Employment cycles in search equilibrium

Article Abstract:

A stochastic dynamic model of the labor market in which workers look for job vacancies and companies for job candidates, is described. There are two stable steady states which generate stochastic cycles. The interaction of a productivity shock with the two stable steady states produces equilibrium fluctuations in employment which are not optimal. A weak-convergence approximation method is employed to determine the characteristics of a nonlinear stochastic difference equation which represents the equilibrium dynamics of the economy.

Employment, Stochastic processes

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Active intermediation in a monetary overlapping generations economy

Article Abstract:

The incorporation of private intermediaries is vital in studying the efficiency in overlapping generations (OG) economies, even when transactions costs and asymmetric information problems are not present. It is proven that an initial welfare theorem may be reclaimed for the fundamental monetary OG economy provided that the economy is generalized to include a corporate mediator that optimizes its market value.

Financial Management NEC, Research, Monetary policy, Financial management, Financial intermediation

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Structure, behavior, and market power in an evolutionary labor market with adaptive search

Article Abstract:

The relationships among market power, job concentration, and job capacity are examined using the agent-based computational market model. The conclusion is that job capacity is better than job concentration for predicting market power of employers.

United States, Employee Recruitment, Statistical Data Included

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