scholarly journals Labor Markets and Business Cycles

2010 ◽  
Author(s):  
Robert Shimer
Keyword(s):  
Business Cycles ◽  
Labor Markets

Book Reviews

2011 ◽  
Vol 49 (1) ◽  
pp. 138-142
Keyword(s):  
Business Cycles ◽  
Labor Markets

Charles Wyplosz of The Graduate Institute, Geneva reviews “Europe and the Euro” edited by Alberto Alesina and Francesco Giavazzi. The EconLit Abstract of the reviewed work begins, “Eleven papers with comments, drawn from an NBER conference on “Europe and the Euro” held in October 2008, examine a number of issues related to the euro, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the ….”

scholarly journals Product Creation and Destruction: Evidence and Price Implications

2010 ◽  
Vol 100 (3) ◽  
pp. 691-723 ◽  
Author(s):  
Christian Broda ◽  
David E Weinstein
Keyword(s):  
Business Cycles ◽  
Labor Markets ◽  
Price Index ◽  
Entry And Exit ◽  
Us Economy ◽  
Percentage Points ◽  
The Us ◽  
Large Sector ◽  
Product Creation ◽  
Cost Of Living Index

This paper describes the extent of product creation and destruction in a large sector of the US economy. We find four times more entry and exit in product markets than is found in labor markets because most product turnover happens within firms. Net product creation is strongly procyclical and primarily driven by creation rather than destruction. We find that a cost-of-living index that takes product turnover into account is 0.8 percentage points per year lower than a “fixed goods” price index like the CPI. The procyclicality of the bias implies that business cycles are more volatile than indicated by official statistics. (JEL E31, E32, L11, O31)

Labor markets and business cycles

2009 ◽  
Author(s):  
Roxana Maurizio ◽  
Dorte Verner ◽  
Michael Justesen
Keyword(s):  
Business Cycles ◽  
Labor Markets

NONLINEARITY IN THE CANADIAN AND U.S. LABOR MARKETS: UNIVARIATE AND MULTIVARIATE EVIDENCE FROM A BATTERY OF TESTS

2007 ◽  
Vol 11 (5) ◽  
pp. 613-637 ◽  
Author(s):  
THEODORE PANAGIOTIDIS ◽  
GIANLUIGI PELLONI
Keyword(s):  
Labor Market ◽  
Business Cycles ◽  
Labor Markets ◽  
Statistical Tests ◽  
Linear Structure ◽  
Aggregate Level ◽  
Unemployment Rates ◽  
Clear Cut ◽  
Market Variables ◽  
The U.S

The nonlinearity of macroeconomic processes is becoming an increasingly important issue at both the theoretical and empirical levels. This trend holds for labor market variables as well. The reallocation theory of unemployment relies on nonlinearities. At the same time there is mounting empirical evidence of business cycles asymmetries. Thus the assumption of linearity/nonlinearity becomes crucial for the corroboration of labor market theories. This paper turns the microscope on the assumption of linearity and investigates the presence of asymmetries in aggregate and disaggregate labor market variables. The assumption of linearity is tested using five statistical tests for U.S. and Canadian unemployment rates and growth rates of the employment sectoral shares of construction, finance, manufacturing, and trade. An AR(p) model was used to remove any linear structure from the series. Evidence of nonlinearity is found for the sectoral shares with all five statistical tests in the U.S. case but not at the aggregate level. The results for Canada are not clear-cut. Evidence of unspecified nonlinearity is found in the unemployment rate and in the sectoral shares. Overall, important asymmetries are found in disaggregated labor market variables in the univariate setting. The linearity hypothesis was also examined in a multivariate framework. Evidence is provided that important asymmetries exist and a linear VAR cannot capture the dynamics of employment reallocation.

scholarly journals Dual Labor Markets and Business Cycles

2006 ◽  
pp. 1.000-27.000
Author(s):  
David Cook ◽  
◽  
Hiromi Nosaka ◽  
Keyword(s):  
Business Cycles ◽  
Labor Markets ◽  
Dual Labor Markets
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