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Labor Markets and Business Cycles
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This essential book offers an insightful and often provocative analysis of labor market responses to business cycle shocks, and develops new ways of looking at this issue. The careful integration of theory and data, of earlier business cycle theory with search and matching, as well as the critique of wage setting, open up new areas that will inspire researchers for many years to come. -- Christopher Pissarides, London School of Economics and Political Science Shimer's definitive account of the modern theory of labor market volatility presents many new results and deserves a prominent place on the bookshelf of every macroeconomist and labor economist. -- Robert E. Hall, author of "Forward-Looking Decision Making" No other book on labor markets and business cycles treats search and matching models with the same detail. This will be a standard reference for advanced graduate students and researchers who are familiar with modern dynamic programming techniques. -- Monika Merz, Bonn University

Table of Contents

Introduction vii Preface ix Chapter 1: The Labor Wedge 1 1.1 A Representative-Agent Model 1 1.2 Deriving the Labor Wedge 5 1.3 Measurement 7 1.4 Alternative Specification of Preferences 13 1.5 Preference Shocks 16 1.6 From Hours to Unemployment 18 Chapter 2: Benchmark Search Model: Neutrality 20 2.1 Steady State 21 2.2 Productivity Shocks 32 2.3 The Planner's Problem 41 2.4 Extensions 44 2.5 Discussion 56 Chapter 3: Real Effects of Productivity Shocks 58 3.1 General Preferences 59 3.2 Capital 75 3.3 Shocks to the Employment Exit Probability 104 3.4 Other Shocks 112 Chapter 4: Rigid Wages 113 4.1 Wage Indeterminacy 114 4.2 No Capital 116 4.3 Capital 124 4.4 Using Hours Data to Test the Model 144 Chapter 5: Looking Ahead 155 5.1 Theories of Rigid Wages 155 5.2 Empirical Evidence on Rigid Wages 157 5.3 Alternatives to the Matching Function 158 5.4 Relevance to Other Markets 159 Appendix A. Data 161 References 165 Author Index 171

About the Author

Robert Shimer is the Alvin H. Baum Professor in Economics and the College at the University of Chicago.

Reviews

"This essential book offers an insightful and often provocative analysis of labor market responses to business cycle shocks, and develops new ways of looking at this issue. The careful integration of theory and data, of earlier business cycle theory with search and matching, as well as the critique of wage setting, open up new areas that will inspire researchers for many years to come."-Christopher Pissarides, London School of Economics and Political Science
"Shimer's definitive account of the modern theory of labor market volatility presents many new results and deserves a prominent place on the bookshelf of every macroeconomist and labor economist."-Robert E. Hall, author of Forward-Looking Decision Making
"No other book on labor markets and business cycles treats search and matching models with the same detail. This will be a standard reference for advanced graduate students and researchers who are familiar with modern dynamic programming techniques."-Monika Merz, Bonn University

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