PittsburghV1, France, Analysis, bibRecord, 000679

The Cyclical Volatility of Labor Markets under Frictional Financial Markets

Identifieur interne : 000679 ( France/Analysis ); précédent : 000678; suivant : 000680

The Cyclical Volatility of Labor Markets under Frictional Financial Markets

Auteurs : Nicolas Petrovsky-Nadeau [États-Unis] ; Etienne Wasmer [France]

Source :

RBID : Hal:hal-00972916

Abstract

In an economy with search on credit and labor markets, a financial multiplier raises the elasticity of labor market tightness to productivity shocks. This multiplier increases with total financial costs, which are minimized under a credit market Hosios-Pissarides rule. Relaxing that condition leads to either a small "bank " or a small "firm" surplus in the credit market, and larger multipliers which can match or even overshoot the elasticity of market tightness in the data. Furthermore, when wages are endogenous, it is possible to relax Hagedorn and Manovskii's (2008) small labor surplus assumption in order to match the data.

Url:

https://hal-sciencespo.archives-ouvertes.fr/hal-00972916

Affiliations:

France, États-Unis

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to stream Main, to step Curation: 00A367
to stream Main, to step Exploration: 00A367
to stream France, to step Extraction: 000679

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Hal:hal-00972916

Le document en format XML

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<front><div type="abstract" xml:lang="en">In an economy with search on credit and labor markets, a financial multiplier raises the elasticity of labor market tightness to productivity shocks. This multiplier increases with total financial costs, which are minimized under a credit market Hosios-Pissarides rule. Relaxing that condition leads to either a small "bank " or a small "firm" surplus in the credit market, and larger multipliers which can match or even overshoot the elasticity of market tightness in the data. Furthermore, when wages are endogenous, it is possible to relax Hagedorn and Manovskii's (2008) small labor surplus assumption in order to match the data.</div>
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   |texte=   The Cyclical Volatility of Labor Markets under Frictional Financial Markets
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The Cyclical Volatility of Labor Markets under Frictional Financial Markets

The Cyclical Volatility of Labor Markets under Frictional Financial Markets

Source :

Abstract

Links toward previous steps (curation, corpus...)

Links to Exploration step

Le document en format XML

Pour manipuler ce document sous Unix (Dilib)

Pour mettre un lien sur cette page dans le réseau Wicri