
handle: 10230/46903 , 10230/6344 , 10419/39656 , 10419/44192
AbstractWe document two changes in post-war US macroeconomic dynamics: the procyclicality of labour productivity vanished, and the relative volatility of employment rose. We propose an explanation for these changes that is based on reduced hiring frictions due to improvements in information about the quality of job matches and the resulting decline in turnover. We develop a simple model with hiring frictions and variable effort to illustrate the mechanisms underlying our explanation. We show that our model qualitatively and quantitatively matches the observed changes in business cycle dynamics.
HD, Konjunktur, Reallohn, labor hoarding, labor market frictions, wage rigidities, effort choice, Labor hoarding, Lohnrigidität, labor hoarding, labor hoarding, labor market frictions, wage rigidities, effort choice., Macroeconomics and International Economics, wage rigidities, labor hoarding, labor market turnover, hiring frictions, Wage rigidities, effort choice, USA, E32, effort choice., effort choice; hiring frictions; labor hoarding; labor market turnover; wage rigidities, ddc:330, Arbeitsnachfrage, Arbeitsproduktivität, labor market frictions, Volatilität, Beschäftigung, Arbeitsmarktflexibilisierung, effort choice, E24, wage rigidities, labor market frictions, labor hoarding, effort choice, Schätzung, jel: jel:E24, jel: jel:E32
HD, Konjunktur, Reallohn, labor hoarding, labor market frictions, wage rigidities, effort choice, Labor hoarding, Lohnrigidität, labor hoarding, labor hoarding, labor market frictions, wage rigidities, effort choice., Macroeconomics and International Economics, wage rigidities, labor hoarding, labor market turnover, hiring frictions, Wage rigidities, effort choice, USA, E32, effort choice., effort choice; hiring frictions; labor hoarding; labor market turnover; wage rigidities, ddc:330, Arbeitsnachfrage, Arbeitsproduktivität, labor market frictions, Volatilität, Beschäftigung, Arbeitsmarktflexibilisierung, effort choice, E24, wage rigidities, labor market frictions, labor hoarding, effort choice, Schätzung, jel: jel:E24, jel: jel:E32
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