Book : Scholarly edition
Inefficient continuation decisions, job creation costs, and the cost of business cycles
- Abstract:
-
This paper develops a model according to which the costs of business cycles are nontrivial because they reduce the average level of output. The reason is an interaction between job creation costs and an agency problem. The agency problem triggers separations during economic downturns even though both the employer and the worker would be better off if the job was not discontinued, that is, affected jobs have strictly positive surplus values. Similarly, booms make it possible for more jobs to o...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
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Authors
Bibliographic Details
- Publisher:
- Wiley Publisher's website
- Journal:
- Quantitative Economics Journal website
- Volume:
- 5
- Issue:
- 2
- Pages:
- 297-349
- Publication date:
- 2014-07-21
- DOI:
- EISSN:
-
1759-7331
- ISSN:
-
1759-7323
Item Description
- Keywords:
- Subtype:
- Scholarly edition
- Pubs id:
-
pubs:733139
- UUID:
-
uuid:1263dea7-71c9-41a1-bab8-5a09053b3b12
- Local pid:
- pubs:733139
- Source identifiers:
-
733139
- Deposit date:
- 2017-11-23
Terms of use
- Copyright holder:
- Den Hann, WL et al
- Copyright date:
- 2014
- Notes:
- Copyright © 2014 Wouter J. Den Haan and Petr Sedlacek. Licensed under the Creative Commons Attribution-NonCommercial License 3.0. (https://creativecommons.org/licenses/by-nc/3.0/)
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