Search Frictions and the Labor Wedge

Search Frictions and the Labor Wedge
This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor READ MORE...

Publication date: May 2011
ISBN 9781455262403
$18.00

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