:datePublished "2011" ;
   schema:description "Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Related Literature; III. The prototype real business cycle model; 1. Labor Wedge in the RBC Model; IV. Introducing Search Frictions and Employment Fluctuations; A. Households; B. Firms; C. Employment Contract and the Nash Bargaining; D. Equilibrium; E. The Wage Determination; F. The labor wedge; 2. Total Hours: Extensive vs. Intensive Margin; V. Results; A. Mapping the Models to the U.S. data; 3. The MRS and MPL in the Prototype Model; 4. Prototype vs. Search Model: Low Frequency."@en ;
   schema:description "This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor wedge obtained is less variable than the one of the competitive model. Finally, we show that it is possible to measure a strongly procyclical labor wedge when the actual data generating process is a search model that allows for movements in both margins."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/916208577> ;
   schema:genre "Government publication"@en ;
   schema:genre "Electronic books"@en ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/916208577#Series/imf_working_paper> ; # IMF working paper ;
   schema:isSimilarTo <http://worldcat.org/entity/work/data/916208577#CreativeWork/search_frictions_and_the_labor_wedge> ;
   schema:name "Search frictions and the labor wedge"@en ;
   schema:productID "747249397" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/747249397#PublicationEvent/washington_d_c_international_monetary_fund_2011> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/916208577#Agent/international_monetary_fund> ; # International Monetary Fund
   schema:url <http://www.imf.org/external/pubs/ft/wp/2011/wp11117.pdf> ;
   schema:url <http://public.eblib.com/choice/publicfullrecord.aspx?p=1587370> ;
   schema:url <http://www.myilibrary.com?id=386430&ref=toc> ;
   schema:url <http://www.myilibrary.com?id=386430> ;
   schema:url <http://elibrary.imf.org/view/IMF001/11840-9781455262403/11840-9781455262403/11840-9781455262403.xml> ;
   schema:url <http://ebookcentral.proquest.com/lib/ucm/detail.action?docID=1587370> ;
   schema:url <http://site.ebrary.com/id/10557457> ;
   schema:workExample <http://worldcat.org/isbn/9781455262366> ;
   schema:workExample <http://worldcat.org/isbn/9781283551854> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/747249397> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/916208577#Agent/international_monetary_fund> # International Monetary Fund
    a bgn:Agent ;
   schema:name "International Monetary Fund" ;
    .

<http://experiment.worldcat.org/entity/work/data/916208577#Place/washington_d_c> # Washington, D.C.
    a schema:Place ;
   schema:name "Washington, D.C." ;
    .

<http://experiment.worldcat.org/entity/work/data/916208577#Series/imf_working_paper> # IMF working paper ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/747249397> ; # Search frictions and the labor wedge
   schema:name "IMF working paper ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh2009117950> # Business cycles--Econometric models
    a schema:Intangible ;
   schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/842461> # Business cycles--Econometric models
    a schema:Intangible ;
   schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/990041> # Labor market--Econometric models
    a schema:Intangible ;
   schema:name "Labor market--Econometric models"@en ;
    .

<http://viaf.org/viaf/14477413> # Andrea Pescatori
    a schema:Person ;
   schema:familyName "Pescatori" ;
   schema:givenName "Andrea" ;
   schema:name "Andrea Pescatori" ;
    .

<http://viaf.org/viaf/151244864> # International Monetary Fund. Research Department,
    a schema:Organization ;
   schema:name "International Monetary Fund. Research Department," ;
    .

<http://viaf.org/viaf/173034335> # Murat Tasci
    a schema:Person ;
   schema:familyName "Tasci" ;
   schema:givenName "Murat" ;
   schema:name "Murat Tasci" ;
    .

<http://worldcat.org/entity/work/data/916208577#CreativeWork/search_frictions_and_the_labor_wedge>
    a schema:CreativeWork ;
   rdfs:label "Search Frictions and the Labor Wedge." ;
   schema:description "Print version:" ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/747249397> ; # Search frictions and the labor wedge
    .

<http://worldcat.org/isbn/9781283551854>
    a schema:ProductModel ;
   schema:isbn "1283551853" ;
   schema:isbn "9781283551854" ;
    .

<http://worldcat.org/isbn/9781455262366>
    a schema:ProductModel ;
   schema:isbn "1455262366" ;
   schema:isbn "9781455262366" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.