Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States

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dc.contributor.author RAVN, Morten O.
dc.contributor.author SIMONELLI, Saverio
dc.date.accessioned 2007-08-27T07:46:25Z
dc.date.available 2007-08-27T07:46:25Z
dc.date.issued 2007
dc.identifier.issn 1725-6704
dc.identifier.uri http://hdl.handle.net/1814/6977
dc.description.abstract We use a 12-dimensional VAR to examine the dynamic effects on the labor market of four struc- tural technology and policy shocks. For each shock, we examine the dynamic effects on the labor market, the importance of the shock for labor market volatility, and the comovement between labor market variables and other key aggregate variables in response to the shock. We document that labor market indicators display \hump-shaped" responses to the identified shocks. Technology shocks and monetary policy shocks are important for labor market volatility but the ranking of their importance is sensitive to the VAR specification. The conditional correlations at business cycle frequencies are similar in response to the four shocks apart from the correlations between hours worked, labor productivity and real wages. To account for the unconditional correlations between these variables, a mixture of shocks are required. en
dc.language.iso en en
dc.publisher European University Institute
dc.relation.ispartofseries EUI ECO en
dc.relation.ispartofseries 2007/13 en
dc.subject C32 en
dc.subject E24 en
dc.subject E32 en
dc.subject E52 en
dc.subject E62 en
dc.subject Structural VAR en
dc.subject Labor market dynamics en
dc.subject The Beveridge curve en
dc.title Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States en
dc.type Working Paper en
dc.neeo.contributor RAVN|Morten O.|aut|
dc.neeo.contributor SIMONELLI|Saverio|aut|
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