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Nonlinear Dynamics in a Structural Model of Employment

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  • Burgess, S M

Abstract

Search and matching models imply that firms' employment adjustment costs depend on the tightness of the labor market, giving rise to endogenous or nonlinear dynamics in employment. This paper sets this argument out in detail, estimating a model simultaneously explaining the long-run level of employment and the nonlinear dynamics. The main implications of the estimated model are (1) the effect of a given shock to the long-run level of employment is markedly different at different levels of employment, and (2) asymmetric business cycles result with the downswing in employment being sharper and deeper than the upswing Copyright 1992 by John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 7 (1992)
Issue (Month): S (Suppl. Dec.)
Pages: S101-18

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Handle: RePEc:jae:japmet:v:7:y:1992:i:s:p:s101-18

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Cited by:
  1. Collard, Fabrice & Fève, Patrick & Langot, François & Perraudin, Corinne, 1999. "A structural model for US aggregate job flows," CEPREMAP Working Papers (Couverture Orange) 9910, CEPREMAP.
  2. Hamermesh, Daniel S & Pfann, Gerard A, 1996. "Turnover and the Dynamics of Labour Demand," Economica, London School of Economics and Political Science, vol. 63(251), pages 359-67, August.
  3. Akram, Q. Farooq & Nymoen, Ragnar, 2006. "Econometric modelling of slack and tight labour markets," Economic Modelling, Elsevier, vol. 23(4), pages 579-596, July.
  4. Q. Farooq Akram & Øyvind Eitrheim & Lucio Sarno, 2005. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003," Working Paper 2005/2, Norges Bank.
  5. Feve, Patrick, 2002. "Solving labor demand models under asymmetric adjustment costs," Journal of Economic Dynamics and Control, Elsevier, vol. 26(5), pages 797-809, May.
  6. Akram,Q.F. & Nymoen,R., 2001. "Employment behaviour in slack and tight labour markets," Memorandum 27/2001, Oslo University, Department of Economics.
  7. Hansen, Bruce E, 1999. " Testing for Linearity," Journal of Economic Surveys, Wiley Blackwell, vol. 13(5), pages 551-76, December.
  8. Ingvild Svendsen, 1998. "Rational Expectations in Price Setting. Tests Based on Norwegian Export Prices," Discussion Papers 226, Research Department of Statistics Norway.
  9. Skalin, Joakim & Ter svirta, Timo, 2002. "Modeling Asymmetries And Moving Equilibria In Unemployment Rates," Macroeconomic Dynamics, Cambridge University Press, vol. 6(02), pages 202-241, April.
  10. Valérie Mignon & Gilles Dufrénot, 2002. "La cointégration non linéaire : une note méthodologique," Économie et Prévision, Programme National Persée, vol. 155(4), pages 117-137.

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