| 1. |
- Ljungqvist, Lars, et al.
(författare)
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A labor supply elasticity accord?
- 2011
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Ingår i: American Economic Review. - : American Economic Association. - 0002-8282. ; 101:3, s. 487-491
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Tidskriftsartikel (refereegranskat)abstract
- A dispute about the size of the aggregate labor supply elasticity has been fortified by a contentious aggregation theory used by real business cycle theorists. The replacement of that aggregation theory with one more congenial to microeconomic observations opens possibilities for an accord about the aggregate labor supply elasticity. The new aggregation theory drops features to which empirical microeconomists objected and replaces them with life-cycle choices. Whether the new aggregation theory ultimately indicates a small or large macro labor supply elasticity will depend on how shocks and government institutions interact to put workers at interior solutions for career length.
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| 2. |
- Ljungqvist, Lars, et al.
(författare)
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A life-cycle model of trans-Atlantic employment experiences
- 2017
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Ingår i: Review of Economic Dynamics. - : Elsevier. - 1094-2025. ; 25, s. 320-349
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Tidskriftsartikel (refereegranskat)abstract
- To understand trans-Atlantic employment experiences since World War II, we build an overlapping generations model with two types of workers (high school and college graduates) whose different skill acquisition technologies affect their career decisions. Search frictions affect short-run employment outcomes. The model focuses on labor supply responses near beginnings and ends of lives and on whether unemployment and early retirements are financed by personal savings or public benefit programs. Higher minimum wages in Europe explain why youth unemployment has risen more there than in the U.S. Turbulence, in the form of higher risks of human capital depreciation after involuntary job destructions, causes long-term unemployment in Europe, mostly among older workers, but leaves U.S. unemployment unaffected. The losses of skill interact with workers' subsequent decisions to invest in human capital in ways that generate the age-dependent increases in autocovariances of income shocks observed by Moffitt and Gottschalk (1995).
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| 3. |
- Ljungqvist, Lars, et al.
(författare)
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Career length : Effects of curvature of earnings profiles, earnings shocks, taxes, and social security
- 2014
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Ingår i: Review of Economic Dynamics. - : Elsevier. - 1094-2025. ; 17:1, s. 1-20
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Tidskriftsartikel (refereegranskat)abstract
- The same high labor supply elasticity that characterizes a representative family model with indivisible labor and employment lotteries also emerges without lotteries when self-insuring individuals choose interior solutions for their career lengths. Off corners, the more elastic is an earnings profile to accumulated working time, the longer is a worker's career. Negative (positive) unanticipated earnings shocks reduce (increase) the career length of a worker holding positive assets, while the effects are the opposite for a worker with negative assets. By inducing a worker to retire at an official retirement age, government provided social security can attenuate responses of career lengths to earnings profile slopes, earnings shocks, and taxes. © 2013 Elsevier Inc.
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| 4. |
- Ljungqvist, Lars, et al.
(författare)
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Career Length: Effects of Curvature of Earnings Profiles, Earnings Shocks, and Social Security
- 2010
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The high labor supply elasticity in an indivisible-labor model with employment lotteries emerges also without lotteries when individuals must instead choose career lengths. The more elastic are earnings to accumulated working time, the longer is a worker's career. Negative (positive) unanticipated earnings shocks reduce (increase) the career length of a worker holding positive assets at the time of the shock, while the effects are the opposite for a worker with negative assets. Government provided social security can attenuate responses of career length to earnings profile slope and earnings shocks by inducing a worker to retire at an official retirement age.
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| 5. |
- Ljungqvist, Lars, et al.
(författare)
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How Sweden's Unemployment Became More Like Europe's
- 2010
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Ingår i: Reforming the Welfare State: Recovery and Beyond in Sweden. - Chicago : University of Chicago Press. - 9780226261928
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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| 6. |
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| 7. |
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| 8. |
- Ljungqvist, Lars, et al.
(författare)
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Recursive macroeconomic theory
- 2018. - 4
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Bok (övrigt vetenskapligt/konstnärligt)abstract
- Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods. One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. The second new chapter explores the mechanics of matching models and identifies a common channel through which productivity shocks are magnified across a variety of matching models. Other chapters have been extended and refined. For example, there is new material on heterogeneous beliefs in both complete and incomplete markets models; and there is a deeper account of forces that shape aggregate labor supply elasticities in lifecycle models. The book is suitable for first- and second-year graduate courses in macroeconomics. Most chapters conclude with exercises; many exercises and examples use Matlab or Python computer programming languages.
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| 9. |
- Ljungqvist, Lars, et al.
(författare)
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The fundamental surplus
- 2017
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Ingår i: American Economic Review. - : American Economic Association. - 0002-8282. ; 107:9, s. 2630-2665
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Tidskriftsartikel (refereegranskat)abstract
- To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in various ways: by elevating the utility of leisure, by making wages sticky, by assuming alternating-offer wage bargaining, by introducing costly acquisition of credit, by assuming fixed matching costs, or by positing government-mandated unemployment compensation and layoff costs. All of these redesigned matching models increase responses of unemployment to movements in productivity by diminishing the fundamental surplus fraction, an upper bound on the fraction of a job's output that the invisible hand can allocate to vacancy creation. Business cycles and welfare state dynamics of an entire class of reconfigured matching models all operate through this common channel.
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| 10. |
- Ljungqvist, Lars, et al.
(författare)
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The fundamental surplus strikes again
- 2021
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Ingår i: Review of Economic Dynamics. - : Elsevier. - 1094-2025. ; 41, s. 38-51
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Tidskriftsartikel (refereegranskat)abstract
- The fundamental surplus isolates parameters that determine how sensitively unemployment responds to productivity shocks in the matching models of Christiano et al. (2016 and this issue) under either Nash bargaining or alternating-offer bargaining. Those models thus join a collection of models in which diverse forces are intermediated through the fundamental surplus.
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