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The Quality-Adjusted Cyclical Price of Labor
In: IZA Discussion Paper No. 16024
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Labor Substitutability among Schooling Groups
In: FRB of Cleveland Working Paper No. 22-07
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Misallocation or Mismeasurement?
In: Journal of monetary economics, Band 124, S. S39-S56
Resurrecting the Role of the Product Market Wedge in Recessions
In: American economic review, Band 108, Heft 4-5, S. 1118-1146
ISSN: 1944-7981
Employment and hours are more cyclical than dictated by productivity and consumption. This intratemporal labor wedge can arise from product or labor market distortions. Based on employee wages, the literature has attributed the intratemporal wedge almost entirely to labor market distortions. Because wages may be smoothed versions of labor's true cyclical price, we instead examine the self-employed and intermediate inputs, respectively. For recent decades in the United States, we find price markup movements are at least as cyclical as wage markup movements. Thus, countercyclical price markups deserve a central place in business-cycle research, alongside sticky wages and matching frictions. (JEL E24, E32, E63, J31, J41)
Resurrecting the Role of the Product Market Wedge in Recessions
In: NBER Working Paper No. w20555
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How Sticky Wages in Existing Jobs Can Affect Hiring
In: NBER Working Paper No. w19821
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Working paper
Testing for Keynesian Labor Demand
In: NBER macroeconomics annual, Band 27, Heft 1, S. 311-349
ISSN: 1537-2642
Reset Price Inflation and the Impact of Monetary Policy Shocks
In: American economic review, Band 102, Heft 6, S. 2798-2825
ISSN: 1944-7981
Many business cycle models use a flat short-run Phillips curve, due to time-dependent pricing and strategic complementarities, to explain fluctuations in real output. But, in doing so, these models predict unrealistically high persistence and stability of US inflation in recent decades. We calculate "reset price inflation"—based on new prices chosen by the subsample of price changers—to dissect this discrepancy. We find that the models generate too much persistence and stability both in reset price inflation and in the way reset price inflation is converted into actual inflation. Our findings present a challenge to existing explanations for business cycles. (JEL E31, E52)
Comparative advantage and unemployment
In: Journal of Monetary Economics, Band 59, Heft 2, S. 150-165
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Heterogeneity and Cyclical Unemployment
In: NBER Working Paper No. w15166
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Comparative Advantage in Cyclical Unemployment
In: NBER Working Paper No. w13231
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Working paper
Leisure Luxuries and the Labor Supply of Young Men
In: Journal of political economy, Band 129, Heft 2, S. 337-382
ISSN: 1537-534X