Asymmetric Employment Cycles in Britain: Evidence and an Explanation
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. One of the implications of the estimated model is that asymmetric business cycles occur with the downswing in employment being sharper and deeper than the upswing. Copyright 1992 by Royal Economic Society.
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Volume (Year): 102 (1992)
Issue (Month): 411 (March)
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