| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11076
|
| DP11076 Aggregate Hiring and the Value of Jobs Along the Business Cycle |
| Eran Yashiv
|
| 发表日期 | 2016-01-31
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | U.S. CPS data indicate that in recessions firms actually increase their hiring rates from the pools of the unemployed and out of the labor force. Why so? The paper provides an explanation by studying the optimal recruiting behavior of the representative firm. The model combines labor frictions, of the search and matching type, with capital frictions, of the q-model type. Optimal firm behavior is a function of the value of jobs, i.e., the expected present value of the marginal worker to the firm. These are estimated to be counter-cyclical, the underlying reason being the dynamic behavior of the labor share of GDP. The counter-cyclicality of hiring rates and job values, which may appear counter-intuitive, is shown to be consistent with well-known business cycle facts. The analysis emphasizes the difference between current labor productivity and the wider, forward-looking concept of job values. The paper explains the high volatility of firm recruiting behavior, as well as the reduction over time in labor market fluidity in the U.S., using the same estimated model. Part of the explanation has to do with job values and another part with the interaction of hiring and investment costs, both determinants having been typically overlooked. |
| 主题 | Labour Economics
; Monetary Economics and Fluctuations
|
| 关键词 | Aggregate hiring
Business cycles
Capital market frictions
Job values
Labor market fluidity
Labor market frictions
Vacancies
Volatility
|
| URL | https://cepr.org/publications/dp11076
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539905
|
推荐引用方式
GB/T 7714 |
Eran Yashiv. DP11076 Aggregate Hiring and the Value of Jobs Along the Business Cycle. 2016.
|
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