Replication data for: Why Does Trend Growth Affect Equilibrium Employment? A New Explanation of an Old Puzzle
Principal Investigator(s): View help for Principal Investigator(s) Michael W. L. Elsby; Matthew D. Shapiro
Version: View help for Version V1
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| Data | 10/11/2019 05:36:PM | ||
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Project Citation:
Elsby, Michael W. L., and Shapiro, Matthew D. Replication data for: Why Does Trend Growth Affect Equilibrium Employment? A New Explanation of an Old Puzzle. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112526V1
Project Description
Summary:
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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)
Scope of Project
JEL Classification:
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E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
J31 Wage Level and Structure; Wage Differentials
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
J31 Wage Level and Structure; Wage Differentials
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