Chapter 17 Labor-market frictions and employment fluctuations

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1、Chapter17LABOR-MARKETFRICTIONSANDEMPLOYMENTFLUCTUATIONSROBERTE.HALLHooverInstitutionandDepartmentofEconomics,StanfordUniversityNationalBureauofEconomicResearchContentsAbstract1138Keywords11381.Introduction11392.Thebaselineneoclassicalmodel11402.1.Failureofamplificationinthebaselin

2、eneoclassicalmodel11412.2.Evidenceabouttechnologyimpulses11412.3.Failureofthebaselineneoclassicalmodeltoexplainpersistence11422.4.Absenceofunemploymentfromthebaselineneoclassicalmodel11433.Amplification11453.1.Elasticconventionallaborsupply11453.2,Empiricalresearch11483,3.Unemploy

3、ment11503.3.1.Mechanismdesignandlaborcontracts11543.3.2.Themodemstrategicviewoftheemploymentrelationship11573,3,3.Efficiencywages11573.3.4.Jobdestruction11583.3.5.Reorganizationandreallocation11604.Persistence11624.1.Time-consumingmatchinginthelabormarket11624.2.Theimportanceofsec

4、ondaryjoblossforpersistence11635.Conclusion1167Acknowledgments1167References1167HandbookofMacroeconomics,Volume1,EditedbyJ.B.TaylorandM.Woodford©1999ElsevierScienceB.V.Allrightsreserved11371138R.E.HallAbstractThelabormarketoccupiescenterstageinmoderntheoriesoffluctuations.Themosti

5、mportantphenomenontoexplainandunderstandinarecessionisthesharpdeclineinemploymentandjumpinunemployment.Thischapterconsidersexplanationsbasedonfrictionsinthelabormarket.Earlierresearchwithintherealbusinesscycleparadigmconsideredfrictionlesslabormarketswherefluctuationsinthevolumeof

6、workeffortrepresentedsubstitutionbyhouseholdsbetweenworkinthemarketandactivitiesathome.Apreliminarysectionofthechapterdiscusseswhyfrictionlessmodelsareincomplete-theyfailtoaccountforeitherthemagnitudeorpersistenceoffluctuationsinemployment.Andthefrictionlessmodelsfailcompletelytod

7、escribeunemployment.Theevidencesuggestsstronglythatconsiderationofunemploymentasathirduseoftimeiscriticalforarealisticmodel.Thetwoelementsofatheoryofunemploymentareamechanismforworkerstoloseorleavetheirjobsandanexplanationforthetimerequiredfromthemtofindnewjobs.Theoriesofmechanism

8、designorofcontinuousre-bargaining