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Essays on macroeconomics and the lab...

Sinclair, Tara Michelle.

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Essays on macroeconomics and the labor market.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on macroeconomics and the labor market./
Author:	Sinclair, Tara Michelle.
Description:	166 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-07, Section: A, page: 2657.
Contained By:	Dissertation Abstracts International66-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3181207
ISBN:	9780542218804

Essays on macroeconomics and the labor market.
Sinclair, Tara Michelle.

Essays on macroeconomics and the labor market. - 166 p.

Source: Dissertation Abstracts International, Volume: 66-07, Section: A, page: 2657.

Thesis (Ph.D.)--Washington University, 2005.

In the first essay, I develop a bivariate correlated unobserved components model to investigate the interaction between output and the unemployment rate. This model separates these two key macroeconomic variables into permanent and transitory components and provides estimates of the correlations among these components. The results for the US indicate that fluctuations in both output and the unemployment rate are largely permanent and there exists a negative relationship between these permanent components similar to the Okun's Law relationship. These results call into question macroeconomic theories that imply zero correlation between the different components, as well as theories that consider recessions as purely transitory movements in either output or the unemployment rate.

ISBN: 9780542218804Subjects--Topical Terms:

1017424
Economics, General.

Essays on macroeconomics and the labor market.
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100 1 $a Sinclair, Tara Michelle. $3 1914858
245 1 0 $a Essays on macroeconomics and the labor market.
300 $a 166 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-07, Section: A, page: 2657.
500 $a Chair: James Morley.
502 $a Thesis (Ph.D.)--Washington University, 2005.
520 $a In the first essay, I develop a bivariate correlated unobserved components model to investigate the interaction between output and the unemployment rate. This model separates these two key macroeconomic variables into permanent and transitory components and provides estimates of the correlations among these components. The results for the US indicate that fluctuations in both output and the unemployment rate are largely permanent and there exists a negative relationship between these permanent components similar to the Okun's Law relationship. These results call into question macroeconomic theories that imply zero correlation between the different components, as well as theories that consider recessions as purely transitory movements in either output or the unemployment rate.
520 $a In the second essay, I extend the correlated unobserved components model to allow for asymmetry in the transitory components of output and the unemployment rate. This extension addresses recent research which suggests the presence of asymmetry in both series. The asymmetry is captured using a version of Friedman's plucking model, allowing for correlation between the components and endogenous regime switching. The Friedman plucking model suggests that output may be occasionally "plucked" away from a ceiling of maximum feasible output by temporary asymmetric shocks. The results suggest that both permanent movements and occasional asymmetric transitory shocks are important for modeling US real GDP and the US unemployment rate.
520 $a In the third essay,1 I present a search model in which firms may offer tenure-based contracts like defined benefit (DB) pensions to reduce the incidence of costly on-the-job search by workers. The implications of this model are explored to address the stylized fact that recent declines in job tenure have coincided with a shift away from DB pensions, which reward long tenure. The analysis focuses on changing conditions that undermine such contracts. Lower search costs can, under fairly general conditions, reduce the value of deterring search and the use of DB pensions. This explanation complements recent papers investigating the consequences of declines in search frictions.
520 $a 1This essay is based on joint work with Michael Owyang of the St. Louis Federal Reserve and Leora Friedberg of the University of Virginia and NBER.
590 $a School code: 0252.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
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710 2 0 $a Washington University. $3 1250147
773 0 $t Dissertation Abstracts International $g 66-07A.
790 1 0 $a Morley, James, $e advisor
790 $a 0252
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3181207