Aggregate Labor Market Outcomes: The Role of Choice and Chance
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Ayşegül Şahin, 2010. "Aggregate labor market outcomes: The roles of choice and chance," Quantitative Economics, Econometric Society, vol. 1(1), pages 97-127, July.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2009. "Aggregate Labor Market Outcomes: The Role of Choice and Chance," NBER Working Papers 15252, National Bureau of Economic Research, Inc.
References listed on IDEAS
- Dale T. Mortensen & Christopher A. Pissarides, 1994.
"Job Creation and Job Destruction in the Theory of Unemployment,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 61(3), pages 397-415.
- Dale T. Mortensen & Christopher A. Pissarides, 1993. "Job Creation and Job Destruction in the Theory of Unemployment," CEP Discussion Papers dp0110, Centre for Economic Performance, LSE.
- Hamish Low & Costas Meghir & Luigi Pistaferri, 2010.
"Wage Risk and Employment Risk over the Life Cycle,"
American Economic Review, American Economic Association, vol. 100(4), pages 1432-1467, September.
- Luigi Pistaferri & Hamish Low & Costas Meghir, 2004. "Wage risk and employment risk over the life-cycle," 2004 Meeting Papers 82, Society for Economic Dynamics.
- Hamish Low & Costas Meghir & Luigi Pistaferri, 2008. "Wage risk and employment risk over the life cycle," IFS Working Papers W08/06, Institute for Fiscal Studies.
- Low, Hamish & Meghir, Costas & Pistaferri, Luigi, 2008. "Wage Risk and Employment Risk over the Life Cycle," IZA Discussion Papers 3700, Institute of Labor Economics (IZA).
- Hamish Low & Costas Meghir & Luigi Pistaferri, 2006. "Wage risk and employment risk over the life cycle," IFS Working Papers W06/27, Institute for Fiscal Studies.
- Hamish Low & Costas Meghir & Luigi Pistaferri, 2009. "Wage Risk and Employment Risk over the Life Cycle," NBER Working Papers 14901, National Bureau of Economic Research, Inc.
- Meghir, Costas & Pistaferri, Luigi & Low, Hamish, 2007. "Wage Risk and Employment Risk Over the Life Cycle," CEPR Discussion Papers 6187, C.E.P.R. Discussion Papers.
- David Andolfattio & Paul Gomme & Paul A. Storer, 1998.
"US Labour Market Policy and the Canada-US Unemployment Rate Gap,"
Canadian Public Policy, University of Toronto Press, vol. 24(s1), pages 210-232, February.
- Andolfatto, D. & Gomme, P. & Storer, P., 1996. "U.S. Labour Market Policy and the Canada-U.S. Unemployment Rate Gap," Working Papers 9604, University of Waterloo, Department of Economics.
- Edward C. Prescott, 2004.
"Why do Americans work so much more than Europeans?,"
Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 28(Jul), pages 2-13.
- Edward C. Prescott, 2003. "Why do Americans work so much more than Europeans?," Staff Report 321, Federal Reserve Bank of Minneapolis.
- Edward C. Prescott, 2004. "Why do Americans Work so Much More than Europeans?," NBER Working Papers 10316, National Bureau of Economic Research, Inc.
- Edward C. Prescott, 2004. "Why Do Americans Work So Much More Than Europeans?," Levine's Bibliography 122247000000000413, UCLA Department of Economics.
- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegül, 2011.
"A three state model of worker flows in general equilibrium,"
Journal of Economic Theory, Elsevier, vol. 146(3), pages 1107-1133, May.
- Rogerson, Richard & Sahin, Aysegul & Mukoyama, Toshihiko, 2009. "A Three State Model of Worker Flows in General Equilibrium," CEPR Discussion Papers 7425, C.E.P.R. Discussion Papers.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2009. "A Three State Model of Worker Flows in General Equilibrium," NBER Working Papers 15251, National Bureau of Economic Research, Inc.
- Yongsung Chang & Sun-Bin Kim, 2006.
"From Individual To Aggregate Labor Supply: A Quantitative Analysis Based On A Heterogeneous Agent Macroeconomy ,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(1), pages 1-27, February.
- Yongsung Chang & Sun-Bin Kim, 2003. "From Individual to Aggregate Labor Supply: A Quantitative Analysis Based on a Heterogeneous Agent Macroeconomy," Macroeconomics 0307003, University Library of Munich, Germany.
- Yongsung Chang & Sun-Bin Kim, 2003. "From individual to aggregate labor supply : a quantitative analysis based on a heterogeneous agent macroeconomy," Working Paper 03-05, Federal Reserve Bank of Richmond.
- Mendoza, Enrique G. & Razin, Assaf & Tesar, Linda L., 1994.
"Effective tax rates in macroeconomics: Cross-country estimates of tax rates on factor incomes and consumption,"
Journal of Monetary Economics, Elsevier, vol. 34(3), pages 297-323, December.
- Enrique G. Mendoza & Assaf Razin & Linda L. Tesar, 1994. "Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption," NBER Working Papers 4864, National Bureau of Economic Research, Inc.
- Tauchen, George, 1986. "Finite state markov-chain approximations to univariate and vector autoregressions," Economics Letters, Elsevier, vol. 20(2), pages 177-181.
- Josep Pijoan-Mas, 2006.
"Precautionary Savings or Working Longer Hours?,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 326-352, April.
- Josep Pijoan-Mas, 2003. "Precautionary Savings or Working Longer Hours?," Working Papers wp2003_0311, CEMFI.
- Pijoan-Mas, Josep, 2005. "Precautionary Savings or Working Longer Hours?," CEPR Discussion Papers 5322, C.E.P.R. Discussion Papers.
- Josep Pijoan-Mas, 2004. "Precautionary Savings or Working Longer Hours?," 2004 Meeting Papers 350, Society for Economic Dynamics.
- Fernando Alvarez & Marcelo Veracierto, 2000.
"Labor-Market Policies in an Equilibrium Search Model,"
NBER Chapters, in: NBER Macroeconomics Annual 1999, Volume 14, pages 265-316,
National Bureau of Economic Research, Inc.
- Fernando Alvarez & Marcelo Veracierto, 1999. "Labor market policies in an equilibrium search model," Working Paper Series WP-99-10, Federal Reserve Bank of Chicago.
- Martin Floden & Jesper Lindé, 2001.
"Idiosyncratic Risk in the United States and Sweden: Is There a Role for Government Insurance?,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(2), pages 406-437, July.
- Floden, M. & Linde, J., 1998. "Idiosyncratic Risk in the U.S. and Sweden: Is there a Role for Government Insurance?," Papers 654, Stockholm - International Economic Studies.
- Flodén, Martin & Linde, Jesper, 1998. "Idiosyncratic Risk in the U.S. and Sweden: Is there a Role for Government Insurance?," Seminar Papers 654, Stockholm University, Institute for International Economic Studies.
- David Domeij & Martin Floden, 2006.
"The Labor-Supply Elasticity and Borrowing Constraints: Why Estimates are Biased,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 242-262, April.
- Domeij, David & Floden, Martin, 2001. "The labor-supply elasticity and borrowing constraints: Why estimates are biased," SSE/EFI Working Paper Series in Economics and Finance 480, Stockholm School of Economics.
- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegül, 2008.
"Aggregate implications of indivisible labor, incomplete markets, and labor market frictions,"
Journal of Monetary Economics, Elsevier, vol. 55(5), pages 961-979, July.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2008. "Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions," NBER Working Papers 13871, National Bureau of Economic Research, Inc.
- Unknown, 1986. "Letters," Choices: The Magazine of Food, Farm, and Resource Issues, Agricultural and Applied Economics Association, vol. 1(4), pages 1-9.
- Yongsung Chang & Sun-Bin Kim, 2007. "Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations," American Economic Review, American Economic Association, vol. 97(5), pages 1939-1956, December.
- Lars Ljungqvist & Thomas J. Sargent, 2007.
"Do Taxes Explain European Employment? Indivisible Labor, Human Capital, Lotteries, and Savings,"
NBER Chapters, in: NBER Macroeconomics Annual 2006, Volume 21, pages 181-246,
National Bureau of Economic Research, Inc.
- Sargent, Thomas & Ljungqvist, Lars, 2007. "Do Taxes Explain European Employment? Indivisible Labour, Human Capital, Lotteries and Savings," CEPR Discussion Papers 6196, C.E.P.R. Discussion Papers.
- Merz, Monika, 1995. "Search in the labor market and the real business cycle," Journal of Monetary Economics, Elsevier, vol. 36(2), pages 269-300, November.
- Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-690, September.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegül, 2011.
"A three state model of worker flows in general equilibrium,"
Journal of Economic Theory, Elsevier, vol. 146(3), pages 1107-1133, May.
- Rogerson, Richard & Sahin, Aysegul & Mukoyama, Toshihiko, 2009. "A Three State Model of Worker Flows in General Equilibrium," CEPR Discussion Papers 7425, C.E.P.R. Discussion Papers.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2009. "A Three State Model of Worker Flows in General Equilibrium," NBER Working Papers 15251, National Bureau of Economic Research, Inc.
- Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin & Per Krusell, 2009. "Labor supply in a frictional labor market," 2009 Meeting Papers 54, Society for Economic Dynamics.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2020.
"Gross Worker Flows and Fluctuations in the Aggregate Labor Market,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 205-226, August.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Ayşegül Şahin, 2020. "Gross Worker Flows and Fluctuations in the Aggregate Labor Market," NBER Working Papers 26878, National Bureau of Economic Research, Inc.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2020. "Code and data files for "Gross Worker Flows and Fluctuations in the Aggregate Labor Market"," Computer Codes 20-206, Review of Economic Dynamics.
- Andrés Erosa & Luisa Fuster & Gueorgui Kambourov, 2016.
"Towards a Micro-Founded Theory of Aggregate Labour Supply,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 83(3), pages 1001-1039.
- Andrés Erosa & Luisa Fuster & Gueorgui Kambourov, 2011. "Towards a micro-founded theory of aggregate labor supply," Working Papers 2011-13, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales, revised 23 Nov 2011.
- Andres Erosa & Luisa Fuster & Gueorgui Kambourov, 2011. "Towards a Micro-Founded Theory of Aggregate Labor Supply," Working Papers tecipa-443, University of Toronto, Department of Economics.
- Andres Erosa & Luisa Fuster & Gueorgui Kambourov, 2014. "Towards a Micro-Founded Theory of Aggregate Labor Supply," Working Papers tecipa-516, University of Toronto, Department of Economics.
- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegül, 2008.
"Aggregate implications of indivisible labor, incomplete markets, and labor market frictions,"
Journal of Monetary Economics, Elsevier, vol. 55(5), pages 961-979, July.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2008. "Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions," NBER Working Papers 13871, National Bureau of Economic Research, Inc.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Ayşegül Şahin, 2017.
"Gross Worker Flows over the Business Cycle,"
American Economic Review, American Economic Association, vol. 107(11), pages 3447-3476, November.
- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegul, 2015. "Gross worker flows over the business cycle," LSE Research Online Documents on Economics 86279, London School of Economics and Political Science, LSE Library.
- Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Şahin, Ayşegül, 2017. "Gross worker flows over the business cycle," LSE Research Online Documents on Economics 105622, London School of Economics and Political Science, LSE Library.
- Per Krusell & Toshihiko Mukoyama & Richard Rogerson & Aysegul Sahin, 2015. "Gross Worker Flows over the Business Cycle," Discussion Papers 1530, Centre for Macroeconomics (CFM).
- Minchul Yum, 2018.
"On the distribution of wealth and employment,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 86-105, October.
- Yum, Minchul, 2018. "On the distribution of wealth and employment," Working Papers 18-03, University of Mannheim, Department of Economics.
- Alonso-Ortiz, Jorge, 2014.
"Social security and retirement across the OECD,"
Journal of Economic Dynamics and Control, Elsevier, vol. 47(C), pages 300-316.
- Alonso-Ortiz, Jorge, 2010. "Social security and retirement across the OECD," MPRA Paper 35619, University Library of Munich, Germany, revised 13 Dec 2011.
- Alonso Ortiz, Jorge, 2014. "Social Security and Retirement across the OECD," MPRA Paper 59614, University Library of Munich, Germany.
- Jorge Alonso-Ortiz, 2010. "Social Security and Retirement across the OECD," Working Papers 1007, Centro de Investigacion Economica, ITAM.
- Alonso-Ortiz, Jorge & Rogerson, Richard, 2010.
"Taxes, transfers and employment in an incomplete markets model,"
Journal of Monetary Economics, Elsevier, vol. 57(8), pages 949-958, November.
- Jorge Alonso-Ortiz & Richard Rogerson, 2010. "Taxes, transfers, and employment in an incomplete markets model," FRB Atlanta CQER Working Paper 2010-07, Federal Reserve Bank of Atlanta.
- Kokonas, Nikolaos & Monteiro, Paulo Santos, 2021. "Aggregation in economies with search frictions," Journal of Mathematical Economics, Elsevier, vol. 96(C).
- Michael Keane & Richard Rogerson, 2015.
"Reconciling Micro and Macro Labor Supply Elasticities: A Structural Perspective,"
Annual Review of Economics, Annual Reviews, vol. 7(1), pages 89-117, August.
- Michael P. Keane & Richard Rogerson, 2011. "Reconciling Micro and Macro Labor Supply Elasticities: A Structural Perspective," NBER Working Papers 17430, National Bureau of Economic Research, Inc.
- Michael P. Keane & Richard Rogerson, 2012. "Reconciling Micro and Macro Labor Supply Elasticities: A Structural Perspective," Economics Papers 2012-W12, Economics Group, Nuffield College, University of Oxford.
- Rogerson, Richard & Wallenius, Johanna, 2009.
"Micro and macro elasticities in a life cycle model with taxes,"
Journal of Economic Theory, Elsevier, vol. 144(6), pages 2277-2292, November.
- Richard Rogerson & Johanna Wallenius, 2007. "Micro and Macro Elasticities in a Life Cycle Model With Taxes," NBER Working Papers 13017, National Bureau of Economic Research, Inc.
- Tiago Berriel & Rodrigo Abreu, 2015. "Long Term Debt and Credit Crisis in a Liquidity Constrained Economy," Textos para discussão 644, Department of Economics PUC-Rio (Brazil).
- Richard Rogerson, 2011.
"Individual and Aggregate Labor Supply with Coordinated Working Times,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 7-37, August.
- Richard Rogerson, 2011. "Individual and Aggregate Labor Supply with Coordinated Working Times," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s1), pages 7-37, August.
- Richard Rogerson, 2010. "Individual and Aggregate Labor Supply With Coordinated Working Times," NBER Working Papers 16636, National Bureau of Economic Research, Inc.
- Jose Mustre-del-Rio, 2015.
"Wealth and Labor Supply Heterogeneity,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 619-634, July.
- Jose Mustre-del-Rio, 2014. "Online Appendix to "Wealth and Labor Supply Heterogeneity"," Online Appendices 12-158, Review of Economic Dynamics.
- Jose Mustre-del-Rio, 2014. "Code and data files for "Wealth and Labor Supply Heterogeneity"," Computer Codes 12-158, Review of Economic Dynamics.
- Rogerson, Richard & Shimer, Robert, 2011.
"Search in Macroeconomic Models of the Labor Market,"
Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 4, chapter 7, pages Pages: 61,
Elsevier.
- Richard Rogerson & Robert Shimer, 2010. "Search in Macroeconomic Models of the Labor Market," NBER Working Papers 15901, National Bureau of Economic Research, Inc.
- Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2012.
"The Laffer Curve in an Incomplete-Market Economy,"
TSE Working Papers
12-288, Toulouse School of Economics (TSE), revised Jul 2013.
- Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2012. "The Laffer Curve in an Incomplete-Market Economy," IDEI Working Papers 707, Institut d'Économie Industrielle (IDEI), Toulouse, revised Jul 2013.
- Patrick Fève, 2012. "The Laffer Curve In An Incomplete-Markets Economy," 2012 Meeting Papers 215, Society for Economic Dynamics.
- Patrick F ve & Julien Matheron & Sahuc,J-G., 2013. "The Laffer Curve in an Incomplete-Market Economy," Working papers 438, Banque de France.
- Bo Hyun Chang & Yongsung Chang & Sun-Bin Kim, 2018.
"Pareto Weights in Practice: A Quantitative Analysis of 32 OECD Countries,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 181-204, April.
- Bo Hyun Chang & Yongsung Chang & Sun-Bin Kim, 2017. "Code and data files for "Pareto Weights in Practice: A Quantitative Analysis of 32 OECD Countries"," Computer Codes 16-35, Review of Economic Dynamics.
- Yongsung Chang & Sun-Bin Kim & Frank Schorfheide, 2010.
"Labor-Market Heterogeneity, Aggregation, and the Lucas Critique,"
RCER Working Papers
556, University of Rochester - Center for Economic Research (RCER).
- Yongsung Chang & Sun-Bin Kim & Frank Schorfheide, 2010. "Labor-Market Heterogeneity, Aggregation, and the Lucas Critique," NBER Working Papers 16401, National Bureau of Economic Research, Inc.
- Chang, Yongsung & Schorfheide, Frank, 2010. "Labor-Market Heterogeneity, Aggregation, and the Lucas Critique," CEPR Discussion Papers 8039, C.E.P.R. Discussion Papers.
- Tomoyuki Nakajima & Shuhei Takahashi, 2020.
"The Effectiveness of Consumption Taxes and Transfers as Insurance Against Idiosyncratic Risk,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 505-530, March.
- Tomoyuki Nakajima & Shuhei Takahashi, 2016. "The Effectiveness of Consumption Taxes and Transfers as Insurance against Idiosyncratic Risk," KIER Working Papers 933, Kyoto University, Institute of Economic Research.
More about this item
Keywords
Labour market frictions; Labour supply; Taxes;All these keywords.
JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DGE-2009-11-27 (Dynamic General Equilibrium)
- NEP-LAB-2009-11-27 (Labour Economics)
- NEP-MAC-2009-11-27 (Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:7435. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.