The quality-adjusted cyclical price of labor

M Bils, M Kudlyak, P Lins - Journal of Labor Economics, 2023 - journals.uchicago.edu
We estimate cyclicality in labor's user cost allowing for cyclical fluctuations in the quality of
worker-firm matches and wages that are smoothed within employment matches. To do so …

How Cyclical Is the User Cost of Labor?

M Kudlyak - Journal of Economic Perspectives, 2024 - pubs.aeaweb.org
In employment relationships, a wage is an installment payment on an implicit long-term
agreement between a worker and a firm. The price of labor that impacts firm's hiring …

A congestion theory of unemployment fluctuations

Y Mercan, B Schoefer, P Sedláček - American Economic Journal …, 2024 - aeaweb.org
We propose a theory of unemployment fluctuations in which new hires and incumbent
workers are imperfect substitutes. Hence, attempts to hire away the unemployed during …

Cyclical behavior of unemployment and job vacancies in Japan

H Miyamoto - Japan and the World Economy, 2011 - Elsevier
This paper studies whether the Mortensen and Pissarides (MP) search and matching model
can explain the observed labor market fluctuations in Japan. To do this, this study first …

Oil price shocks and labor market fluctuations

J Ordóñez, H Sala, JI Silva - The Energy Journal, 2011 - JSTOR
We examine the impact of real oil price shocks on labor market flows in the US We first use
smooth transition regression (STAR) models to investigate to what extent oil prices can be …

The importance of hiring frictions in business cycles

R Faccini, E Yashiv - Quantitative Economics, 2022 - Wiley Online Library
Hiring is a costly activity reflecting firms' investment in their workers. Microdata show that
hiring costs involve production disruption. Thus, cyclical fluctuations in the value of output …

The cyclicality of job search effort in matching models

MA Çenesiz, L Guimarães - Oxford Economic Papers, 2022 - academic.oup.com
The canonical matching model is the workhorse model of the labour market but lacks a
proper amplification mechanism for productivity shocks. One way to amplify the effects of …

A note on the relation between search costs and search duration for new hires

F Carbonero, H Gartner - Macroeconomic Dynamics, 2022 - cambridge.org
Fixed search costs, that is, costs that do not vary with search duration, can amplify the
cyclical volatility of the labor market. To assess the size of fixed costs, we analyze the …

The cyclical behavior of equilibrium unemployment and vacancies in the United States and Europe

A Justiniano, C Michelacci - NBER International Seminar on …, 2012 - journals.uchicago.edu
There is much debate on whether the standard labor market search model can replicate the
cyclical properties of the labor market. In an influential paper Shimer (2005a) has argued …

The cyclical behavior of unemployment and vacancies with loss of skills during unemployment

V Ortego-Marti - Macroeconomic Dynamics, 2017 - cambridge.org
This paper studies the cyclical fluctuations in unemployment and vacancies in a search and
matching model in which workers lose skills during periods of unemployment. Firms' profits …