Author: Joseph G. AltonjiPublisher:
ISBN:
Category : Labor demand
Languages : en
Pages : 104
Book Description
Wage Movements and the Labor Market Equilibrium Hypothesis
Author: Joseph G. AltonjiPublisher:
ISBN:
Category : Labor demand
Languages : en
Pages : 104
Book Description
Wage Movements and the Labour Market Equilibrium Hypothesis
Author: Joseph G. AltonjiPublisher:
ISBN:
Category : Labor supply
Languages : en
Pages : 29
Book Description
The Theory of Labor Market Equilibrium
Author: George Edwards JohnsonPublisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 168
Book Description
Hedonic Wage Equilibrium
Author: Thomas J. KniesnerPublisher: Now Publishers Inc
ISBN: 1601983700
Category : Business & Economics
Languages : en
Pages : 83
Book Description
Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
Structural Slumps
Author: Edmund S. PhelpsPublisher: Harvard University Press
ISBN: 9780674843738
Category : Business & Economics
Languages : en
Pages : 444
Book Description
Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Efficiency Wage Models of the Labor Market
Author: George A. AkerlofPublisher: Cambridge University Press
ISBN: 9780521312844
Category : Business & Economics
Languages : en
Pages : 196
Book Description
The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
Equilibrium Unemployment Theory, second edition
Author: Christopher A. PissaridesPublisher: MIT Press
ISBN: 0262264064
Category : Business & Economics
Languages : en
Pages : 273
Book Description
This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.
Does the Labor Market Clear?
Author: Joseph G. AltonjiPublisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 112
Book Description
Wage and Employment Theory
Author: Sidney R. FinkelPublisher:
ISBN:
Category : Costs, Industrial
Languages : en
Pages : 284
Book Description
Textbook on the economic theory of wages and employment - covers marginal productivity theory, the concept of limitational and limitative factors, labour force as a factor of production, the role of trade unions and collective bargaining, the macro-economic analysis of wages and employment, etc. References.
The Conflict Between Equilibrium and Disequilibrium Theories
Author: Richard E. QuandtPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
Book Description