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The Asymmetric Cyclical Behavior of the U.S. Labor Market

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  • Domenico Ferraro

    (Arizona State University)

Abstract

The employment rate in the United States fluctuates asymmetrically over the business cycle: it contracts deeply and sharply during recessions, but it recovers slowly and gradually during expansions. By contrast, aggregate output exhibits nearly symmetric fluctuations about trend. I explain these facts using an equilibrium business cycle model with search frictions in the labor market and worker heterogeneity in productivity, featuring endogenous job destruction and fluctuations in labor composition. The model predicts that the response of the employment rate to shocks greatly varies over the business cycle; notably, it raises in recessions and declines in expansions. (Copyright: Elsevier)

Suggested Citation

  • Domenico Ferraro, 2018. "The Asymmetric Cyclical Behavior of the U.S. Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 145-162, October.
    • Handle: RePEc:red:issued:16-161
    DOI: 10.1016/j.red.2018.05.005
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    More about this item

    Keywords

    Business cycles; Cyclical asymmetry; Search frictions; Worker heterogeneity; Unemployment rate; Labor quality;
    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
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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