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- W3123946423 abstract "U.S. CPS data indicate that in recessions firms actually increase their hiring ratesfrom the pools of the unemployed and out of the labor force. Why so? The paperprovides an explanation by studying the optimal recruiting behavior of the representativefirm. The model combines labor frictions, of the search and matchingtype, with capital frictions, of the q-model type.Optimal firm behavior is a function of the value of jobs, i.e., the expected presentvalue of the marginal worker to the firm. These are estimated to be counter-cyclical,the underlying reason being the dynamic behavior of the labor share of GDP. Thecounter-cyclicality of hiring rates and job values, which may appear counter-intuitive,is shown to be consistent with well-known business cycle facts. The analysis emphasizesthe difference between current labor productivity and the wider, forwardlookingconcept of job values.The paper explains the high volatility of firm recruiting behavior, as well as thereduction over time in labor market fluidity in the U.S., using the same estimatedmodel. Part of the explanation has to do with job values and another part with theinteraction of hiring and investment costs, both determinants having been typicallyoverlooked." @default.
- W3123946423 created "2021-02-01" @default.
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- W3123946423 date "2016-11-14" @default.
- W3123946423 modified "2023-09-27" @default.
- W3123946423 title "Aggregate hiring and the value of jobs along the business cycle" @default.
- W3123946423 hasPublicationYear "2016" @default.
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