Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/189953 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 353
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
We show that business cycles reduce welfare through a decrease in the average level of employ- ment in a labor market search model with learning on-the-job and skill loss during unemployment. A negative correlation between unemployment and vacancies implies, via the concavity of the matching function, that business cycles reduce the average number of new jobs and employment. Learning on-the-job implies that the decrease in employment reduces aggregate human capital. This, in turn, reduces the incentives to post vacancies, further decreasing employment and human capital. We quantify this mechanism and .nd large output and welfare costs of business cycles.
Schlagwörter: 
Search and matching
labor market
human capital
stabilization policy
skill loss
JEL: 
E32
J64
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
382.91 kB





Publikationen in EconStor sind urheberrechtlich geschützt.