Exact(7)
As for the latter, some recent studies have pointed towards an increase in corporate markups, a decline in the aggregate labor share and a rise in corporate profits and industry concentration.
This volume covers such issues as the aggregate labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies.
As we argued in NSW (2014), differences in the business cycle are captured in the aggregate labor market controls included in the models.
While heterogeneous agents forced to work for more years adjust the average annual labor supply downwards, the aggregate labor supply is much higher in the reform scenario.
It is easy to show that the percent shift in the aggregate labor input is given by: d log L = s 1 s L m 1 + s 2 s L m 2 = m ¯, (40).
The standard model of the aggregate labor market is based on the idea that, because it takes time for a worker to find the right job and time for a firm to find the right worker, the economy will have some positive rate of unemployment regardless of how well the economy is performing.
Similar(53)
A constant safety net would have lessened the recession as measured by the amount of the drop in aggregate labor market activity, but the cost of doing so would have been too high in terms of the risks that workers would have borne without government help.
Apart from the drop in aggregate labor demand, the economic crisis has also induced profound shifts in the relative demand for skill and the distribution of employment by industry.
Gasparini and Cruces (2008) discuss the evolution of the shares in aggregate labor by economic sector in Greater Buenos Aires since 1974.
21 Also note that the long-run effects of immigration are necessarily distributional, at least if capital is perfectly mobile because production is CRS, capital investments will completely offset changes to the productivity of (and hence the remuneration paid to) aggregate labor, leaving the average wage unchanged.
In this section, I apply a national labor market approach to the Great Migration, treating the North as one aggregate labor market.
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