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Nonlinear Labor Market Dynamics Michael Neugart

Nonlinear Labor Market Dynamics By Michael Neugart

Nonlinear Labor Market Dynamics by Michael Neugart


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Summary

Nonlinear Labor Market Dynamics discusses adjustment processes in labor markets. It is shown that even textbook-like-models of the labor market can generate long lasting adjustment processes, local instabilities, and chaotic movements, once nonlinear relationships and widely accepted adjustment rules are introduced.

Nonlinear Labor Market Dynamics Summary

Nonlinear Labor Market Dynamics by Michael Neugart

Nonlinear Labor Market Dynamics discusses adjustment processes in labor markets. Contrary to linear-stochastic approaches this book is based on a non-linear deterministic framework. It is shown that even textbook-like-models of the labor market can generate long lasting adjustment processes, local instabilities, and chaotic movements, once nonlinear relationships and widely accepted adjustment rules are introduced. Thus, labor market dynamics may have an endogenous component that is governed by a nonlinear deterministic core. Of course, all results are tied to the particular models discussed in this book. Nevertheless, these models imply that by incorporating nonlinear relationships, one may arrive at an explanation of labor market behavior where linear stochastic approaches fell. Time series studies for German labor market data support this point of view.

Table of Contents

Introduction.- Nonlinear and Chaotic Economic Dynamics.- Earlier models revisited.- Interaction and irregular dynamics; Overlapping generations and endogenous cycles; Growth models; The role of expectations; Evidence on chaos in economic dynamics.- Tests for nonlinearities and chaos; Results; Some pitfalls and shortcomings; Nonlinear Labor Supply and Real Wage Adjustment.- Beyond a linear and upward sloping labor supply.- Stable preferences, budget constraints, and the supply of labor; Labor supply and path dependent preferences; Empirical labor supply elasticities; A bare-bones model and labor market equilibria.- Adjustment dynamics.- Case 1 - Labor supply bends backwards; Case 2 - An upward sloping labor supply curve with an upper bound; How well is the calibration?.- An unstable Phillips curve and other policy implicatios.- Real Wage Adjustment with a Nonlinear Labor Demand.- Production functions, labor costs, and the demand for labor.- Labor demand and varying mark-ups; Feedback from employment on labor costs; The production technology; Discontinuous labor demand and labor market equilibria.- Adjustment dynamics.- Case 3 - Real wage adjustment with a non-concave production function; Policy implications.- A Note on Rationality.- Worker Flows and the Occurrence of Endogenous Cycles.- The outflow from unemployment.- Case 4 - Unemployment dynamics with a nonlinear outflow rate; A calibrated version and evidence on worker flows.- Is the natural rate a policy trap?.- Employment Dynamics under Wage Setting.- The wage setting curve.- Can the wage setting curve slope downwards?; A further look at the slope: The role of long term unemployment; A tentative view: employment dynamics in a 'hire and fire' economy.- Case 5 - Employment dynamics with a U-shaped wage setting curve; Evidence on the parameters of the model.- Some consequences from flexible labor markets.- Testing for Chaos in German Labor Market Data.- Filtering the data.- Testing for nonlinearity and chaos.- Summary and Concluding Remarks.

Additional information

NLS9783540672791
9783540672791
3540672796
Nonlinear Labor Market Dynamics by Michael Neugart
New
Paperback
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
2000-05-06
175
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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