Labor hours, employment, and “the great moderation”

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

It is well established that U.S. business cycles have moderated since the mid 1980s, which include a decline in the volatility of hours and of the unemployment rate. This chapter applies a battery of tests to a Real Business Cycle (RBC) framework to dissect the effect of greater international integration, financial frictions, and better monetary policy on the dynamics of labor hours. While some of these factors have been identified in the literature as causes of the ‘Great Moderation’, a model-based comprehensive assessment of their relative importance, as the one presented in this chapter, is novel and sheds light into the policies that aid towards a smoother functioning of the labor market.

Original languageEnglish
Title of host publicationEmployment and Labor Issues
Subtitle of host publicationUnemployment, Youth Employment and Child Labor
PublisherNova Science Publishers, Inc.
Pages205-216
Number of pages12
ISBN (Electronic)9781611228854
ISBN (Print)9781608762828
StatePublished - 1 Jan 2010

Fingerprint

business cycle
labor
unemployment rate
monetary policy
labor market
cause
literature

Keywords

  • Great moderation
  • Labor hours
  • Volatility

Cite this

Portes, L. (2010). Labor hours, employment, and “the great moderation”. In Employment and Labor Issues: Unemployment, Youth Employment and Child Labor (pp. 205-216). Nova Science Publishers, Inc..
Portes, Luis. / Labor hours, employment, and “the great moderation”. Employment and Labor Issues: Unemployment, Youth Employment and Child Labor. Nova Science Publishers, Inc., 2010. pp. 205-216
@inbook{d6ae891484124c98bf9db5d5ccd9977b,
title = "Labor hours, employment, and “the great moderation”",
abstract = "It is well established that U.S. business cycles have moderated since the mid 1980s, which include a decline in the volatility of hours and of the unemployment rate. This chapter applies a battery of tests to a Real Business Cycle (RBC) framework to dissect the effect of greater international integration, financial frictions, and better monetary policy on the dynamics of labor hours. While some of these factors have been identified in the literature as causes of the ‘Great Moderation’, a model-based comprehensive assessment of their relative importance, as the one presented in this chapter, is novel and sheds light into the policies that aid towards a smoother functioning of the labor market.",
keywords = "Great moderation, Labor hours, Volatility",
author = "Luis Portes",
year = "2010",
month = "1",
day = "1",
language = "English",
isbn = "9781608762828",
pages = "205--216",
booktitle = "Employment and Labor Issues",
publisher = "Nova Science Publishers, Inc.",

}

Portes, L 2010, Labor hours, employment, and “the great moderation”. in Employment and Labor Issues: Unemployment, Youth Employment and Child Labor. Nova Science Publishers, Inc., pp. 205-216.

Labor hours, employment, and “the great moderation”. / Portes, Luis.

Employment and Labor Issues: Unemployment, Youth Employment and Child Labor. Nova Science Publishers, Inc., 2010. p. 205-216.

Research output: Chapter in Book/Report/Conference proceedingChapter

TY - CHAP

T1 - Labor hours, employment, and “the great moderation”

AU - Portes, Luis

PY - 2010/1/1

Y1 - 2010/1/1

N2 - It is well established that U.S. business cycles have moderated since the mid 1980s, which include a decline in the volatility of hours and of the unemployment rate. This chapter applies a battery of tests to a Real Business Cycle (RBC) framework to dissect the effect of greater international integration, financial frictions, and better monetary policy on the dynamics of labor hours. While some of these factors have been identified in the literature as causes of the ‘Great Moderation’, a model-based comprehensive assessment of their relative importance, as the one presented in this chapter, is novel and sheds light into the policies that aid towards a smoother functioning of the labor market.

AB - It is well established that U.S. business cycles have moderated since the mid 1980s, which include a decline in the volatility of hours and of the unemployment rate. This chapter applies a battery of tests to a Real Business Cycle (RBC) framework to dissect the effect of greater international integration, financial frictions, and better monetary policy on the dynamics of labor hours. While some of these factors have been identified in the literature as causes of the ‘Great Moderation’, a model-based comprehensive assessment of their relative importance, as the one presented in this chapter, is novel and sheds light into the policies that aid towards a smoother functioning of the labor market.

KW - Great moderation

KW - Labor hours

KW - Volatility

UR - http://www.scopus.com/inward/record.url?scp=85060448576&partnerID=8YFLogxK

M3 - Chapter

AN - SCOPUS:85060448576

SN - 9781608762828

SP - 205

EP - 216

BT - Employment and Labor Issues

PB - Nova Science Publishers, Inc.

ER -

Portes L. Labor hours, employment, and “the great moderation”. In Employment and Labor Issues: Unemployment, Youth Employment and Child Labor. Nova Science Publishers, Inc. 2010. p. 205-216