Employment efficiency and sticky wages
evidence from flows in the labor market
by Robert Ernest Hall
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"I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of bilateral efficiency. Workers never lose their jobs because of sticky wages. In the second view, wages are sticky and inefficient layoffs do occur. In the third, wages are also sticky, but employment governance is efficient. I show that the behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown into unemployment"--National Bureau of Economic Research web site.
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Employment efficiency and sticky wages: evidence from flows in the labor market
2005, National Bureau of Economic Research
Electronic resource
in English
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Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 3/17/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| February 6, 2010 | Edited by WorkBot | add more information to works |
| December 10, 2009 | Created by WorkBot | add works page |