On the cyclical behavior of employment, unemployment and labor force participation

• 成果类型: Article
• 署名作者: Veracierto, Marcelo
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.008
• 发表日期: 2008
• 页码: 1143-1157
• 关键词: business cycles; EMPLOYMENT; unemployment; labor force participation

摘要

In this paper I evaluate to what extent a real business cycle (RBC) model that incorporates search and home production decisions can simultaneously account for the observed behavior of employment, unemployment and out-of-the-labor-force. This contrasts with the previous RBC literature, which analyzed employment or hours fluctuations either by lumping together unemployment and out-of-the-labor-force into a single non-employment state or by assuming a fixed labor force. Once the three employment states are explicitly introduced I find that the RBC model generates highly counterfactual labor market dynamics. (C) 2008 Elsevier B.V. All rights reserved.