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Nonlinear Dynamics in a Structural Model of Employment

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  • Simon Burgess

Abstract

Search and matching models imply that firms' employment adjustment costs depend on the tightness on the labour 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 (i) the effect of a given shock to the long run level of employment is markedly different at different levels of employment, and (ii) asymmetric business cycles result with the downswing in employment being sharper and deeper than the upswing.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0037.

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Date of creation: Jun 1991
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Handle: RePEc:cep:cepdps:dp0037

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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

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