Essays in macroeconomics
- This dissertation contains three essays that investigate aspects of the behavior of employment over the business cycle. I argue that employment, rather than other concepts of labor input, is the important margin of adjustment of labor input over the business cycle. This observation necessitates the use of explicit models of employment to address issues related to the behavior of labor input over the business cycle. I use the tools developed in the literature on "equilibrium unemployment'' -- namely the inclusion of a search and matching friction in the labor market -- and integrate them into the framework of Real Business Cycle models. The latter typically ignores the explicit analysis of employment and excludes involuntary unemployment. The integrated model is therefore suitable to analyze the behavior of employment. I use the integrated model to address the issue of synchronization of the business cycle. In the first essay I investigate the synchronization of changes in employment across sectors in the US economy. In the second essay I argue that from a modeling perspective, generating cross-sector employment correlation is closely related to generating high variability of aggregate unemployment. In the third essay I address the synchronization of business cycles across developed economies.
|Type of resource
|electronic; electronic resource; remote
|1 online resource.
|Yedid Levi, Yaniv
|Stanford University, Department of Economics
|Klenow, Peter J
|Klenow, Peter J
|Statement of responsibility
|Submitted to the Department of Economics.
|Thesis (Ph.D.)--Stanford University, 2010.
- © 2010 by Yaniv Yedid Levi
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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