Chapter

Adjustment Costs in the Labor Market

Fabio-Cesare Bagliano and Giuseppe Bertola

in Models for Dynamic Macroeconomics

Published in print February 2004 | ISBN: 9780199266821
Published online January 2005 | e-ISBN: 9780191601606 | DOI: http://dx.doi.org/10.1093/0199266824.003.0003
Adjustment Costs in the Labor Market

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Focusses on how uncertainty may be treated simply in a Markov chain environment where shocks occur with given probabilities across a well‐defined and stable set of possible states. Applications to dynamic labour demand and to the equilibrium dynamics of wages and employment are used to characterize the dynamic and average long‐run effects of mobility costs and employment protection legislation.

Keywords: average long‐run effects; employment protection legislation; mobility costs; shocks; wages

Chapter.  12713 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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