Some Recent Developments in Labor Economics and Their Implications for Macroeconomics
AbstractThis 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 InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 20 (1988)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Lawrence F. Katz, 1988. "Some recent developments in labor economics and their implications for macroeconomics," Proceedings, Federal Reserve Bank of Cleveland, pages 507-530.
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