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Some recent developments in labor economics and their implications for macroeconomics

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  • Lawrence F. Katz

Abstract

This paper reviews three recent directions of research on labor markets and the macroeconomy: models of sectoral shifts and unemployment, efficiency wage theories, and insider-outsider models of wage and employment determination. Sectoral shifts models show how permanent intersectoral shifts in labor demand and the slow process of labor reallocation across sectors may play an important role in explaining aggregate fluctuations. Efficiency wage and insider-outsider models have in common the property that, in equilibrium, firms may pay wages in excess of market clearing. These models provide potential explanations for persistent "involuntary" unemployment and segmented labor markets. Copyright 1988 by Ohio State University Press.

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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Proceedings.

Volume (Year): (1988)
Issue (Month): ()
Pages: 507-530

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Handle: RePEc:fip:fedcpr:y:1988:p:507-530

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Keywords: Macroeconomics ; Labor market ; Econometric models ; Unemployment ; Wages;

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Cited by:
  1. H. Naci Mocan & Deborah Viola, 1997. "The Determinants of Child Care Workers' Wages and Compensation: Sectoral Differences, Human Capital, Race, Insiders and Outsiders," NBER Working Papers 6328, National Bureau of Economic Research, Inc.
  2. J.P.G. Reijnders, 2007. "Impulse or propagation? How the tides turned in Business Cycle Theory," Working Papers 07-07, Utrecht School of Economics.
  3. Rodenburg, Peter, 2007. "The Remarkable Place of the UV-Curve in Economic Theory," MPRA Paper 5823, University Library of Munich, Germany.
  4. Michael P. Keane, 1990. "Sectoral shift theories of unemployment: evidence from panel data," Discussion Paper / Institute for Empirical Macroeconomics 28, Federal Reserve Bank of Minneapolis.
  5. Rodrigo Taborda & Juan Carlos Guataqui, 2003. "Firm level evidence of efficiency wages and labor turnover in Colombia's manufacturing industry," BORRADORES DE INVESTIGACIÓN 002729, UNIVERSIDAD DEL ROSARIO.
  6. Vera Pirimova, 2011. "The Economic Growth and the Conjuncture Cycle in the Keynesian Models," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-20.
  7. Paul Blackley, 2000. "The impact of sectoral shifts in investment on unemployment in U.S. labor markets," Atlantic Economic Journal, International Atlantic Economic Society, vol. 28(4), pages 435-449, December.

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