Indivisible Labor Market Revisited : Equilibrium Employment Rate
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Recently, most countries are trying to raise the employment rate as well as to reduce the unemployment rate. This paper aims to examine how the employment rate is determined by technology shock. in a stochastic equilibrium labor market where labor is indivisible. It is found that cyclicity and nonlinearity of employment (unemployment) rate are determined by conditions which depend on the preference structure: Nonseparable or separable preferences in consumption and leisure. The implications of such functional structure on its expected duration of unemployment are also discussed.of convictions having positive (insignificant) effects.
Abstract
Recently, most countries are trying to raise the employment rate as well as to reduce the unemployment rate. This paper aims to examine how the employment rate is determined by technology shock. in a stochastic equilibrium labor market where labor is indivisible. It is found that cyclicity and nonlinearity of employment (unemployment) rate are determined by conditions which depend on the preference structure: Nonseparable or separable preferences in consumption and leisure. The implications of such functional structure on its expected duration of unemployment are also discussed.of convictions having positive (insignificant) effects.
참고문헌 (20)
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