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Why Does Trend Growth Affect Equilibrium Employment? A New Explanation of an Old Puzzle.
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- Author(s): Elsby, Michael W. L; Shapiro, Matthew D
- Source:
American Economic Review; Jun2012, Vol. 102 Issue 4, p1378-1413, 36p, 9 Graphs- Subject Terms:
- Source:
- Additional Information
- Abstract: That the employment rate appears to respond to changes in trend growth is an enduring macroeconomic puzzle. This paper shows that, in the presence of a return to experience, a slowdown in productivity growth raises reservation wages, thereby lowering aggregate employment. The paper develops new evidence that shows this mechanism is important for explaining the growth-employment puzzle. The combined effects of changes in aggregate wage growth and returns to experience account for all the increase from 1968 to 2006 in nonemployment among low-skilled men and for approximately half the increase in nonemployment among all men. (JEL E24, J24, J31) [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Abstract:
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